Show notes
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 ExitThe Newsletter“The DC”DC BlackGlobal eventsHire remote talentFind a remote jobListen on YouTubeFollow on Instagram@TropicalMBA@AnythingIanChapters ● (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. ScalingLinks: Simple Numbers by Greg Crabtree Exploitative Play in Live PokerPast 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 GalAdditional 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 CrabtreeA Podcast About Shiny Object Syndrome