Entrepreneurship is a highly saturated field around the world and continues to draw the attention of people operating in different professions. It is said that Generation Z would create the most number of entrepreneurs in the coming generations. As much as people idolize and romanticize entrepreneurship, it should not be forgotten that there are unrelenting challenges associated with the field. Apart from all the glamor related to the field, one has to keep a fair measure of consideration of all the hurdles and setbacks laid down in the path.
Serial entrepreneurs are a segment who run a number of businesses ranging from various industries and run it successfully. A good example is Adam Morris, the Canadian serial entrepreneur who is notably known as the Founder and CEO of Copperblock Capital, a real estate investment and development company. In his vast portfolio, he also runs a private equity fund enterprise called Prosperus North; Climb Group which operates in the construction, oil and gas sector. Two interior designing firms called Morris Cooper Design Inc. and Homestyles Design Group Inc. He is also actively pursuing CSR projects. In 2015, Adam founded CANFAM (Canadian Family Foundation), the company helps refugees and immigrants resettle in Canada.
Plus, in 2018, his real-estate company also joined hands with Santa YEG to help homeless people in Edmonton and London Drugs’ Stocking Stuffers for Seniors to offer Christmas presents to the elderly people who are in need.
Just how serial entrepreneurs are able to manage a number of companies in their portfolio, it is down to a number of reasons including the following:
Same physical space – To keep everything on priority, an entrepreneur would require to devote equal attention and concern for all of his businesses. This can be made possible if they are running the operations in the same physical space. It may involve a lot of costs, since one may require to house employees, machinery and other kinds of infrastructure relevant to each business.
Interlink – If the companies are closely related in their nature, they can be interlinked. A marketing agency can be interlinked with a consumer brand, for example. This would allow the entrepreneur to keep their businesses stay afloat and remain profitable because they are now dependent on each other, and a benefit in each favor would mean a collective benefit.
Outsource – Outsourcing is a practice which is highly understood and carried out by entrepreneurs. Certain business areas can be outsourced to key service providers who would bring in the factor of specialization and help businesses grow.