SNM230: Advanced Financial Strategies with Stephen Halasnik

Our guest in today's episode is Stephen Halasnik, a serial entrepreneur with a deep knowledge of finance, who has built 7 companies over 25 years. Through one of his companies, Financing Solutions, Stephen offers funding for new businesses with established viability and credibility. He is also the host of The Entrepreneur MBA Podcast. 

In this episode, Stephen offers pivotal advice on how to manage your finances as a budding entrepreneur, highlighting his recommendation for businesses to gain funding when starting, as well as other crucial considerations to keep in view during this early phase.  

Episode Topics

• [00:57] Meet our guest, Stephen Halasnik 
• [01:28] Why you shouldn't start a business with a personal social security number. 
• [03:22] How patents work. 
• [07:20] The right approach to your finances when starting your business. 
• [11:56] How can business owners separate business finances from personal finances?
• [18:42] Taking inventory of resources, especially time. 
• [26:10] Growing a business with cash flow. 
• [30:15] Connect with Stephen. 

Notable Quotes

-       “If you have a patent, you had better have $450,000 to be able to successfully litigate against your patent" - [Stephen Halasnik] 

-       "If you're going to start your own business, keep your day job" - [Stephen Halasnik] 

-       "All successful entrepreneurs are heavy-duty learners; self-taught" - [Stephen Halasnik] 

-       "100% of the profit equals my salary; that's the mistake I think that we want to really avoid" - [Jonathan Green] 

-       "If you can't measure, you can't manage" - [Stephen Halasnik] 

-       "Every hour I'm paying someone for is an hour I can invest in my business" - [Jonathan Green] 

-       "You've got to build your business based on existing cash flow" - [Stephen Halasnik] 

-       "My experience is when there's a lot of capital to start a business, it gets deployed poorly" - [Jonathan Green] 

-       "The only way you're going to get any type of angel funding is if you come up with an idea that has incredible scale" - [Stephen Halasnik] 

-       "As you continue to run your business, you're going to learn things that are going to help you either in that business or in your next business" - [Stephen Halasnik]

Resources

"Profit First" bookby Mike Michalowicz [09:01]

“Rich Dad Poor Dad” bookby Robert T. Kiyosaki

Connect with Jonathan Green

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