Ask James Caan: Should I become a serial entrepreneur next?

Our small business agony uncle gives his advice on whether entrepreneurs should take on new projects.

Dear James

I set up an executive search business in January. We now have a head count of eight and three offices. How do I best manage my time? I have the opportunity to get involved with other businesses. Do I get involved?

Sam Owen

Congratulations on your early success. You may wish to become a serial entrepreneur and be part of a variety of businesses. However, it all comes down to what you regard as your main passion. If it is recruitment, I would advise sticking with this for the time being. You are still in the early stages, and will come across bumps and obstacles as well as further growth opportunities. At this moment, I don’t believe you should take your eye off the ball.

You need to consider how much involvement you would have in other businesses. Are they day-to-day roles or will you be more hands-off? Even if the latter, it can be more time consuming than you think.

A lot also depends on the team you have in place. How immersed are they in the business and the brand values? Have you mastered the art of delegation? Consider adding a layer of management beneath you. The most important thing to remember is that you need to understand your business and how to manage certain areas to make things happen.

For more entrepreneurial tips and advice, read James Caan’s book Start Your Business in 7 Days.