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:
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A Podcast About Shiny Object Syndrome
TMBA594: Predictions About the Near Future - The Sovereign Individual
TMBA593: How to Get a Great Remote Job
TMBA592: An Entrepreneurial Approach to Investing
TMBA591: The Surprising Habits of Wealthy People with Noah Kagan
TMBA590: Mailbag: How Long Does it Really Take to Achieve Freedom?
TMBA589: Creating a Software Business Without Technical Expertise
TMBA588: Getting Comfortable With Failure
TMBA587: The Real Problem With Fake Reviews
TMBA586: The Reformed "Bad Boss"
TMBA585: There's No Business Like Snow Business
TMBA584: From Services Failure to Software Success
TMBA583: Building a Business With the Intention to Sell
TMBA582: The Upwork Hustle
TMBA581: 4 Frameworks for Starting a New Business in 2021
TMBA580: Mailbag: Making New Moves in the New Year
TMBA579: The Price of Tomorrow
TMBA578: It's All About the Fundamentals
TMBA577: A Wild and Unforgettable Year in Review
TMBA576: The Kings of Crypto
TMBA575: A Blue Collar Origin Story
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