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 378: TMBA378: “If at First You Don’t Succeed, Try Try Try Again.”
Episode 377: TMBA377: How Does Your Business Feel?
Episode 376: TMBA376: Should You Base Yourself in Eastern Europe?
Episode 375: TMBA375: How 100s Of Young Entrepreneurs are Making Generational Wealth in Less Than 5 Years
Episode 374: TMBA374: Are You An Entrepreneurial Person?
Episode 373: TMBA373: Should You Base Yourself in Southern Europe?
Episode 372: TMBA372: A Conversation with Wait But Why’s Tim Urban
Episode 371: TMBA371: Should Your Next Employee Be a Mom?
Episode 370: TMBA370: The Saturday Morning Side Hustle
Episode 369: TMBA369: Tropical MBA’s 2016 Year in Review
Episode 368: TMBA368: The 12 Days of an Entrepreneur’s Christmas
Episode 367: TMBA367: The Business Idea Bonanza with Dan Norris
Episode 366: TMBA366: A Conversation with Ricardo Semler
Episode 365: TMBA365: Estonian E-Residency: Is It For You?
Episode 364: TMBA364: Sometimes the Best Business Idea is the Most Obvious
Episode 363: TMBA363: The Value of Apprenticeships
Episode 362: TMBA362: You Can Start a Business This Weekend, Here Are Some Ideas
Episode 361: TMBA361: Contemplations On Five Years of DCBKK
Episode 360: TMBA360: Clay Collins and The Unraveling Marketing Stack
Episode 359: TMBA359: Our Favorite Books and Blogs of 2016
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