Everything You Need to Know on How to Be a Serial Entrepreneur

Starting another successful business after your first one requires much more than having an intention. While strategizing regarding direction, there are several factors to consider: Do you wish to enlarge your business and go global to attract more clients? Do you want more power over the supply chain so you can charge less? Are you interested in investigating complementary companies in related industries to serve your customers better?

The secret to attaining your fundamental business goals comes down to Customers—and how well you know them. It would be best to have a clear idea of your aim across numerous businesses, but this is not the only thing that matters. After all, they are your most important target audience for your ideas. Several entrepreneurs have gone up that route and have been successful. A classic example is the decorated personality of Shu Li.

Shu Li is one of the best individuals who truly understand the work of a serial entrepreneur and how to make the most out of the opportunities presented in front of him. Shu Li is a highly regarded serial entrepreneur who is an exceptional professor, scientist, and senior corporate executive.

He has founded several healthcare, semiconductor, and biomedical businesses, including WA Health Centres, Cellular BioMedicine Group, and Helio Genomics.

He collaborated with Dr. Shigeo Shingo, the inventor of Toyota Production Systems, 1987 while he was a faculty member in the Department of Systems Engineering at the University of Arizona on several manufacturing consulting projects. Additionally, he directed a research and development pilot production of three semiconductor chip factories in Motorola's Arizona R&D. He oversaw the 7x24 operations of one of Intel's most extensive semiconductor fabrication facilities in the country. Furthermore, he owns six US and foreign patents, including one for the Negative Gravity Therapeutic Methods.

 

His other entrepreneurial endeavors were in the healthcare sector, primarily in regenerative medicine, anti-aging medicine, and functional medicine. He established the Cellular Biomedicine Group, a biopharmaceutical firm specializing in stem cell joint regeneration and CAR-T cancer immunotherapy that went public on NASDAQ in 2014 and has since played a significant part in saving millions of lives worldwide.

His work as a serial entrepreneur inspires millions to restructure themselves in his footsteps. To help them replicate his journey, we have developed a guide to help them become serial entrepreneurs.

 

1.     Know your customers

You must first understand your clients to start developing new ideas for them. What is the makeup of your clientele? Create a persona. Are they young adults, professionals, or students? What kind of lives and work practices do they have? Are they luxury or cost-conscious consumers? Are they concerned about the environment? How do they differ from the types of clients your current company currently has?

 

2.     Identify Problems or Opportunities

By getting to know your consumers well, you can discover an opportunity to address a need your present firm still needs to fill or enhance a part of their lives. The function of a physical and mortar store has changed due to digitization for serial entrepreneurs that run retail businesses. Customers are more flexible and may quickly move between purchasing in brick-and-mortar stores and online marketplaces.

 

 

3.     Identify the value your company provides to customers

You want clients to recognize the value in your goods or services rather than just comparing your prices to your rivals. Think about the benefits your clients receive from your various enterprises. Do you inform them, assist them to save time, or otherwise make their lives easier in some ways? Does using your product make one feel more attractive, well-off, or of status? Does their use of your goods and services demonstrate that they care about the environment?

 

4.     Focus on research

You need either qualitative or quantitative data to grasp what customers want fully. You can start by asking your frontline sales employees for customer feedback, keeping an eye on market research and trends, or using a user behavior tracking tool to gain insights into how visitors engage with your website.

 

5.     Test your Customer Experience

Put yourself in your customer's position and imagine them using your new service or product. Does your solution address the issue you discovered in Step 2 and the customer’s demands you have characterized in Step 1? Putting a concept to the test before implementation will assist in revealing any blind spots and potential problems, even if it sounds beautiful when planned. To determine whether it is feasible, include your team or arrange a focus group with a representative group of your target market.

 

6.     Understanding the Marketplace

The PESTLE framework, also known as the external macroeconomic elements that can influence the firm’s performance, should be understood when entering a new market, mainly if the endeavor is international. This will enable you to think through and prepare before entering that market.