Do you want to be successful in business? Do you want to know what the secrets to making millions are? Our guest for today is Sean Castrina and he has the secret on how to be a successful entrepreneur. He is a best selling author and entrepreneur and has been featured in Forbes Magazine and Entrepreneur Magazine. One of the ways he became successful is by partnering with the right people but how do we know if they are the right people to partner with? Listen to this podcast as we discover who we should bring to our business and how your ideas can lead you to your success.
[6:40] What led you to be a serial entrepreneur?
The rug pulled right under me and then I realized that there’s no such thing as job security so I decided that I’d dictate my future. I’d work for a while to get capital together to figure out what I was going to do but I knew that I was going to own whatever I was going to do. Once I started out on that journey, I’ve been doing companies since I was 25.
[9:19] What is the secret behind your success?
I don’t fall in love with my ideas. I vet them and I fall in love with profitable ideas and I can determine when an idea can stand up to being exposed to criticism.
[9:47] I vet my ideas and make sure that I’m bringing one that makes sense. Then I kind of have my lane. I’m not so arrogant in that. I know there are businesses that I can’t work with that my brain can’t get around it so I think it’s really important to kind of find your lane and stay in it.
My superpower is partnering. I have six business partners and whenever I start a business, I always partner. Always bring your partner in.
[12:00] Success in the service business
It’s easy to start a Christmas light business or gutter cleaning services. I haven’t had super sexy companies but I have made millions in profits.
[12:26]I just like service companies because robots or AI can’t do them. They can but if they do, we got bigger problems. Robots can do repetitive things but not the assessment part of it like pull things out and put it all back together. There are just so many businesses like that and I could just go one after another and I’ve made money one after another.
[13:13] What is it that’s unique that has allowed your partnerships to be successful?
Going into it with the idea that you got a durable business idea which I think is important. Regarding partnering, you’re typically always missing something that’s getting you to the next level. Somebody in sales or in operations are typically missing, or they understand the industry at such a level that they can save you so many speed bumps.
[14:22] Somebody has the time that you don’t have or somebody has capital that you don’t have so it’s typically time, capital, experience, and they could fulfill a critical role. They are the reasons to partner.
[15:10] If you can’t do everything, you have to partner because it’s very rare that you can. 50% of a lot is better than 100% of a little. And when things are horrible, it’s much better having a partner who’s worrying about that problem and not just you. And when things are great, it’s so much more fun having a partner.
[15:55] What’s the thing that’s big for you?
I like helping because I hate to see people make mistakes. A startup fails, they didn’t test their idea, they brought an idea to the marketplace and it wasn’t ready, they didn’t have enough capital, or they shouldn’t partner with somebody so I always feel like if I can share one piece of advice that can save that fall, then why not share it.
[17:07] What is prominent as a failure point that you wish people would just figure out?
Some people go into a business and they don’t have enough capital to fail and you’re going to fail. There’s going to be something that you didn’t account for so you need to have a bit of a runway because people don’t have enough money to fail. You got to go into a few reserves and you got to go into it thinking lean. That’s why I tell people to not quit their day job because they might not afford to pay and make a mistake.
[17:40] Sometimes you might need your salary to bankroll this thing so don’t be so quick to quit your day job. I think you got to afford to fail because it can happen and you need to have a little bit more oxygen and cash is oxygen.
[18:59] What makes you different?
They want to lose money and I don’t. I don’t mind a small failure and I don’t mind if I do it on a small level and get some customer feedback. If I go all-in, I may not have enough money to steer away from that to realize that there’s a little bit of a better idea if I steer it this way. I think you just want to get business breathing. Just get a pulse and then you can kind of move it down whatever lane.
[19:36] Many people spend way too much money upfront where they got to have the perfect desk, the perfect office and all the signage. If it doesn’t sell your product or open the doors, you don’t spend a dime on it
[20:20] What drives you now that you’re successful?
You start consolidating it down. When you partner, you partner with exceptionally bright people so that they know what you do really well and business is just fun for me. I love creating a brand, recruiting highly talented people and marketing fascinates me. I’m not passionate about any one of my businesses purely, I’m passionate about business in general.
[22:45] The longer you’re in your business, you’ll have more people doing the things you don’t want. In the beginning, you’re doing 100%, then you get to 80 and 60 and 40. You’ll know you’ve made it when 80% of your time is in your sweet spot and that you love doing it. That’s where I’m at now, 80% of my time is in stuff I just love to do and I do very little of what I don’t want to do.
[23:32] What do you tell people at the backend?
They like being broke and tired and I don’t like either one. Smart people have teams because it’s hard to accomplish anything great with one person. People have coaches or people around them. If you’re doing anything where your time’s worth $100 an hour and you’re doing anything that you could pay somebody $30 an hour to do, you’re not that bright and you’re not valuing your time by you doing it.
[26:45] What promise did God make to the world when He created you?
God promised that I’m an acquired taste.
[10:23-10:26] “I think that you find your strengths because they come easy to you.”
[13:13-13:15] “The moment you start is the moment you should plan your exit.”
[15:07-15:08] “You gotta have a face in your company.”
[16:28-16:30] “Failure is best heard through a secondhand story.”
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