Small Business Talk

The Podcast to Grow your Business Faster

Business Success or Failure: It’s All in the Planning with Sean Castrina

Show Notes

Background

Sean Castrina is the Founder of The Weekend MBA and host of The 10 Minute Entrepreneur Podcast a top 10 entrepreneurship podcast as well as the author of 4 bestselling books.

He has been featured in Forbes, Inc. Money Magazine as well as a verified IG account with over 300k followers. Sean is a recovering white collar drug addict and will be sharing why every person should think like an entrepreneur.

Key Questions

There are a few questions to look at when starting your business – or even when evaluating a business you already have. Looking at these aspects can help you focus on what is working or not working within your business plan. Consistent planning and evaluation makes a big difference to how you approach your business.

Why are you selling this product and/or service?
Who’s going to buy your product?
Where did you come up with your pricing and how do you know customers will pay that amount?
Who’s your competition and how are you going to be different/better than them?
Who is your ideal customer?

Test Run Your Idea

Does your business idea really work? Before spending all your time, money and effort on a business that may or may not work, take it to a neutral party and ask: would you pay money for this? Find the target market you’re aiming for and test out your business before you buy all the equipment and expensive pieces. Try selling from a smaller zone – set up a little website or go to your local markets and test what works and what doesn’t, and if you can really make a profit from your ideas.

One Critical Hire

They may not even be ‘in’ the business as such – what/who do you need to ensure that you can grow your business without added stress? This could be a personal assistant to do those five-minute tasks that waste your valuable time, or it could be something like a housekeeper to stop you from getting caught up in other chores. It could be someone who possesses a skillset that you do not, to ensure the job is done to the best effect. It could even be a partner or a manager!