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
TMBA614: The Lifestyle Ladder
TMBA613: Is It Possible to Raise a Family as a Digital Nomad?
TMBA612: Mailbag: Avoiding Drama in Your Business
TMBA611: Should You Bootstrap or Seek Funding For Your Startup?
TMBA610: Building Deal Flow from Social Media and Content Marketing
TMBA609: Is "DeFi" the Future of Finance?
TMBA608: The History of Digital Nomadism
TMBA607: The Lonely Path of the Solopreneur
TMBA606: Reflections on 10 Years of Running an Online Community
TMBA605: What Makes a Great Remote Employee?
TMBA604: Is Real Estate the Endgame for Entrepreneurs?
TMBA603: Returning to Nomadic Life
TMBA602: 5 Strategies for Growing an 8-Figure Business
TMBA601: Creating Meaningful Online Communities
TMBA600: Why It's So Hard to Replicate Success with Derrick Reimer
TMBA599: The Art of Acquiring Businesses
TMBA598: Winning with Twitter and Writing for the Web with David Perell
TMBA597: Five Things We Can't Stop Thinking About in May 2021
TMBA596: What's Really Stopping You From Achieving Wealth?
TMBA595: Hiring Tips for Remote Companies in 2021
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