Serial entrepreneurs should be easy to spot, at least according to social media posts. Influencers would have us believe that these unique individuals spend much of their time sipping champagne on private jets, waving wads of cash in front of European sports cars and lounging on tropical beaches.
It may not come as a shock that the truth is very different. Successful serial entrepreneurs are driven to enjoy the finer things in life, but their motivations are the result of some unique personality traits, rather than a laser-like focus on material gratification.
Labeling someone as a “Serial Entrepreneur” can be misleading since each is unique, but do they share traits that suit them for this role?
One way to explore this is through an example like Brad Burns, founder of Burns Holding Corp., an umbrella organization driving innovation across industries such as construction, graphics, decor, hardscaping, pools, wholesale food, and restaurant franchises.
The Personality Traits of Serial Entrepreneurs
Personality is multifaceted and can affect how we view the world. In the case of serial entrepreneurs, this worldview is influenced by a variety of factors. These can include curiosity, risk tolerance and an almost instinctive grasp of opportunity.
According to Brad Burns, there are some traits that almost any serial entrepreneur will have, but how they leverage those traits can be uniquely individual.
Creative Problem-Solvers
Serial entrepreneurs have a strong drive to build and a gift for innovation. They constantly seek ways to improve and streamline, finding value where others don’t and turning ideas into reality.
Burns believes the key to success is curiosity, paired with common sense and an eye for opportunity. However, entrepreneurs must stay grounded and learn to accept and even profit from failure.
“Curiosity is something that shaped my entrepreneurial journey. But, if you’re not disciplined you go in a thousand different directions.
“The key to success is resisting the urge to dive into a project immediately. You need to take risks and break new ground. I was the first in my family to earn both a bachelor’s and master’s degree, which sharpened my skills. But academic qualifications, curiosity, and risk tolerance aren’t enough, you must also take the time to create a solid business plan with a strong competitive analysis.”
Risk Takers
Serial entrepreneurs thrive on taking smart risks, knowing that’s where growth happens. They compartmentalize risk, allowing their businesses and teams to flourish without unnecessary exposure.
According to Burns, due diligence is important. But what is perhaps as important is passion.
“Helping others realize their dreams gets into your blood. The organizations in our group were all started by those seeking more than a 9-to-5 job, which aligns with my philosophy.
“I spent years in construction and didn’t enjoy it. What’s the risk of becoming an entrepreneur? Failure? That’s a learning opportunity. I enjoy a flexible schedule, a great income, contribute to a successful business, and spend time with my family. It’s all about balance.”
Team Builders
With big visions and fast-moving ideas, serial entrepreneurs depend on trusted teams to bring their plans to life. They leverage expertise, connections, and innovation as accelerators to turn ideas into reality.
According to Burns, going solo isn’t an option if you want your business to succeed. “I prefer working with creative, focused people over those who think they know it all. Surrounding yourself with great people lets you delegate tasks to those best suited to handle them.
People should be empowered to excel at what they do best.”
Visionaries Who Execute
Serial entrepreneurs are not just dreamers; they take action. They pivot when needed and are relentless in optimizing and improving their ventures. Even later in their careers, they often feel like they’re just getting started. They constantly seek the next big thing while maintaining a sharp focus on what works and what the market truly needs.
“Burns Holdings isn’t static; we’re involved in several projects, advising, investing, and always seeking new opportunities. For us, diversification has been key. We’ve developed a strong business model by avoiding reliance on a single venture.
“We have Meramec Hardscapes, which has expanded into pool design and installation as Meramec Pools, City Seafood, and this year we’re launching Arch City Group, focusing on franchise restaurant operations initially in the Saint Louis market.”
Burns is at pains to emphasize the importance of the people at the coalface of these organizations.
If you’ve done your homework and also spent some time with founders you’ll soon get an idea of whether the company will succeed or fail, it’s a feeling. There are no hard and fast rules when it comes to people, but investors need to sharpen their intuition. It’s not all just about dollars and cents, people are at the foundation of any business success story.”
The Success of Failure
Life often provides valuable learning experiences, with failure being the best teacher. For serial entrepreneurs, failure is always a possibility. In the high-stakes startup world, market complexity, product and service risks, human resource issues, limited finances, and unpredictable funding all make serial entrepreneurship risky.
Successful serial entrepreneurs learn from their mistakes, while those who don’t may see their plans unravel.
Burns advises, “If there’s one piece of advice for entrepreneurs, it’s this: don’t give up. Adversity and failure sometimes stem from factors beyond your control. Analyze what went wrong, do thorough due diligence, including a market analysis, and surround yourself with people who have the vision, passion, and skills to succeed.”
To learn more about Brad Burns and his innovative recipe for entrepreneurial success visit his LinkedIn page or find out more at the Burns Holdings website.
