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
Episode 446: TMBA446: The Tale of 12 Exits
Episode 445: TMBA445: Finding Your Tribe
Episode 444: TMBA444: When Should I Hire?
Episode 443: TMBA443: The Knowledge Gap vs. The Efficiency Gap Revisited
Episode 442: TMBA442: ‘Til Death Do Us Part? Business Relationships
Episode 441: TMBA441: The Entrepreneurial Script
Episode 440: TMBA440: What’s Your Lifestyle Ladder?
Episode 439: TMBA439: Five Takeaways From Our Event In Austin
Episode 438: TMBA438: The Knowledge Gap vs. The Efficiency Gap
Episode 437: TMBA437: The Two Tomato Strategy
Episode 436: TMBA436: The Entrepreneur’s Guide to Keeping Your Sh*t Together
Episode 435: TMBA435: The Resistance is Real
Episode 434: TMBA434: The Lure of Remote Work
Episode 433: TMBA433: A Conversation With Seth Godin
Episode 432: TMBA432: Finish Big – A Conversation with Bo Burlingham
Episode 431: TMBA431: We Wrote a Book
Episode 430: TMBA430: The Philosophy Of Crypto
Episode 429: TMBA429: The Problem With Cold Email
Episode 428: TMBA428: A Critique of Tim Ferriss’ 4-Hour Workweek
Episode 428: TMBA427: Dan and Ian’s Consulting Corner
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