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 636: Affiliate Marketing and The Stair Step Approach
TMBA 635: The AntiWork Movement
TMBA 634: The ‘Downside Protection’ of Investing in Bootstrapped Businesses
TMBA633: Mailbag: Managing Teams and Creating Communities
TMBA632: A Journey From Productized to SaaS, Plus The Return Of ‘Donate a Business Idea’
TMBA631: Investing, Writing and Regrets, with Financial Samurai
TMBA630: Investing in the Age of Autonomy
TMBA629: Revisiting Some of Our Favorite Moments from 2021
TMBA628: Staying True to Yourself in Business
TMBA627: Building an Agency You Can Exit From
TMBA626: Talking Shop: Business Goals, Inflation, and Our Favorite Locations
TMBA625: Living Outside Your Comfort Zone
TMBA624: The Emotional Toll of the Entrepreneurial Journey
TMBA623: It's Never Too Late to Find a Business Partner
TMBA622: Mailbag: How Do You Stay Motivated After You Succeed?
TMBA621: 10 Key Trends in the Digital Nomad Community for 2022
TMBA620: The Upside of Running an Agency
TMBA619: Does Your Business Need an "Operating System"?
TMBA618: Exploring Alternative Education Options for Nomadic Families
TMBA617: Once Upon a Time in Mexico
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