Serial Entrepreneurs Are Really Good For the Economy

A UK report released yesterday by Coutts and the Centre for Entrepreneurs (CFE) provides a really interesting insight into how serial entrepreneurship is beneficial to the health of an economy. Serial entrepreneurs bring with them a wealth of experience, knowledge, contacts and capital that are key ingredients in any successful business. By encouraging more first-time founders to do it a second time, you can expect to see more start-ups and higher survival rates, along with improved economic growth, job creation, living standards and innovation. The report makes the interesting observation that millennials are widely challenging the notion that entrepreneurs hang up their boots and retire after just one business. Entrepreneurs are starting businesses younger and have faster expectations to sell - these factors together with longer life expectancy means we are starting to see a new breed of serial entrepreneurs. Instead of starting businesses from scratch, more of these seasoned business owners are now investing in and mentoring a portfolio of companies. There is huge untapped potential for serial entrepreneurship and the role of experience seems invaluable to success. Unlocking that further could provide significant economic benefits.