How many companies does it take to make a serial entrepreneur?
In my last post I introduced the idea of a bulk club buying software, my partner and I took that idea to Startup Weekend West Michigan. A team of 13 was formed and viola we were off to the races. 50 hours (24 programming hours) later and we had a functioning website, brand, name, and realization of market viability. I introduce to you My Bulkco, a platform enabling groups to split the savings of bulk buying power.
So now, while developing my consulting firm, Connex Social, I’m starting another business, My Bulkco. (I’d love for your help, “like My Bulkco on Facebook“)
Am I crazy? The number one goal for both companies is to enable me to spend more time with my wife and children. While that has been happening with Connex Social, adding in a second, perhaps larger business into the mix is almost certain to infringe on that goal in the short term.
Entrepreneur Business # 1
And what of Connex Social, is there something wrong with it? Did I not like it? Is it dead?
By no means!
Connex is continuing to grow and will be my main source of income for the foreseeable future. Which means it will remain my focus. However when I quit my job last fall I did it with the end goal of pursuing something like My Bulkco. (yeah and this is the link to twitter, you know what to do)
Does this crazy weave of two businesses which neither existed 6 months ago cause me to be in the definition of serial entrepreneur? Am I taking my ADD mindset or my fear of commitment and just applying it to my businesses?
I think not.
Passion? or Serial Entrepreneur?
I am passionate about a couple of things, one of which is helping people interface with technology, aka training or assisting, or consulting. This is why Connex fits with me so well. I was able to show a couple of VPs yesterday the basics of SEO and their eyes lit up, ‘hey we can do this ourselves.’ Yup! And if all I do via Connex is help people win new customers/clients/patients then I consider it a success.
However I want to take all that marketing knowledge, all that business acumen, all of my experience of team leadership which I have gleaned over the short span of my life and invest it into one company where we can really see results, where when I bring in new clients due to SEO or Social Media that my company benefits.
Does this make me a serial entrepreneur, or just a guy who is passionate about a limited set of things and it takes two businesses to make those happen.
You be the judge, voting (in the comments section) is now open ;)
(@jasonsherrill)
What I’ve accepted in the past 13 years of starting and building a company is that it is impossible for me to focus on more than one activity at a time. Sure, I can split my focus between multiple activities, but never more than one at the same time. This has always resulted in each project getting short changed and not growing as well or as fast as it could if it were the only one I was tending to.
My advice, especially since you said more family time is one of your primary goals, would be to candidly assess the viability of each business to determine which one has the greatest chance of helping you realize your career, financial, personal and family goals and devote yourself 100% to that one.
Jason
(@namtrok)replied:
Thanks for the advice Jason, duly noted. However I find its next to impossible to not have two things running at once. Especially when one is not generating an income yet.
(@johnrumery)
I kind of agree w/Jason on the focus issue…but I think there is a lot of synergy (marketing/technology) between Connex and My Bulco…learn from one, apply to the other. My focus problems come when I try to do too many disparate “things”…
I’m glad you were able to join Startup Weekend…best of luck Paul.
(@namtrok)replied:
Thanks John! and Thanks for making it happen.
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(@pulazzo)
I would say that you are a parallel entrepreneur. That’s not a bad thing, but it does bring up the focus issues already mentioned.
Here’s a good blog entry on the subject: http://www.avc.com/a_vc/2006/10/the_parallel_en.html
I wasn’t able to participate in Startup Weekend, but I did see your final presentation and think there’s a good opportunity with My Bulkco.
Good Luck,
Andy
(@namtrok)replied:
Andy,
That is so true to what I’m doing, not a serial entrepreneur, but a parallel entrepreneur. And I love the advice in that article, the key is in management, finding someone to manage the store for each venture.
Thank you for your kind words, this is going to be a great journey!
(@kurtisgriess)
I think this is a great idea! Doesn’t sound like you’re a serial entrepreneur, but just full of good ideas you’d like to see come to fruition.
Have you ever heard of “the mesh”? I just heard of this yesterday through a talk on ted.com by Lisa Gansky and I think that My Bulkco is a perfect example of the kind of connectivity, sharing, and empowerment that the mesh is about (see meshing.it). Ultimately, you’re letting people take advantage of technology that is available by connecting them, sharing the idea, and training/educating them. There are so many applications, so who knows what you’ll do after My Bulkco is off the ground ;)
By the way, the first hyperlinked “My Bulkco” has the wrong link on it (there’s an i that shouldn’t be there).
FYI, I found your site through a fan’s post on the FB page for “Social Media Examiner” about iframes for Company Pages.
All the best to you and your family,
Kurtis
(@wmguild)
I guess I’m a serial entrepreneur as well, Paul – one hosting company, 1 web marketers association, 1 seo consulting firm, and 3 companies in the past. In addition, I pastor a church, go to school part time, and work a 40 hour job.
I’ve found that cheating is the key to doing all of this.
If I’m studying nsomething in my college class that relates to my job, or discover an seo tip that will help out my clients, or if I can talk an seo client into hosting with us, etc. Any task I can do that benefits in 2 or more areas (or cheating as I call it) is great.
I even get some family time too!
(@namtrok)replied:
yeah but you can’t cheat on family time…. just doesn’t work.