Many entrepreneurs love the thrilling of starting something new, and get bored easily. All too often, when talking with entrepreneurs, I hear stories of working on the second or third company, in parallel with the first company. Naturally, entrepreneurs should only focus on one idea and startup at a time, but there are times when a second entrepreneurial itch needs to be scratched.
Here are some entrepreneur guidelines for starting a second company:
- Ensure that the first company has achieved your definition of success (my definition of success)
- Create an environment in the first company where a CEO and/or management team run the business
- Remove any personal day-to-day responsibilities
- Say no to all meetings and interruptions for a month to find any weaknesses or deficiencies
- Focus exclusively on the new venture full-time, with only minimal time allotted for a weekly check-in with the first company
The vast majority of the time, the first business isn’t independent enough from the entrepreneur for the entrepreneur to successful start a second company. With time, effort, infrastructure, and money, entrepreneurs can make their first business independent such that they can focus on their new, second company.
What else? What are some other entrepreneur guidelines for starting a new, second company?