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
TMBA486: The Re-Readables: Getting Things Done
TMBA485: Mastering the Art of Entrepreneurial Kung Fu
TMBA484: 5 Things We’ve Learned From Running a New Business for 6 Months
TMBA483: Search Engine Optimization in 2019 (Plus, The Dark Side of SEO)
TMBA482: “I Got There and I Thought It Sucked” - From Digital Dreams to Deals
TMBA481: Our Favorite Books of the Past 12 Months
TMBA480: Thoughts on Funding Options for Bootstrappers with Rob Walling
TMBA479: Quitting Social Media - “The ‘Walled Garden’ Experiment Is a Big Failure”
TMBA478: The Downsides of Success
TMBA477: China From the Inside
TMBA476: “An Adventure Worth Going On”
TMBA475: The Messy Marketplace
TMBA474: “You’re Not Working With Clients Anymore, You’re Working With Customers”
TMBA473: “Which Hill Do You Want to Die On?”
TMBA472: Surprises and Delights of the Year
TMBA471: The Helsinki Bus Theory
TMBA470: The Elephant in the Room
TMBA469: It’s No Good Having Ideas if They Don’t Bring You Results
TMBA468: “Allowing Myself To Dream That Big”
TMBA467: The Long, Winding Road to 60 Remote Employees…
Create your
podcast in
minutes
It is Free
Organic Marketing Simplified: Effective podcasting strategy for growth and monetization
THE GO BIZ GUY
The Sigma Femme Podcast
The Prof G Pod with Scott Galloway
The Money Mondays