Tuesday, October 17, 2017

How to Become a Successful Entrepreneur – Power Lessons From Tony Coretto

successful entrepreneur, tony correto, capitalism

Becoming a successful entrepreneur.

It’s a vague dream most of us have that we’re not really sure how to define. We have that entrepreneurial itch, we’ve even build a small business of our own, but we don’t really know what it takes to make it to a level of true success. Tony Coretto is a guy who knows what it looks like and what it takes to achieve it. Tony and his partner began a business together without a lot of experience or savvy in the world of startup businesses. But as they learned in the school of hard knocks they discovered some timeless principles and strategies that made their business flourish. So much so that they sold it for big money and Tony is now investing in real estate, dabbling in angel investing, and lots more.

Building a marketing firm from the ground up with little experience.

Tony and his partner didn’t really know what they were doing when they first started their marketing firm. They had mostly done contract work for others and inherited a big client from someone they had worked with in the past. That client opened their eyes to the possibilities of building something more significant and the journey began. On this episode of the Capital Gains podcast I’m speaking with him about the challenges they faced as the business grew, what they did to find the right team members, the psychological challenges of transitioning from part of the team to leader of it, and much more. Anyone who wants to become a successful entrepreneur will learn a lot from this guy. He is one.

It’s true. You need to hire slowly and fire quickly.

As his company was growing, Tony and his partner realized that the main thing holding them back from more growth was the two of them. They were the only ones doing the work for their clients and simply had no more bandwidth to add more. Their first step was to outsource some of the work to contractors, which worked for a while and helped them grow to the next level. But in time they came to see that full-time employees were the next step toward greater success. When they begin the process they learned very quickly that you have to take your time to ensure that you hire the right people. And if somebody is not working out, you need to do something about it quickly. You can hear the hard lessons learned from this successful entrepreneur’s climb to the top, on this episode.

From trying to buy businesses to trying to sell his.

When his business kept growing, Tony and his partner began to entertain ideas for how they could grow their income and one idea was buying other related businesses. They were just at the point of exploring those possibilities when other business leaders began approaching them about buying their business. It wasn’t something they had thought about but figured they’d better consider it. Long story short – they sold the business for a tidy sum and today are doing the things they love to do – travel, family time, and more. Sounds like a dream entrepreneur success story, doesn’t it? You can find out how they did it, on this episode.

What do you do after you sell your successful company?

For my guest today that was a very valid question. He actually enjoyed building and running his business and felt that he had to find something to engage in that kept him sharp and built toward the future. He had already begun investing in real estate a bit and decided to crank up his investing quite a lot. That’s lead to the creation of a holding company, many rental properties, and possible land and real estate purchases in Costa Rica. You can hear what Tony is up to and how he got there, on this episode.

Outline of This Episode

  • [0:25] My introduction to today’s guest, Tony Corretto.
  • [1:52] Why I wanted to have Tony on the show.
  • [2:20] Tony’s background and how he got into business.
  • [6:11] How Tony and his partner landed their first clients and built repeatable systems.
  • [11:11] How did they guys know to build the systems that made things work?
  • [13:00] The realization that team members had to be hired.
  • [15:21] How hiring team members changed the business.
  • [24:14] Advice for those about to take on new employees.
  • [32:17] From growth and success to the decision to sell.
  • [35:20] Tony’s role once they sold the company and the desire to move on.
  • [37:09] The first steps after selling the business.
  • [38:40] The projects Tony is working on now: A holding company.
  • [45:42] Tony’s future plans for real estate investments – possibly in Costa Rica.
  • [50:03] Angel investment opportunities and the challenges faced.
  • [1:02:19] Tony’s latest “Sharpen the Saw” project.
  • [1:04:06] Tony’s personal “secret ambition.”
  • [1:05:18]  How you can connect with Tony.

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