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
TMBA 696: The Current Landscape for Bootstrapped Businesses with Rob Walling
TMBA 695: The Money Theory of Location And Why Employee Scorecards Are So Helpful
TMBA 694: A 6-Year Journey to 7 Figures by Not Productizing
TMBA 693: 5 Things We’ve Learnt From Speaking With 50 Business Owners
TMBA 692: The Rewards and Sacrifices of Going Big
TMBA 691: Making Things Incredibly Difficult and Pointlessly Complicated
TMBA 690: Talking Content, Data Driven Decisions and Growth with Steph Smith
TMBA 689: Re-visiting Our Conversation with Seth Godin
TMBA 688: Mailbag: What Can Scorecards Do For You? And Equity Split Dilemmas
TMBA 687: 5 Strategies To Double Your Business in 2023
TMBA 686: Preparing To Take Time Away From Your Business
TMBA 685: From Agency to COO to CEO - A Case Study From SPI
TMBA 684: Personal Productivity vs. Business Productivity
TMBA 683: The Successful Business That Grew Out Of A Family Emergency
TMBA 682: Revisiting Some of Our Favorite Moments from 2022
TMBA 681: Our Take On The Parable Of The Mexican Fisherman And Year End Thoughts
TMBA 680: Mailbag: Permission vs Forgiveness, B2B vs B2C, And ‘The SOP Question’
TMBA 679: News Updates + “The Number”
TMBA 678: Evolving An Agency, With SaaS Mistakes Along The Way
TMBA 677: Digital Nomad Cities for 2023 and Choosing Between ‘Scaling Up’ And ‘Traction’
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