A study by researchers in the UK showed that there was no difference between the performance of first-time founders and “serial” entrepreneurs, which was similar to the results from two Norwegian studies that did not find any difference in their behavior or performance. A 2006 study in the U.S. compared performance of novice and serial entrepreneurs and found no evidence for either superior performance by serial entrepreneurs or effects of learning from failure. A very comprehensive 2013 study in the U.S. using data that tracked serial entrepreneurs for up to quarter of a century once again did not find any evidence for persistent learning effects.
Punit suggests that serial entrepreneurs aren’t more successful because they don’t learn from their mistakes. But there’s another possible explanation. Many successful companies are founded by entrepreneurs with passion to solve a real problem of personal interest to them, or where they have domain expertise. That doesn’t lend itself to serial entrepreneurialism.