Business development · 7 March 2016

Growth in serial entrepreneurs seen as key for future startup success

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Serial entrepreneurs tend to prefer a detached, portfolio approach to running businesses
The potential for Britain’s community of serial entrepreneurs to feed back into the UK economy and increase the potential for success for first-time business owners has been realised by the findings of a new study.

By providing mentoring and advice based on the success or failure of previous experiences, serial entrepreneurs hold unique attributes which could provide valuable insights for one-time startup founders.

Released by Coutts and the Centre for Entrepreneurs (CFE), the report, entitled Beyond the first business: the myths, risks and rewards of being a serial entrepreneur, provided an overview of the depth and reach of serial entrepreneurship in the UK.

It found that whilst 80 per cent of first-time business owners enjoy being immersed in the day-to-day operations of running a business, just 55 per cent of serial entrepreneurs do, as they tend to prefer a more detached portfolio approach.

Serial entrepreneurs were found to be less afraid of failure, with just 13 per cent expressing a fear of failing in business as opposed to 40 per cent of first-time entrepreneurs. Luck was hailed as less important by entrepreneurs as they gain business experience 36 per cent of six-to-ten time startup founders recognised the good fortune that helped their businesses succeed as opposed to 67 per cent of first-time founders.

Exploring the motivations, fears and ingredients for success surrounding UK entrepreneurialism in its different guises, the report indicated that serial entrepreneurialism could help foster a new network of support for first-time business owners.

to go beyond the first business can be an entirely different challenge to being a one-time founder, said CFE director Matt Smith.


 
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ABOUT THE EXPERT

Fred Heritage was previously deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London.

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