On today's podcast, we are sharing some personal updates, as well as three specific updates about our core businesses.

We are also announcing that for the first time in nearly five years, we are hiring a Community Facilitator for our private membership group The Dynamite Circle.

Later on in the episode, we'll be exploring the idea of the moment in a business that Seth Godin refers to as "The Dip".

You'll hear why this "middle period" of running a business is so difficult, how it feels to be in that dip, and why so many people just can't get out of it.

TMBA556: Navigating the Dip

With 10M+ downloads and thousands of listener meetups worldwide, the TMBA Podcast is the hub for 7 & 8-figure founders who’ve built life-changing businesses while attaining personal freedom. New episodes every Thursday morning.

Society & Culture

Personal Journals

History

Philosophy

Places & Travel

Business

Investing

Careers

Management & Marketing

Business News

Shopping

Management

Entrepreneurship

Is it possible to bootstrap a high-level business if you’re broke? Listen to Dan & Ian’s take on what kinds of businesses are best to start when you’re starting with basically nothing. 

Also, what the hell does a visionary do? Dan suggests that the best visionaries have integrator tendencies. 

They’ll consider how Kevin Kelly’s “100 True Fans” can lead to sustainable revenue through a concept called “The Death of the Follower”.

Lastly, Dan pitches a business idea that requires zero startup cost, 3 days a week of effort, and could easily net you $250K.

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 

● (00:00:39) Introduction and companies over title’ing

● (00:04:00) Starting a Bootstrap Business When You're Broke

● (00:08:29) The Role of Visionaries in Company Success

● (00:14:55) The Death of the Follower & Engaging with Social Media Algorithms

● (00:19:54) The Future of Search: AI and Personalization

Links:


  Nick Huber Twitter
  Kevin Kelley - Article - A Thousand True Fans
  The Death of the Follower


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:

What is the Most Simple OS for <$5M? 

Do Things That Don’t Scale

Three Phases to 1 Million in Revenue

#751 “The Death of the Follower” + How I’d Make $250K in 3 Days a Week

The hard part shouldn’t be how to implement an OS in your organization. The hard part is answering the question: Are the right people in the right roles at your company? 

In this episode, Dan and Ian share their own OS that’s extremely simple. It’s called GPS. They’ll explain how GPS helps you put a plan in place to meet your goals, and deliver on that plan. That’s it. 

Also, hiring for specific tasks, the impact of remote work on hiring, and more. 

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 

● (00:00:41) Introduction and 'Meaty Shorts' Format

● (00:06:48) Hiring for Specific Tasks in a Business

● (00:15:55) Minimum Viable EOS (GPS) Implementation

● (00:16:27) Implementing the EOS System: The GPS Framework

● (00:18:54) Using Scorecards for Clarity and Accountability

● (00:25:06) The Importance of Regular Check-ins and Standing Meetings

Links:


  Dan Martell - Who to Hire Next
  The EOS Business Model 
  Scorecard template (G doc)


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:

Do Things That Don’t Scale

Three Phases to 1 Million in Revenue

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

#750 What is the Most Simple OS for <$5M?

In this episode, Ian and Dan discuss the concept of doing things that don't scale, inspired by Paul Graham's influential article 'Do Things That Don't Scale.' They explore the idea of taking risks and gambling in entrepreneurship, and how it relates to increasing one's locus of control. The conversation covers various strategies for founders, including recruiting users manually, building something fragile, delighting users, focusing on experience, and niche marketing. In this conversation, Ian and Dan discuss Paul Graham's article 'Do Things That Don't Scale' and explore the principal themes and takeaways. They cover topics such as the idea of scaling, fabricating products yourself, consulting and acting as an anchor client, going manual and doing unscalable laborious tasks, the illusion of big launches and partnerships, vectors vs. scalars (ideas and execution), and the temptation to gamble and the importance of locus of control.

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 

● (00:00:47) Introduction and Waking Up Early

● (00:01:58) The Concept of Taking Risks and Gambling

● (00:03:52) Introduction to Paul Graham and Y Combinator

● (00:05:37) The Importance of Doing Things That Don't Scale

● (00:10:00) Recruiting Users Manually

● (00:12:48) Building Something Fragile

● (00:20:48) Niche Marketing

● (00:23:02) The Facebook and the Idea of Scaling

● (00:24:53) Consulting and Acting as an Anchor Client

● (00:27:17) Going Manual and Doing Unscalable Laborious Tasks

● (00:30:08) The Illusion of Big Launches and Partnerships

● (00:34:54) Vectors vs. Scalars: Ideas and Execution

● (00:38:36) The Temptation to Gamble and the Importance of Locus of Control

Links:


  Paul Graham’s Article “Do Things That Don’t Scale”
  Lao Tzu - Philosophy


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:

Three Phases to 1 Million in Revenue

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

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

#749 Do Things That Don’t Scale

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:


  Simple Numbers by Greg Crabtree
  Exploitative Play in Live Poker


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

#748 Three Phases to 1 Million

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

“The DC”

DC Black

Global events

Hire remote talent

Find a remote job

Listen on YouTube

Follow on Instagram

@TropicalMBA

@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
  Jordan on Twitter
  Rally 
  Winning


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)

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

A Podcast About Shiny Object Syndrome

TMBA556: Navigating the Dip

Download our free app to listen on your phone