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
TMBA556: Navigating the Dip
TMBA555: Are Productized Services Overrated?
TMBA554: A Healthy Equilibrium
TMBA553: Protecting Your Passion
TMBA552: The Art of Buying and Selling Web Domains
TMBA551: Transitioning from Freelancer to Running a Business
TMBA550: Revisiting Our 2020 Business Goals
TMBA549: 10 Tech Tools We Use In Our Business Every Day
TMBA548: The First 1,000 Days of Running an Agency
TMBA547: How Coronavirus is Disrupting the Events Industry
TMBA546: Adjusting to the 'New Normal'
TMBA545: Is Dropshipping Still a Valid Business Model?
TMBA544: Should You Hire a General Manager?
TMBA543: Taking the Entrepreneurial Leap
TMBA542: The Entrepreneurmobile Revisited
TMBA541: An American Based in China Shares His Perspective on the Coronavirus Outbreak
TMBA540: Are You Generating Income or Wealth?
TMBA539: Weathering the Storm
TMBA538: Remaining Antifragile in the Wake of the Coronavirus
TMBA537: How Will Coronavirus Affect Your Business?
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