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
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“3 Million in Revenue is a Death Zone" - Financial Strategy with Greg Crabtree
A Podcast About Shiny Object Syndrome
#752 The 1 Million Dollar Question
#751 “The Death of the Follower” + How I’d Make $250K in 3 Days a Week
#750 What is the Most Simple OS for <$5M?
#749 Do Things That Don’t Scale
#747 Quiet Crypto, The Demand Question, and Difficult Decisions ft. Jordan Gal
#746 “Full-Service Agencies Are Out” & Other Productized-Service Ideas
#745 “3 Million in Revenue is a Death Zone" - Financial Strategy with Greg Crabtree
#744 How Transparent Should You Be? Thoughts on Queen Bee Roles & a Ticket Giveaway
#743 Spotting Taboo Business Ideas Through the Overton Window
#742 A Podcast About Shiny Object Syndrome
#741 The Roadmap for Turning a Skill Into a 1M+ Productized Service
#740 The Anti-Agency Agency + High ROI Customer Acquisition
#739 The Three Horsemen Holding Your Business Back from Breakthrough with Mike Michalowicz
#738 Under the Hood of an 8-Figure Business + Million Dollar Weekend with Noah Kagan
#737 Business Basics: Revenue Durability, “Small” Goals, & High-Leverage Meetings
#736 How to Have Your Best Year $$$Wise Ever
#735 An 8-figure exit and revisiting the 1,000-day principle
#734 Non-Obvious Ways to Grow Your Business + Favorite Moments of 2023
#733 End-of-Year Brainstorming, Goal-Setting, and a Mexico Meltdown
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