Tag Archives: success

Are You an Imposter?

TMBA384: Are You an Imposter?
Date: 2017-04-13
Link: Tropical MBA
If you want your business to be at all successful you need to be able to ignore the shit.
It is human nature to want to think we are the reason (our business) is successful rather than being in the right place at the right time.
Do not measure yourself against others.

A Conversation with Cal Newport

TMBA381: A Conversation with Cal Newport
Date: 2017-03-23
Link: Tropical MBA
Tropical MBAInspiration is for amateurs.
Creative production at the professional level is crafting.
The more intense (the hours are) the more you will get out of them.
It takes a lot of self reflection to think about how we want to move forward and use new technologies. We often don’t get it right the first time around.
We are getting the role of communication wrong in the workplace.
We should be more suspicious of the major social media companies.
True productivity is ultimately what matters.
The advice, “follow your passion”, fails because it presumes that people have pre-existing passions that they can identify as a foundation for making career choices.
Most young people…don’t have much information about the jobs out there…and what is possible.
What makes you love your work is very different from what makes you love a hobby.
Professional success is hard but it is not complicated.
Work will expand to fill whatever space you give it.

What It’s Like Selling a $128k Side Project (With Guest Derrick Reimer)

Episode 311 | What It’s Like Selling a $128k Side Project (With Guest Derrick Reimer)
Date: 2016-10-25
Link: Startups for the Rest of Us
Twitter ads to people following Github. (his product is built on top of Github)
Start marketing before you start coding.
It is a seller’s market today if you have a decent quality SaaS app.
Don’t underestimate the amount of effort due diligence is.
Keep everything separate (bank accounts, apps you use, etc.).

A Startup Acquisition Story

Episode 298 | A Startup Acquisition Story
Date: 2016-07-19
Link: Startups for the Rest of Us
Startups for the Rest of UsIf you want to launch a new product then launch something that leverages your existing customer base with something that is complementary to them or more valuable to them down the road.
Strategic acquisitions tend to have a much higher purchase price than financial (acquisitions).
With acquisitions there are no standards.
In the end both sides accept some type of risk.
(An acquisition) is extremely stressful.
Transparency can bite you in the butt. It can bring in competition who can easily replicate what you are doing. It can result in you not raising funding. It can impact acquisitions.
Book: Built to Sell
There are ways to stay lean and keep moving fast.
Your funding valuation is probably going to higher than your acquisition valuation.

5 Reasons Not to Sell Your Business

TMBA344: 5 Reasons Not to Sell Your Business
Date: 2016-07-07
Link: Tropical MBA
Tropical MBAVery few places give you that kind of return on your investment.
In terms of returns small businesses are amazing.
It has never been easier to start a business.
Entrepreneurship is a skillset.
You might not want to sell your business because it gives you power.
Visualize what level of money would change your life.

The Exit

TMBA329: The Exit
Date: 2016-03-24
Link: Tropical MBA
Tropical MBAIf you are able to control your downside risk you are in a much better position to shoot for the upside.
One great thing about travel is that you can figure out who you are and hear your own voice.
(When selling your business) work with professionals who know how to market and sell a business.
If you’re selling your business look into the tax consequences of doing that and look at ways to minimize it.
When you want to maximize value on something have multiple bidders helps.
(Be careful) with earnouts.
Do some scenario planning with your lawyer.
Secure your earnouts.
Don’t skimp on lawyers and bankers. Push them.
Once you start viewing entrepreneurship as a creative process you start viewing the in-between periods as when your creative juices get flowing.

How to Cope with Hard Times

Episode 266 | How to Cope with Hard Times
Date: 2015-12-08
Link: Startups for the Rest of Us
Startups for the Rest of UsOne of the first things that happens when company come on hard times is they start cutting services
It is hard to make decisions based on current information.
Due diligence can fail pretty quickly.
Reflect on the situation. Realize that everything is not your fault but you should take responsibility for the things that are.
Take responsibility for as much as you can handle.
Accept that you have limitations.
Recognize that everybody makes mistakes. You’re not going to go out and be successful at everything you do.
If you’re not willing to make mistakes you’re not going to learn and grow as a person.
Ask, “what is the worst case outcome of the situation?”
Remember you are not alone in the world.
Map out appropriate course corrections.
Ask people for help.

How Do You Decide When Enough is Enough?

TMBA320: How Do You Decide When Enough is Enough?
Date: 2016-01-21
Link: Tropical MBA
Tropical MBAMost people will never say enough is enough when it comes to money.
You can’t get better at things if you don’t invest more things in them.
If you want to build meaning you’re going to have to give energy to it.
Fire the clients that are difficult.
Ask yourself what you expect of yourself.

The Biggest Roadblocks to Your Success

Episode 237 | The Biggest Roadblocks to Your Success
Date: 2015-05-19
Link: Startups for the Rest of Us
Startups for the Rest of UsIt is always a good idea to keep in mind who you are targeting (with regards to copy and web design).
Lack of a clear goal
Not having a clear goal and knowing what you want to do makes it difficult to figure out where you are headed and what you need to do to get there. It also decreases motivation.
Solving the same problem over and over again gets boring.
If you have no product or product idea your number one goal should be to validate a product idea and start working on it. Then it should change to getting revenue for that product. Then it should change to a dollar amount. Then you should multiply that.
Your goal changes over time.
If you don’t have something you are working towards it really is a roadblock to your success.
Building a product before finding customers
There are some products you can build quickly that you don’t need to validate. The validation is you put up the landing page and start charging people.
The days of sitting in your basement and writing code for six months is over.
Lack of focus
Work backwards and develop a plan to get to your goal. Create a timeline. Making it a step by step process to getting there is going to keep you from wandering.
Focus the media that you consume.
Figure out if you are being distracted. If you are figure out why.
You have to build a plan.
Unwillingness to move out of your comfort zone
It becomes way harder doing everything yourself
A lot of people are afraid of doing things because they are afraid they might fail at them.
You shouldn’t be afraid of failing at things you should be afraid of not trying them.
Having an unhealthy consumption to production ratio
Go on a media diet.
Stop reading and start acting.
You cannot possibly learn everything yourself. It is good to learn from other people’s mistakes.
Working yourself into the ground
Don’t work until you have health issues and try to work through them.
Work in sprints then back off and give yourself time to recover.
Entrepreneurship is long ball.
You have to be aware of where you stand emotionally and physically.
Get natural sunlight every single day.
Recognition is more than half of the issue.

Putting Startup Success in Perspective

Title: Putting Startup Success in Perspective
Date: 2015-02-18
Speaker: John Collison (Stripe)
Link: Entrepreneurial Thought Leaders
Question the way things work.Startups over time tend to get higher and higher up in how they describe themselves.
A challenge you will face as you go through the early stage with your early customers is figuring out what is core to the product and what is not. What should be part of your vision and what will need to change as you hit obstacles with your customers?
Vision is what you are not willing to change.
There will be things that make sense in the early days that don’t scale later on.
Obvious in hindsight doesn’t really help you.
Be mindful in the day to day life you live.
We live in a world that is completely broken in a lot of small and big ways.
Question the way things work.
Companies that are successful in changing an industry are often not started by insiders.
We are all swimming in opportunity but it is often really, really hard to see it.
Bad ideas take a lot of time and often never achieve escape velocity but good ideas take a really long time to achieve escape velocity too.
It is important to be really clear in your own mind, and as time goes on be good at communicating, about what is unique about what you are doing.
The Internet economy should not be the U.S.–it should be the world–and we need to fight really hard to make that happen.
Product strategy is always going to be really hard.
You have to get good at pretty quickly learning new skills.
A bad mistake when it comes to hiring is so demotivating–it can spread badly to the rest of the company.
The correct way to do hiring is branches of a tree–when you hire someone you are not just bringing them you are bringing their effect on the culture and all of the other people they are going to bring in with them.
It is important as you grow to become more metrics driven.
The quality and tenor of your personal interactions matter a lot.