Ambitious startups and small businesses drive every industry. They not only provide significant contributions to a nation’s overall economy, but they also benefit the owners and employees themselves. But then, it’s only natural to be worried about the risks associated with starting a new business, especially when you’re doing so with the help of a loan or private funding requiring measurable ROI (return on investment).
A LendingTree analysis in the United States revealed that over 20% of businesses fail during their first year. There are several reasons behind such failures, including workforce conflicts, funding constraints, and even the stress and burnout that come with the responsibility. If you reckon running one business is risky and difficult, imagine how much energy, time, dedication, and skills it takes to manage multiple enterprises.
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Lessons and tips from Pranav Arora
Despite the risk of failing, employees and business-minded people still decide to take a leap of faith—thus making you wonder why. Moreover, entrepreneurs seem to be taking bigger leaps and opening multiple businesses that prove to be more profitable and cleverer with the correct execution and management strategies.
Among the most notable serial entrepreneurs making their own names in various industries is Pranav Arora, a venture capitalist and investor who started his first company at just 16 years old. Even from such an early age, Pranav knew that entrepreneurship and business would become a huge part of his life. If you’re looking for tips and tricks to help you navigate the complex world of managing multiple companies, here are some lessons you can learn from Pranav Arora Boca Raton:
- Make things happen
According to Pranav, if there’s something serial entrepreneurship has taught him, it is that you shouldn’t wait around to make things happen. Successful entrepreneurs are always ready to take on big responsibilities. They don’t sit back and wait for opportunities—they open doors and force themselves through tiny openings if needed.
Aside from solid leadership qualities, business-minded people focus on action and always move forward to get results. This trait and lesson are evident in Pranav’s multiple ventures, from his private equity firm to e-commerce businesses, manufacturing, and different organizations he supports and oversees.
- Master the art of analyzing, testing, and measuring data
Another lesson from Pranav Arora Boca Raton to aspiring serial entrepreneurs is to master the art of analyzing, testing, and measuring data, so you’ll know what works and doesn’t. Data is crucial when managing multiple businesses because it helps you to see what you need to improve, thus allowing you to make better decisions.
Even if you employ skilled data people who can help with data analysis and measurement, you should still take the time to understand the process and collaborate with your team. Being personally involved in the business pays off well, especially when the venture is still in its initial phase.
- Diversify your income sources
Taking risks will always be part of entrepreneurship, but financial stability is something you should also prioritize. You can’t have the flexibility to open and manage multiple businesses if you don’t have enough income sources to foolproof your finances. Pranav recommends creating various sources of income so you’d still have other options when one stream fails or dries up.
It’s no surprise that research shows sales and productivity are higher for serial entrepreneurs who create multiple businesses than rookie entrepreneurs who only open one. Financial stability helps you focus on your goals when you have many things you want to do and accomplish. Remember, a clear mind is crucial when managing multiple businesses and leading hundreds, if not thousands, of people and employees.
- Stick to your vision
Sometimes, it can be a tiring battle when you encounter stumbling blocks along the way. Pranav Arora Boca Raton admits that one of his biggest challenges as a businessman is learning to accept failure. The road to success won’t be easy, but sticking to your vision should be your priority if you want to succeed and make your own path as an entrepreneur.
Although low in number, with only 1 in 10 adults engaging in serial entrepreneurship, people with extraordinary visions continue to adopt a flexible mindset looking forward to what’s to come instead of dwelling on their past challenges and mistakes. Perhaps this is one lesson that Pranav still practices up to this day.
According to Pranav, giving up at the first sign of an obstacle won’t get you to the top. Who knows if success is just right around the corner? You’ll never find out if you don’t move forward despite the hardships of managing multiple businesses.
The rise of serial entrepreneurship
When done right, serial entrepreneurship can lead to a more rewarding sense of fulfillment and financial stability. For this reason, many business owners don’t hesitate to dip their toes into several businesses. A conventional entrepreneur could decide to continue running the business. In contrast, a serial entrepreneur might hand over the management of their company to someone else and proceed on to founding another one.
If you’re wondering how you can take on serial entrepreneurship, you can consider these lessons from Pranav Arora. The journey won’t be easy, but if you’re dedicated and determined enough, managing multiple businesses is a rewarding step that’ll benefit you and your companies in the long run.