Tropical MBA: Entrepreneurship & Founder Lifestyle
Business:Entrepreneurship
Dan and Ian discuss the different phases of bootstrapping a business and the common challenges that arise at each stage. They walk through three phases: Zero to $250k “Mindset”; $250k to 1 million "We're seeking a reliable/repeatable source of new customers"; and $1 million + "We need to hire, fire, improve/change team members more effectively”. They explore everything from adjusting the offer to the marketplace and developing a strong customer base to making a rule that the founder should be responsible for growth up to $5M.
They also explore the crucial role that team composition plays in the professionalization of the company. Finally, they discuss the decision between maximizing profitability and scaling the business.
Dan & Ian’s Stuff:
Our book: Before the Exit
The Newsletter
“The DC”
DC Black
Global events
Hire remote talent
Find a remote job
Listen on YouTube
Follow on Instagram
@TropicalMBA
@AnythingIan
Chapters
● (00:00:43) Introduction and Era Change
● (00:04:28) Mindset for Early Stage Bootstrapping
● (00:08:35) Running a Shit Ton of Experiments
● (00:19:34) Customer Development and Adjusting the Offer
● (00:23:37) Founder's Responsibility for Growth
● (00:24:28) Founder's Role in Growth Until $5 Million
● (00:25:29) Following Strategies That Work for the Majority
● (00:26:41) Celebrating the Achievement of $1 Million in Revenue
● (00:29:18) Transitioning from $1 Million to $5 Million
● (00:34:07) The Importance of Team Composition
● (00:34:22) Shifting Focus to Managing a Team
● (00:39:19) Maximizing Profitability vs. Scaling
Links:
Past guests on TMBA include Cal Newport, David Heinemeier Hannson, Seth Godin, Ricardo Semler, Noah Kagan, Rob Walling, Jay Clouse, Einar Vollset, Sam Dogan, Gino Wickam, James Clear, Jodie Cook, Mark Webster, Steph Smith, Taylor Pearson, Tommy Griffith, Justin Tan, Matt Gartland, Travis Jamison, Ayman Al-Abdullah, Tynan, Lucy Bella Simkins, Brian Balfour, Nick Huber, Mike Michalowicz, Greg Crabtree, Jordan Gal
Additional episodes you might enjoy:
Quiet Crypto, The Demand Question, and Difficult Decisions ft. Jordan Gal
“3 Million in Revenue is a Death Zone" - Financial Strategy with Greg Crabtree
A Podcast About Shiny Object Syndrome
TMBA516: Dan and Ian: The Full Backstory. Part 2
TMBA515: Dan and Ian: The Full Backstory. Part 1
TMBA514: Mailbag: The Complexity of Cashflow
TMBA513: How To Get Rich Without Getting Lucky
TMBA512: What Happens When Your Product Gets Suspended By Amazon?
TMBA511: The 10 Year Career - Wealth in the Modern Age
TMBA510: Driven to Distraction
TMBA509: The Difference Between Value and Money
TMBA508: The 4,000 Day Rule
TMBA507: 50,000 Dollars a Month From One Blog Post?!
TMBA506: The Power of In Person
TMBA505: How to Choose Your Own Product
TMBA504: Mailbag: From the Hamster Wheel to the Flywheel
TMBA503: What's Your 'Founder Fit'?
TMBA502: What We've Learned About Our Listeners
TMBA501: Cease and Desist
TMBA500: An Entrepreneur's Trip to 'Room 101'
TMBA499: 5 Approaches to Getting Rich
TMBA498: When Does an Artist Become an Entrepreneur?
TMBA497: Success is Solving Other People's Problems
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