Serial entrepreneurs are an important part of the entrepreneurial market, but our understanding of the impact of first-time entrepreneurial outcome on serial entrepreneurs’ decisions when they relaunch their projects remains limited. Based on self-regulation theory, this paper constructs econometric models to compare the differences in self-adjustment between serial entrepreneurs who relaunch their projects after entrepreneurial success and entrepreneurial failure. 30,171 serial entrepreneurs from Kickstarter with 2 or more entrepreneurial experiences, totaling 80,563 projects, are used as research subjects. Using data mining and text mining methods, the self-adjustment behaviors of serial entrepreneurs are categorized into two types: input and output and content and risk, with the former outlining adjustment behaviors related to financing goal and number of rewards; and the latter outlining adjustment behaviors related to project content and risk disclosure. The study shows that (1) In terms of the adjustment direction, serial entrepreneurs with successful first-time entrepreneur will set higher financing goal, more number of rewards, more detailed project content, and more risk disclosure when launching a project again; (2) In terms of the adjustment magnitude, serial entrepreneurs with successful first-time entrepreneur have a greater magnitude of adjustment in the number of rewards, content detail, and risk disclosure when launching a project again; (3) Performance Gap and self-identity, which represent environmental and individual factors, have negative and positive moderating effects between first-time entrepreneurial success and self-adjustment magnitude, respectively; and (4) In terms of the self-adjustment performance, serial entrepreneurs with first-time entrepreneurial success should adopt the no-adjustment goal strategy, no-adjustment reward strategy, and no-adjustment content strategy when launching a project again, and avoid the downward-adjustment risk strategy; whereas serial entrepreneurs with first-time entrepreneurial failure should adopt the downward-adjustment goal strategy, the upward-adjustment content strategy, and the no-adjustment risk strategy. This paper enriches the application scope of self-regulation theory and provides theoretical basis and practical reference for serial entrepreneurs and entrepreneurial platforms to optimize self-adjustment strategies to enhance the success rate of reentry.