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 674: Going Viral For Saying ‘I Live Better In Thailand Than I Did In The U.S.’
TMBA 673: Side-Hustle to Multi-million Inc500 #98 Business
TMBA 672: Marketing by Building In Public: From Hobby to Major Business Opportunity
TMBA 671: The Rewards Of Finding Your Niche
TMBA 670: Business Updates: Remote First Recruiting, How Much Is Enough, And a Return To ‘The Europe Question’
TMBA 669: Working Backwards And The ‘Write First’ Culture
TMBA 668: 5 Small Ways To Go Big
TMBA 667: Catching The Right Wave At The Right Moment
TMBA 666: Following The Signs In Your Business
TMBA 665: Reaching A $4M Run Rate In Less Than A Year
TMBA 664: Pivoting From 'In Person' To A Software Business
TMBA 663: Overrated and Underrated Business Concepts with Noah Kagan
TMBA 662: Expanding Education Options For Nomadic Families
TMBA 661: The Rewards Of Challenging Assumptions
TMBA 660: Five Easy Ways to Work Smarter (Not Harder)
TMBA 659: The Power of Diversification and The Welcome End of DeFi Summer
TMBA 658: Let’s Talk Fish And Ponds
TMBA 657: The Europe Question
TMBA 656: The Problems Of Being Both An Arsonist And A Firefighter As A Business Owner
TMBA 655: Deciding How To ‘Buy This, Not That’
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