Ethan Agarwal created a new, massive category of audio fitness with Aaptiv, one of the fastest growing consumer businesses, in 2016. In this episode, Ethan breaks down how he pivoted the thriving business from burning millions in cash due to a "growth at all costs" mindset to one that unlocked several months of runway and further growth by focusing on its economic fundamentals. We learn: How the hardest switch an early-stage founder/ manager must accomplish is going from being sole decision-maker to an expert delegator, Why an understanding of the fundamentals of finance should be a part of every manager's toolkit and Why working capital is a critical operating lever in consumer SaaS businesses. Management readings: Amazon Letter to Shareholders (Jeff Bezos) , Berkshire Hathaway Shareholder Letters Warren Buffet), It's All Your Fault (Andy Dunn).