Updated: Jul 22
A serial entrepreneur is someone who succeed and failed multiple times. They are deeply experienced, having broad knowledge as well as deep knowledge of niche industry. Veterans don't start with ideas or products or MVPs. They don't even design a business to start. The CHOOSE business to start. To choose fat markets to disrupt.
Hack 1: They only go after big business, and disrupt them with right timing.
Hack 2: They get training before the big chance arrives.
Veterans get uncomfortable with training and practices and then wait for the big tie to catch big game. They throw away 1000 ideas to focus on one. Newbies has only one incomplete idea and wonder/dream passively.
Hack 3: They pick niche audience to go into general markets. They pick good business and fat markets.
A good example of Amazon. Amazon started with selling books online. The business of Amazon is "seller" or store. The niche is "book seller". It was a good niche because books have fat margins and books never expire in storage. Amazon choose a fat business, where everyday the volume is high. High volume business makes automation possible. Automation is the basis of both barriers and customer discount margins.
The online store Pinduoduo.com is a web seller. It specializes in the Chinese market and the target audience is people living in 3rd and 4th tire cities. The company was able to go public in 3 years.
The earphone manufacturer Beats.com is another example. It specialized in expensive earphone with low bass effects, and went public in 2 years. However, it is not good enough business to go public on its own (it was acquired by Apple). The business was "product and design".
Hack 4: They pick areas where they either have lowest price or highest price, never the middle.
Lowest price is strategy to compete with large incumbents. Highest price is strategy to win nascent new markets.
Hack 5: Veterans go straight to people's wallet, not needs or wants "guesses". They don't even design a business - just cut to the chase of real game and big game. They provide enjoyment, advertisement and security at right time. They don't jump in at the right moment. They are already there when the moment come, and they are ready. They have failed before.
Hack 6: The veterans tack on any unfair advantage they can have so they become an ecology monopoly player with contractual regular income.
Hack 7: Serial entrepreneurs live in the ecosystem and use relations to build relations. They don't guess and MVP trial. They pick the right project and fight. They don't pick a random project and pray.
Veterans takes hacks, and fight, and fails one out of ten times, but they win enough big games;
Newbies take shortcuts, and struggles, and fails one out of one time, and give up.
A hack is when you see forest and mountains from 3000 ft up.
A newbie is making MVPs in a forest.