Serial entrepreneurs are not merely driven by financial rewards; rather, adrenaline can be a key driver for continual involvement in businesses – according to research 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’, delves deeper into the trends of entrepreneurs by surveying 135 UK business owners.
A key trend uncovered is that wealth creation is only one of the motivations for serial entrepreneurship. Of the surveyed entrepreneurs: 73% enjoy contributing to society; 79% enjoy interacting with the people they work with and over 90% enjoy being involved in business growth. In comparison, 69% are motivated by wealth creation.
Entrepreneurs can often feel a sense of loss after selling off their businesses and can enter into a "mourning period". The allure of a life of playing golf or sunning oneself on a secluded island can quickly become dull – especially for individuals who are accustomed to the fast paced lifestyle of owning a business. Entrepreneurs are often keen to return to business; either via a new start-up, becoming a member of an advisory board or by involvement in a portfolio of businesses.
Dylan Williams, managing director – England and Wales at Coutts, says that the trend towards serial entrepreneurship is particularly apparent amongst millennials:
"Millennials are widely challenging the notion that entrepreneurs hang up their boots and retire after just one business. Entrepreneurs are starting businesses younger and have faster expectations to sell – these factors together with longer life expectancy means we are starting to see a new breed of serial entrepreneurs. Instead of starting businesses from scratch, more of these seasoned business owners are now investing in and mentoring a portfolio of companies. There is huge untapped potential for serial entrepreneurship and the role of experience seems invaluable to success. Unlocking that further could provide significant economic benefits."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe report indicates that In general, individuals are starting businesses at a younger age: over half (57%) started their first business by the age of 25 versus only 23% of those aged 35 and above. Younger entrepreneurs are also more impatient to exit, with 63% planning to exit their current business within the next five years, versus 46% of those 35 and over.