Owning a small business can be personally and finally rewarding. However, 90% of start-ups fail within the first three-years. Sean Castrina has nearly inverted that achieving an 85% success rate. During this episode, you will learn Sean’s Eight Unbreakable Rules for Business Start-up Success.
Sean Castrina is an entrepreneur with over twenty companies under his belt and at least one more being added each year. He is an accomplished financial writer and best-selling author, having written the titles “The World’s Greatest Business Plan: That Actually Works,” “The Greatest Entrepreneur in the World,” and the “8 Unbreakable Rules for Business Start-Up Success.” He has written for several notable publications, including Forbes and Yahoo Finance, and has held events alongside the likes of Tony Robbins and John Maxwell. Sean also hosts his own podcast, called the “10 Minute Entrepreneur Podcast.”
How has he succeeded in his ventures where others have failed? Simply put, he says to look at the data and to create systems. He analyzes why businesses have failed and tries to see what he can do better. Sean also believes establishing a solid business plan and having that thoroughly vetted are essential to get started.
Entrepreneurship doesn’t have to be something you do all alone. According to Sean, “One plus one equals done.” Partnering is an essential tool for your business arsenal. Whether they’re full-time or only hop on board for specific projects, a reliable partner is just what you need to fill in any oversights and help you see your plan to execute.
The road to entrepreneurship is challenging and will require a keen mindset, some investment, and for some, even the juggling of regular work alongside your business goals. But Sean summarizes his journey and what has worked for him over twenty times over in his eight unbreakable rules.
Act like an entrepreneur.
No procrastination or laziness. If you want to be a successful entrepreneur, you need to think and act like one. Hone the qualities and skills of someone ready to succeed.
Formulate a business plan.
You need a comprehensive and thorough business plan that will target all the points you need before moving to the next phase. As Sean emphasizes, beta testing is key for qualifying your idea.
Put your plan together.
Make sure you’ve answered all your questions in your plan – What’s your target market? Who is your competition? What will your starting costs be? Then, string everything together for a foolproof and reliable business model.
Protect your business.
Leap through whatever legal and intellectual property hurdles you need to to ensure your business, as well as you and your partners, will be safeguarded.
Build a strong team.
No business or business owner can succeed without the right people ready to support you.
Market your business.
A good marketing plan is a must. Don’t rely on word of mouth.
Know your numbers.
Don’t rely on accountants or assistants to memorize your numbers for you. Make sure you know all the goings-on around your offices each and every day.
Learn, learn, learn.
Whether through online courses, podcasts, books, or fellow entrepreneurs, Sean says you’re never too far in your career to be a learner.
Key Discussion Points
0:00 Introductions 01:15 What people don’t know about Sean 03:10 The State of Small Business 04:10 Why Most Small businesses fail 09:00 Sean’s experience with his twenty businesses 14:15 Is now the time to start a business 15:00 Can you enter a business part-time? 16:45 The Eight unbreakable rules
