We have all heard that a majority of new startups fail. The statistics specifically tell us that 90 percent of these businesses fail within five years of opening their doors. This is a troubling statistic because the economy appears to be slowing down. Notably, the quality of available jobs is going down and has been for years.
Even though we have a lot of bad news in the business world, there is a spark of good news that deserves our attention. Most startups are not going to be around after five years, but some entrepreneurs will start company after company and make millions of dollars in the process.
The name of the entrepreneurs described above is “serial entrepreneurs.” These people form a tiny portion of the entrepreneurial class, but they are the only ones who are winning in the markets. They do it so consistently that it cannot be said that they are experiencing “survivorship bias” or luck.
Serial entrepreneurs have the skills and the knowledge that they need to succeed in business, and sometimes, they decide to teach others what they know so that they can enjoy business success too.
Serial Entrepreneur Extraordinaire
Luke Lazarus has been a highly prosperous individual for several years. He excelled scholastically and in business and sports. He had a chance to go to college anywhere in the world that he wanted, but he chose to remain in his home country to attend Melbourne Business School where he earned his Master of Business Administration.
He did what a true serial entrepreneur does. He started four companies in a row and made them profitable each time like only serial entrepreneurs know how to do. He also did the other thing that only serial entrepreneurs have been able to accomplish. He sold all of his companies for millions of dollars, and by the time he was 35 years old, he didn’t need to earn any more money.
Luke Lazarus – Business Consultant
Luke Lazarus overcame the issues that all entrepreneurs must confront to be able to have a successful business, so he knew exactly what needed to be done to help the majority of the entrepreneurs with the troubles they were having in their businesses. Therefore, he decided that he wouldn’t start another business. Instead, he would become a consultant and help the 90 percent become serial entrepreneurs.
Lazarus had considerable success as a business consultant. Several of his clients had struggling companies that he was able to turn into IPOs worth millions of dollars. Even though he is known as a great success, some people complained about his style. Apparently, Luke’s manner is too “overbearing” for these people. Luke Lazarus reserves his right to be brutally honest with people because he doesn’t believe that he can dance around a topic to avoid hurting feelings. He knows that he has to be direct because it is an absolute necessity.
Sometimes, Luke has a client without proper knowledge or skills. He stresses the fact that entrepreneurs are talented individuals, but they don’t necessarily have any knowledge of the art of high finance. They also lack the skills they need to effectively brand themselves, and they aren’t ready to travel the world in search of capital.
Luke Lazarus has an ample amount of experience, so he can show his clients how they can appeal to venture capitalists and angel investors. The messaging that each student learns to craft is highly important, and Luke Lazarus believes that it needs to fill the entire company with a particular purpose. He wants his clients to show their customers that their products will help them change their lives in a positive way. This means that he uses emotion to appeal to the company’s stakeholders and customers alike.
Luke Lazarus has done what his clients need to do to engender interest in their companies, so he is equipped to help them attract the attention of venture capitalists. He believes that he must capture the venture capitalist’s interest in the first 30 seconds or else he will lose him or her.
The most important thing that Luke Lazarus can help his clients do is to make sure that the companies’ operations, books and messaging have been crafted in a way that venture capitalists and angel investors find intriguing. Entrepreneurs do not understand how venture capitalists work, so they are at a disadvantage when it comes time to speak with them.
Because they cannot convince people to invest in their companies, they cannot create salable conditions for these companies. If these companies do not have enough money, they will not be able to become medium-sized businesses.
Luke Lazarus knows that venture capitalists are aware of what a company needs to be successful, but they are unwilling to share this knowledge. That is Luke Lazarus’s job, so he helps his clients create companies that venture capitalists and angel investors are interested in joining. Even if they do not obtain the capital they are seeking, they are one step closer to seeing success in the markets.
Luke Lazarus believes that an entrepreneur must know what his or her “core mission” is and never leave it behind. Then, you will be ready to start your business. This principle is even more important if you have a partner because each person can easily lose sight of his or her goals.
Before Luke has anyone spend any money, he advises his clients to think about the vision they have for their companies and how they plan to bring that vision into fruition. Starting a business requires a lot of time, money, effort and work, and it can keep you from realizing your vision.
He makes sure to maintain a sense of balance in his life. When he isn’t working, he is involved in several activities, including reading the paper, exercising, walking his dog, spending time with his friends and giving back to his community. Making time for all of these things ensures that he is a better marketing consultant.