The Tropical MBA Podcast - Entrepreneurship, Travel, and LifestyleEntrepreneurship

The Tropical MBA Podcast - Entrepreneurship, Travel, and Lifestyle


Tropical MBA: Entrepreneurship & Founder Lifestyle

#748 Three Phases to 1 Million

Thu, 28 Mar 2024
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 (https://www.amazon.com/Before-Exit-Thought-Experiments-Entrepreneurs/dp/1980628823/ref=sr_1_1?crid=3E5PMCCM0TDZ0&dib=eyJ2IjoiMSJ9.GnIb36rltn6NgcjHBCs8zg.waeKvE3zKoAbCt6Adoo5o5vv7M4PDyOj9pMXE7dM82A&dib_tag=se&keywords=before+the+exit+dan+andrews&qid=1711510466&s=books&sprefix=before+the+exit+dan+andrews%2Cstripbooks%2C101&sr=1-1)
The Newsletter (https://tropicalmba.com/subscribe)
“The DC” (https://dynamitecircle.com/join-dc/)
DC Black (https://dynamitecircle.com/dc-black)
Global events (https://dynamitecircle.com/events)
Hire remote talent (https://remotefirstrecruiting.com/)
Find a remote job (https://dynamitejobs.com/)
Listen on YouTube (https://www.youtube.com/@OfficialTropicalMBA)
Follow on Instagram (https://www.instagram.com/tropicalmba/)
@TropicalMBA (https://twitter.com/TropicalMBA)
@AnythingIan (https://twitter.com/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:
Simple Numbers by Greg Crabtree (https://www.amazon.com/Simple-Numbers-Straight-Talk-Profits/dp/1608320561)
Exploitative Play in Live Poker (https://www.amazon.com/Exploitative-Play-Live-Poker-Manipulate/dp/1909457922)
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 (https://tropicalmba.com/episodes/quiet-crypto-difficult-decisions)
“3 Million in Revenue is a Death Zone" - Financial Strategy with Greg Crabtree (https://tropicalmba.com/episodes/3-million-death-zone)
A Podcast About Shiny Object Syndrome (https://tropicalmba.com/episodes/shiny-object-syndrome)

#747 Quiet Crypto, The Demand Question, and Difficult Decisions ft. Jordan Gal

Thu, 21 Mar 2024
Dan talks to Jordan Gal, founder of Rally and co-host of the Bootsrapped Web podcast about challenges in the ecommerce space, product-market fit and demand, partnerships and veto power, the quietness of crypto, risking other people’s money, and more…
There’s one thing that founders tend to really struggle with when it comes to growing their business and that’s getting the right team in place. Listen as Jordan shows Dan how and why he fires unfit team members.
Dan & Ian’s Stuff:
The Newsletter (https://tropicalmba.com/subscribe)
“The DC” (https://dynamitecircle.com/join-dc/)
DC Black (https://dynamitecircle.com/dc-black)
Global events (https://dynamitecircle.com/events)
Hire remote talent (https://remotefirstrecruiting.com/)
Find a remote job (https://dynamitejobs.com/)
Listen on YouTube (https://www.youtube.com/@OfficialTropicalMBA)
Follow on Instagram (https://www.instagram.com/tropicalmba/)
@TropicalMBA (https://twitter.com/TropicalMBA)
@AnythingIan (https://twitter.com/AnythingIan)
Chapters
(00:04:22) News Update
(00:05:58) From Player to Coach
(00:06:50) Jack Welch
(00:12:10) Bootstrapping vs Raising Money
(00:15:52) Product-Market Fit and Adjustments
(00:18:57) Partnerships and Veto Power
(00:20:42) Deciding When to Pivot
(00:36:27) Firing and Personnel Decisions
(00:43:30) The Quietness of Crypto
(00:48:05) Challenges in E-commerce
(00:57:30) Impact of Having a Family
Links:
Bootsrapped Web podcast (https://bootstrappedweb.com/)
Jordan on Twitter (https://twitter.com/JordanGal)
Rally (https://rallyon.com/)
Winning (https://www.amazon.com/Winning-Jack-Welch/dp/0060753943/ref=asc_df_0060753943/?tag=hyprod-20&linkCode=df0&hvadid=312243616995&hvpos=&hvnetw=g&hvrand=11970474335439880872&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9007527&hvtargid=pla-450103671560&psc=1&mcid=a2b7a51b49653a50bccb79bc40fad30e&gclid=CjwKCAjw7-SvBhB6EiwAwYdCAdfAqSQ363qg9bY5hlyYGlv0cq2jEW-yDnybdlYnB8VXaJLA1SiDbBoCpEAQAvD_BwE)
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:
A Shopify Software Business Success Story (Jordan Gal) (https://tropicalmba.com/episodes/jordan-gal-carthook-shopify)
How Transparent Should You Be? Thoughts on Queen Bee Roles & a Ticket Giveaway (https://tropicalmba.com/episodes/transparent-queen-bee-role)
A Podcast About Shiny Object Syndrome (https://tropicalmba.com/episodes/shiny-object-syndrome)

#746 “Full-Service Agencies Are Out” & Other Productized-Service Ideas

Thu, 14 Mar 2024
Dan & Ian talk to John Doherty, the founder of Editor Ninja, former owner of Credo, and cohost of the Working Sessions podcast about three major trends he’s seeing in the agency space that could impact your strategy and profitability for the year and beyond.
John talks about the challenges of running a full-service agency, a shift towards specialization in productized services, the need for outsourced strategic layers, focusing on profitability, and more.
Stick around for the guys to reveal six productized-service business ideas.
Dan & Ian’s Stuff:
The Newsletter (https://tropicalmba.com/subscribe)
“The DC” (https://dynamitecircle.com/join-dc/)
DC Black (https://dynamitecircle.com/dc-black)
Global events (https://dynamitecircle.com/events)
Hire remote talent (https://remotefirstrecruiting.com/)
Find a remote job (https://dynamitejobs.com/)
Listen on YouTube (https://www.youtube.com/@OfficialTropicalMBA)
Follow on Instagram (https://www.instagram.com/tropicalmba/)
@TropicalMBA (https://twitter.com/TropicalMBA)
@AnythingIan (https://twitter.com/AnythingIan)
Chapters
(00:02:04) News with Dan & Ian
(00:05:20) Introducing John Doherty
(00:06:46) Starting Credo and EditorNinja
(00:09:30) Trends in the Agency Space
(00:11:27) Building a Strategic Program
(00:28:10) Focus on Profitability
(00:30:40) Importance of Work Quality
(00:31:55) Categories for Business Opportunities
(00:32:42) Software Quality Assurance as a Service
(00:35:57) TikTok Titan: Leveraging TikTok for Business
(00:38:54) SAAAS: Systems Automation as a Service
(00:40:28) Managed VA Service for Social Media
(00:43:57) Fractional Business Strategist
(00:45:23) Financial Dashboard as a Service
(00:50:44) Workbooks for Business Metrics
Links:
Find John on Twitter (https://twitter.com/dohertyjf?lang=en)
EditorNinja (https://editorninja.com/)
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
Additional episodes you might enjoy:
“3 Million in Revenue is a Death Zone" - Financial Strategy with Greg Crabtree (https://tropicalmba.com/episodes/3-million-death-zone)
How Transparent Should You Be? Thoughts on Queen Bee Roles & a Ticket Giveaway (https://tropicalmba.com/episodes/transparent-queen-bee-role)
A Podcast About Shiny Object Syndrome (https://tropicalmba.com/episodes/shiny-object-syndrome)

#745 “3 Million in Revenue is a Death Zone" - Financial Strategy with Greg Crabtree

Thu, 07 Mar 2024
Transitioning through the death zone requires careful execution and a focus on profitability. The $3 million dollar mark is a critical milestone for businesses, and many struggle to push through it.
In this episode, Dan talks to Greg Crabtree, author of Simple Numbers, Straight Talk, Big Profits! about how founders can push through the death zone (otherwise known as the messy middle) and grow their profit far beyond that $3M mark.
Some of the common mistakes made by founders include not understanding profit truth, not investing in finance and accounting, and not effectively managing labor efficiency.
Dan & Ian’s Stuff:
The Newsletter (https://tropicalmba.com/subscribe)
“The DC” (https://dynamitecircle.com/join-dc/)
DC Black (https://dynamitecircle.com/dc-black)
Global events (https://dynamitecircle.com/events)
Hire remote talent (https://remotefirstrecruiting.com/)
Find a remote job (https://dynamitejobs.com/)
Listen on YouTube (https://www.youtube.com/@OfficialTropicalMBA)
Follow on Instagram (https://www.instagram.com/tropicalmba/)
@TropicalMBA (https://twitter.com/TropicalMBA)
@AnythingIan (https://twitter.com/AnythingIan)
Chapters
(00:00:39) Introduction and the Death Zone
(00:05:26) The Impact of Paying a Market-Based Wage
(00:06:53) Behavioral Economics and Profit Truth
(00:10:34) The Definition of a Fully Capitalized Business
(00:12:39) Transitioning through the Death Zone
(00:13:16) The Three Steps to Business Success
(00:15:04) Remaining Profitable in the Death Zone
(00:15:50) Different Capital Profiles and Cashflow
(00:16:53) The Emotional Challenge of Spending in the Death Zone
(00:19:52) The Executional Problem of Growth
(00:20:27) Getting Through the Black Hole
(00:21:51) The $3 Million Mark
(00:23:15) The Worth of Going Through the Zone
(00:26:22) Managing a Marketing Agency Past $5 Million
(00:31:16) Common Mistakes Made by Founders
(00:33:25) Understanding Profit Truth
(00:40:23) Investing in Finance and Accounting
Links:
- Apply to win a free ticket to DC Mexico! (https://forms.gle/WwhhV1Qax4axKuj67)
- Simple Numbers, Straight Talk. Big Profits! (https://www.amazon.com/Simple-Numbers-Straight-Talk-Profits/dp/1608320561/ref=sr_1_1_sspa?dchild=1&keywords=simple+numbers&qid=1629149662&sr=8-1-spons&psc=1&spLa=ZW5jcnlwdGVkUXVhbGlmaWVyPUEyVlo4RVBLT0FMUFhTJmVuY3J5cHRlZElkPUEwMDkwMjA5MTJKMTgxTFhRUVlETCZlbmNyeXB0ZWRBZElkPUEwNzk1ODE0MTRWWldFWFhTNlBDUiZ3aWRnZXROYW1lPXNwX2F0ZiZhY3Rpb249Y2xpY2tSZWRpcmVjdCZkb05vdExvZ0NsaWNrPXRydWU=)
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
Additional episodes you might enjoy:
How Transparent Should You Be? Thoughts on Queen Bee Roles & a Ticket Giveaway (https://tropicalmba.com/episodes/transparent-queen-bee-role)
A Podcast About Shiny Object Syndrome (https://tropicalmba.com/episodes/shiny-object-syndrome)
Spotting Taboo Business Ideas Through the Overton Window (https://tropicalmba.com/episodes/building-business-ideas)

#744 How Transparent Should You Be? Thoughts on Queen Bee Roles & a Ticket Giveaway

Thu, 29 Feb 2024
This week Dan & Ian share a few thought experiments you can do to improve your business and reach your next breakthrough.
They cover the value of a writing-first culture, the Queen Bee Role & how transparent should you be with your team?
Plus, a ticket giveaway to one qualified founder.
Dan & Ian’s Stuff:
The Newsletter (https://tropicalmba.com/subscribe)
“The DC” (https://dynamitecircle.com/join-dc/)
DC Black (https://dynamitecircle.com/dc-black)
Global events (https://dynamitecircle.com/events)
Hire remote talent (https://remotefirstrecruiting.com/)
Find a remote job (https://dynamitejobs.com/)
Listen on YouTube (https://www.youtube.com/@OfficialTropicalMBA)
Follow on Instagram (https://www.instagram.com/tropicalmba/)
@TropicalMBA (https://twitter.com/TropicalMBA)
@AnythingIan (https://twitter.com/AnythingIan)
Show Notes
(00:00:41) Intro
(00:01:33) Business-changing events for founders
(00:10:54) Writing is more important than you think
(00:14:57) Writing culture vs meeting culture
(00:20:49) The Queen Bee Role exercise
(00:32:37) Thoughts about sharing revenue with team members
Links:
Apply to win a free ticket to DC Mexico! (https://forms.gle/WwhhV1Qax4axKuj67)
Clockwork by Mike Michalowicz (https://www.amazon.com/Clockwork-Revised-Expanded-Design-Business/dp/059353817X/ref=asc_df_059353817X/?tag=hyprod-20&linkCode=df0&hvadid=564832755269&hvpos=&hvnetw=g&hvrand=14688969837843805374&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9007527&hvtargid=pla-1458241186746&psc=1&mcid=fac3caaaf3b230ca867fab0bb153b2c4)
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
Additional episodes you might enjoy:
The Anti-Agency Agency + High ROI Customer Acquisition (https://tropicalmba.com/episodes/anti-agency-high-roi)
A Podcast About Shiny Object Syndrome (https://tropicalmba.com/episodes/shiny-object-syndrome)
Spotting Taboo Business Ideas Through the Overton Window (https://tropicalmba.com/episodes/building-business-ideas)

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