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
#714 Profit vs. Revenue and the Inside Scoop on Events for Founders
#713 How to Build an AI Startup with Jodie Cook
#712 Business Partnerships and 6-Figure Launches: A Conversation with Mark Webster
#711 “Money is Your Responsibility” + News Updates
#710 The Wheel of Despair and the Paradox of Growth
#709 How (Not) to Lose Money with Taylor Pearson
#708 The Path to 7-Figure Passive Ownership + We’re Hiring
#707 Deceptively simple ways to have a better business
#706 5 Things Founders Often Misunderstand about Exiting Their Business
#705 6 things we’ve learned about having good (and bad) business ideas
#704 Moving Back to America… Was it Worth It?
#703 Counting Money Is Making Money + High-Conflict Personalities
#702 Millions for Podcasts and Jay Clouse on Memberships
#701 Your 5 Closest Friends
TMBA 700: Biz Model Mock Draft + Once Upon a Time in Mexico
TMBA 699: Secrets of a 7 Figure Brand
TMBA 698: Investing and The Price of Time
TMBA 697: This Founder Created a 45 Person Multi-7 Figure Business From a Podcast
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
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