In today’s episode of The Startup Chat, Steli and Hiten talk about what they call “the second time around”.
“The second time around”, also known as second time syndrome, is basically starting a new business after a previous success or failure at another business. It is common for second-time founders to believe that they will be successful at a second business and most of the time this is no the case.
In this episode, Steli and Hiten talk about what “the second time around” is, how your first attempt affects your second attempt, why being successful the first time does not guarantee future successes, and much more.
Time Stamped Show Notes:
00:00 About today’s topic.
00:45 What is the second time around?
01:00 Should the second time around be easier?
01:15 How your first attempt affects your second attempt.
01:43 A big factor that determines your success in business.
01:53 Why your ability to make good decisions is all that really matters.
03:34 Why it’s important to take the lessons from past experiences.
04:37 Why being successful the first time is not a guarantee for future successes.
05:49 An example of a successful entrepreneur struggling with future ventures.
09:29 A lot of people fail at starting a business and never do it again.
09:23 One tip that can help you be successful in your second attempt.
3 Key Points:
There’s so much that can be different the second time around.
People don’t realise that you’re literally building a business from scratch.
Your own ability to make good decisions is all that really matters.
Steli: Hey, everybody. This is Steli Efti.
Hiten: And this is Hiten Shah and today on The Startup Chat that we're gonna talk about what we call "The Second Time Around" which is basically when you have a startup and it either fails of succeeds and then you do another one.
Steli: Yeah. The thing that most people think ... I'll start us off with a premise that I want to dissect with you which is the one that's like the second time around should be easier, shouldn't it be, Hiten?
Steli: Why? Well, you have all of this experience, you've done it before. Well okay, maybe it's ... Is there a different between having failed the first time around or having succeeded the first time around in terms of what the second time around looks like?
Hiten: I think people would lead you to believe it's that just because they want you to believe it's either easier or harder or failure helps you or success helps you, but honestly it doesn't matter. There's so much that can be different the second time around. There are a bunch of patterns and things you learned, no doubt. But it's not ... I feel like people don't realize you're literally building a business from scratch and there are a lot of factors that determine whether your business works or not. One big factor that you learn the hard way oftentimes is that your own ability to make really good decisions is all that really matters, and your ability to do that decisively and fast. The reason I'm picking on that specific one thing out of the millions of things that you could consider is because the first time founder either lost or won, whatever that means, because of their ability to make the right decision at the right time. That could be a fast decision and then undo it later, whatever. Whatever that means. There's a lot to that. So by the time you're at the second, whether you won or lost, you've made up your mind about a bunch of different things that you might not even realize you've made up your mind about. For example, if you tried sales for four years and it didn't work for you, you might be like, I can't do sales. Well,