An entrepreneur dreams of building a successful company. If everything goes right, perhaps even one worth millions.
Serial entrepreneur Martin Varsavsky has founded eight businesses, including two garnering valuations north of $1 billion. Many have been funded by big-name firms, such as Google Ventures, Microsoft and Sequoia Capital.
Varsavsky, who currently teaches entrepreneurship at Columbia University, credits a specific management practice for moving from one venture to the next. "I think that I would destroy my companies if I tried to do everything myself," he tells CNBC Make It at New York's Millennial 20/20 Summit. "I really think that delegating is crucial."
That's a skill the Argentine entrepreneur learned from his first venture in 1985, a New York real estate development company he founded with a personal investment of $25,000. The returns that he and his team earned positioned him to retire at 27.
"I could have not worked again, but I don't work to make money," he says. "Money is a byproduct of my work."