The report, which surveyed 135 entrepreneurs in the UK including one-time founders and serial entrepreneurs, found that serial entrepreneurs were less afraid of failure, with only 13 per cent saying they are afraid of failing, compared to 40 per cent of one-time founders. Indeed, serial entrepreneurs see luck as becoming less important as they gain business experience.

In addition, wealth is not a dominant motivation for serial or one-time entrepreneurs, according to the survey, with business growth (90 per cent), interacting with people (79 per cent), and contributing to society (73 per cent) all ranking higher.

In other findings, individuals appear to be setting up their businesses at a younger age. Over half (57 per cent) of respondents started their first business by the age of 25 versus only 23 per cent of those aged 35 and above. The younger entrepreneurs are more impatient to exit, with 63 per cent planning to exit their current business within the next five years, compared to 46 per cent of those 35 and over. 

“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,” said Dylan Williams, managing director, England and Wales at Coutts.

“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.”