Ep323: Developing a Millionaire Mindset With Serial Entrepreneur and Founder of The Weekend MBA Sean Castrina￼
August 15, 2022
After losing his dream job, Sean went on to sell life insurance. Being poor was never an option. Sitting at one of the Monday sales meetings and observing his colleagues’ Mercedes and BMWs, a business plan was born. He started WaxMaster Mobile Detailing, the first of the 20 ventures he has established over the last 25 years.
With over two decades of entrepreneurial experience, Sean breaks down the Millionaire Mindset for us:
Whether anyone believes you or not, just believe that you can get it done. There is no perfect, only done.
Whatever business you decide to pursue, assume that you are going to make zero profit. There should be enough money in the bank to keep the business afloat. If, in 90 days, the business does not make any profit, close it down and pivot.
Quitting your job to start a business is a massive mistake. There are 168 hours in a week – enough time to keep your stable, income-generating job while setting up your business. Often, an entrepreneur who has a great idea is wired. There is a constant barrage of organic energy to sustain long periods of hours working on the business with excitement. If you do not feel it, that is a good indicator that the business will not take off.
Many people will start a business and hang on to it for dear life. This is described as an entrepreneurial hiccup. The difference is:
“An entrepreneur is like a crackhead, they’re always looking for something.”
Where there’s a challenge, there’s opportunity. There’s always going to be a reason not to push through with a business plan, and it’s always going to be scary – but you do everything you can in favor of the business. No entrepreneur goes into a new venture thinking they’re going to lose. If something does happen and it doesn’t take off, entrepreneurs are always confident that the next one will bring all the lost profit back.
Entrepreneurs are almost always at 100%. There is rarely any balance. Successful people do not experience triumph by giving only half of what they are capable of, or only doing half of the work required.
Here are a few questions to ask to generate a good business plan:
Why do you think it’s going to work?
Does it make money?
Is there a demand for it?
What metrics have you done?
Who is your competition?
Why would people choose you?
What’s going to make you unique?
What is the cost to operate?
How are you going to attract customers?
Who is the team that you need?
How do you get it off the ground and keep it going?
All this information and more in one of Sean’s best-selling books, 8 Unbreakable Rules For Business Start-Up Success, which you can get for free when you enter to win this week’s giveaway! Winning this will also get you a chance to receive an invitation to The Weekend MBA, the #1 entrepreneurship event in America!