Serial Entrepreneurship, Multiple Entrepreneurship, Individual Entrepreneurship and The Self-Sufficient Career
A serial entrepreneur is a person who primarily starts multiple upward mobile businesses and moves on to the next, either when a new management team takes over or the business becomes lifestyle in nature. Because serial entrepreneurs have experience with multiple businesses, they tend to take more risks than those who have started a single business. As a consequence, their experience better positions them to respond to problems and prevent failures over time. Many have learned from the mistakes of the past. A serial entrepreneur will normally always work for himself and employ others.
A multi-entrepreneur is an individual who pursues multiple lifestyle and/or upward mobility business activities as a portfolio, either in series or in parallel. These activities may be within a business, such as new product and/or service line extensions, new product and/or service lines, new markets, or new business units; as new related or unrelated businesses; or as varied careers. A multi-entrepreneur can go from being self-employed to being employed by others and back to self-employment.
An individual entrepreneur is a focused multi-entrepreneur. The term “sole proprietor” is derived from the term “sole proprietorship”, which in turn is derived from the term “sole proprietorship”. The notion of an individual as a business is based on the practice that all sources of income on an individual’s tax return are actively managed as a portfolio. Therefore, individual entrepreneurship is a “top-down” mindset that begins with the resume of employment, entrepreneurship/business ownership, and investment activities driven by multi-company initiatives. Each multi-business activity can be event or opportunity driven.
Multipreneurs (and thus sole proprietors) include solopreneurs (individuals who work alone), webpreneurs (those who do business primarily on the Internet), and may be employed by working for others in parallel or between their business ventures.
Because a married couple can file a joint individual tax return, the notion of sole proprietorship extends to both husband and wife (and their dependents, as applicable). This notion is consistent with the concept of families engaging in many income-generating activities during the agricultural era, such as farming, glassmaking, metalworking (blacksmithing), sewing (weaving), stonemasonry (masonry), and carpentry. (carpentry).
Thinking and behaving like an “individual award” helps an individual perform better, not only as an entrepreneur/business owner, but also as an employer, especially in an executive capacity. This is because they understand the concepts of income and expense generation, asset, liability and capital management. They must also have a broader understanding of legal, financial, human resources, information technology, business development and operations activities. For visionaries in the corporate world, intrapreneurial capabilities are also important for enacting and responding to change.
For many jobs, there is a life cycle from value-added to commodity work over time. As jobs become commodities, they are often outsourced to providers of scale who perform the tasks at a lower cost. Therefore, to maintain the health of the economy, it is necessary to provide for capital formation in new innovative companies that generate new job opportunities as old ones erode. Both serial entrepreneurs and multi-entrepreneurs who see and pursue multiple innovation opportunities help keep the economy healthy. In general, for each innovative job generated by an entrepreneur, many infrastructure and support jobs are generated, either in the same company or in a related company.
Those looking for jobs where such a life cycle exists should recognize that a job search is a marketing campaign as one would be adopted by a company. Therefore, it must be treated as such by the job seeker if a successful outcome is to occur. Thinking as a company, the individual entrepreneur is more likely to achieve a satisfactory result in the job search because he is aware of the need to add value and promote it as such in the market. Individual entrepreneurs appreciate the benefit of business relationships and networking, and the value of referrals.
Individual entrepreneurship is a discipline to build an individual prize for a sustainable and self-sufficient career. Sustainable means being able to continue over time, either developing, improving or maintaining the current state, or changing it. Self-sufficiency means having the confidence to exercise one’s judgment so that one can continue over time in career, achievement efforts in both personal and professional life.
As a multi-entrepreneur, an individual is willing and able to consider new and emerging opportunities as existing ones mature and decline. As individual entrepreneurs, they focus on those opportunities that offer the best chance of sustaining a livelihood over time.
Individual entrepreneurship encompasses the business disciplines of entrepreneurship, leadership, and management, which apply to every individual in business, whether as an employee, entrepreneur/business owner, or investor. In the corporate world, leadership and management skills, and especially the ability to communicate effectively, are essential to advancing through the ranks.