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 398: TMBA398: Evolve or Die
Episode 397: TMBA397: We Want Your Questions
Episode 396: TMBA396: The Realities of Running a Business in 2017
Episode 395: TMBA395: Should You Quit Full-Time Entrepreneurship?
Episode 394: TMBA394: What Happened to Technorati?
Episode 393: TMBA393: How to Pitch
Episode 392: TMBA392: Should You Move to Chiang Mai?
Episode 391: TMBA391: Breaking Up is Hard to Do
Episode 390: TMBA390: How to Get Better at Sales
Episode 389: TMBA389: TMBA Mailbag: How Can I Get Started on My Own Business?
Episode 388: TMBA388: Why We Need Strong Towns
Episode 387: TMBA387: The Art of Stress-Free Productivity
Episode 386: TMBA386: Should You Base Yourself in Andorra or Panama?
Episode 385: TMBA385: To Headquarter or Not to Headquarter?
Episode 384: TMBA384: Are You an Imposter?
Episode 383: TMBA383: Brent Beshore and the 50 Year Private Equity Plan
Episode 382: TMBA382: LAX->MNL->OTP with Family in Tow
Episode 381: TMBA381: A Conversation with Cal Newport
Episode 380: TMBA380: Who Is Tracking You?
Episode 379: TMBA379: A Conversation With Jordan Harbinger
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