Serial Entrepreneurship - The Medici Success Formula

2010-11-07T17:37:00.000-08:00

The daily tedium, anxiety and uncertainty of being an entrepreneur is a malady the majority of us are familiarized with. For entrepreneurs usually, one of the most common mantra may be a variation on the concept, "Simply let me get the company on an even keel, after which I'll get the relaxation and enjoyment my labors deserve". Against this foundation, the subject of this document may sound ridiculous, however if you would like to really stand above the masses, achieve all of your economic objectives and actually realize your desires, the most effective approach may be serial entrepreneurship.

I'm not really recommending dilettantism: You can't be a dabbler in any type of pursuit and assume to be profitable. But as soon as you've got your first business running effectively, efficiently, and creating a predictable revenue, why not employ management to substitute yourself, and go on toward your next endeavor? Precisely why? The answer can be found in history. Particularly, the history of the Medici family in the Fifteenth Century, and the key to their numerous successes.

The Medici family members were a political dynasty and consumer and business banking family, which found their first success in the promising textile industry, even branched in to politics, and eventually inspired the Italian Renaissance by developing an atmosphere where artists, sculptors, poets, financiers and also astute business men discussed ideas and built serial successes by crossing disciplines. The Medici Bank grew to become one of the most prosperous and well known institutions in Europe, changing the Medici household in to a bastion of prosperity and dominance. The real key to their success, however, and with it the success of the city of Florence, Italy, wasn't their genius or hard work, but instead the special capability to transfer skills from one area to another.

Several years ago, a writer named F. Johannson, wrote a very short book entitled "The Medici Effect". The publication's essential thought was that in the event you move in to the junction between divergent professions, fresh and very powerful thoughts may be developed. In a business context, in case you transplant the pivotal ideas and techniques you employed in one successful endeavor in to a completely different one, the end result could be mind blowing. It's most likely that your very first success was due to your creativity, perseverance, and innovation... and not to the industry-related knowledge. If that's true, then morphing into a new business is really a unique way of capitalizing on these skills. In today's social networking driven, online business environment, in which starting up a new enterprise, marketing it and creating traction can be done inexpensively and rapidly, serial entrepreneurship really makes perfect sense.