Monthly Archives: February 2016

The 3D Revolution

TMBA314: The 3D Revolution
Date: 2015-12-10
Link: Tropical MBA
 
Tropical MBAGoing broke because people steal your designs is a problem of the economic system and not the printer itself.
There are different types of 3D printing.
There are only about 150 materials that can be used for 3D printing.
(When splitting royalties) get ready for the marriage but plan for the divorce.
It is conceivable that our children or their children will go into a store with nothing in it but 3D printers.

Moving on From AuditShark

Episode 255 | Moving on From AuditShark
Date: 2015-09-22
Link: Startups for the Rest of Us
 
Startups for the Rest of UsAs a founder/CEO you need to be the first salesperson.
If you tend to move from project to project you should probably stick with things longer than you feel comfortable with.
You should probably be working on something you enjoy rather than something you don’t.
The enterprise space is very much relationship driven.
You can technically pivot forever but at some point you have go to call it quits.
There are certain cases where the answers are not so cut and dry.
Health issues obscure motivation issues.
The enterprise market is much more relationship driven than anything else.
Not everything turns out they way you want it to.

Planning Your Move from Day Job to Product

Episode 254 | Planning Your Move from Day Job to Product
Date: 2015-09-15
Link: Startups for the Rest of Us
 
Preparation:
Have a runway of some kind.
Make sure you don’t have a lot of debt when you are trying to start a business.
Debts basically weigh you down. It can make it much more difficult and stressful to start a business.
Figure out your number (the income you need to be able to quit your job).
Get buy in from other people in your life:
If you share finances with someone else that is somebody that needs to do the buy in.
Put together a spreadsheet with estimates of how long it is going to take to build what you need:
Most people don’t have any concept of how long it is going to take to build what they are building.
Excel has a function called Workday.
The further away you are from something the more difficult it is to estimate it.
Take any estimate you have and add an order of magnitude to it to make it accurate.
Have one person commit to you for paying for your product:
This is standard customer development.
This is getting a commitment and validating it up front.
This is before writing code.
Then get ten people to commit to paying you.
Try to create a demo or screenshot but all you need is a list of bullet points.
Start building your launch list.
Get that first paying customer:
This is when you have a beta version that does something and does it well enough that some person says they are willing to take a leap on you.
You’re not going to have a perfect product from day one. You want to start getting that feedback so you can have conversations around some of the deficiencies of the product.
Actually launch:
Launching is your third of the way point.
Do not comp the app to everybody on your interest list.
Get that first customer post launch from a cold lead:
This is where you are working towards your “quit the job” number.
You are doing things that aren’t repeatable but you’re trying to figure out how to make them repeatable.
Hitting 50% of your income:
This is where your net profits are half of your number needed to quit your job.
Hitting that full income number needed to quit your job:
Decimate your expenses.
You’re not going to have enough time before you hit your income.
This is where your runway becomes super important.

Let’s Talk Tax

TMBA312: Let’s Talk Tax
Date: 2015-11-26
Link: Tropical MBA
 
Tropical MBA“Never. Less. Later” philosophy on taxes.
Never means you earn income now and you never have to pay taxes on it. Example is the Foreign Earned Income Exclusion (Form 2555).
Later is when you don’t have to pay taxes on income earned abroad until you bring the income back to the United States.
Get good at bookkeeping. That doesn’t mean that you have to get good but you have to delegate it to a machine or delegate it to a human.
Tell the truth. Don’t bullshit on your tax returns.

The Unconventional MVP with Jesse Mecham

Episode 252 | The Unconventional MVP with Jesse Mecham
Date: 2015-09-01
Link: Startups for the Rest of Us
 
Startups for the Rest of UsPeople in the know have the curse of knowledge. They say, “I can build that.”
A lot of times when you build first, with this clear green field in front of you, you have trouble making decisions because you have so many options.
You don’t want to know the end goal. You just want to know you should stay on the path you’re on.
The smaller the problem the smaller the solution.
Superniche is easier to market.
Start super small.
Book: The War of Art
jesse@ynab.com

Productized Part II : ​​”Putting Yourself Out There Can Hurt”

TMBA311: Productized Part II : ​​”Putting Yourself Out There Can Hurt”
Date: 2015-11-19
Link: Tropical MBA
 
Tropical MBAWhen people are paying for something that is expensive and complicated they want a lot of information before they sign on the dotted line.
There is some uncertainty with moving forward with any business.
Putting your ideas out there for judgement isn’t always easy.
Standardization becomes very powerful.
Recurring revenue isn’t just about lifetime value.

Email Marketing Demystified with Matthew Paulson

Episode 251 | Email Marketing Demystified with Matthew Paulson
Date: 2015-08-25
Link: Startups for the Rest for Us
 
Startups for the Rest of UsMany people don’t realize the ROI on email marketing.
We think our customers are just like us. It turns out we are not our customers. You cannot assume your customers are just like you are. Our customers might behave a different way with email.
If somebody signs up for your email list that means they want to receive emails from you so you should probably send them some emails.
A good email now is better than a great email never.
Every day you are not sending out an email is a day you are losing a sale.
The format of the lead magnet matters less than the content in the magnet.
Try to get people to whitelist you or add you to their contact list.
Try to sell one of your products on your thank you page.

A Conversation About Writing Books

TMBA310: A Conversation About Writing Books
Date: 2015-11-12
Link: Tropical MBA
 
Tropical MBAEntrepreneurship is getting more profitable and safer and jobs are getting more competitive and less profitable.
If you’re going to be doing a bunch of hard work anyway be strategic at what life script you are investing that hard work in.
40,000 to 45,000 is the minimum for a book.
Freedom.to to block yourself off the Internet (to force yourself to write)