Tropical MBA: Entrepreneurship & Founder Lifestyle Dan Andrews; Ian Schoen

In this week's episode Dan and Ian discuss the importance of the concept of Labor Efficiency Ratio (LER), to scale your business to a million dollars in revenue.


They highlight the challenge of transitioning from being a craftsperson to a CEO and the importance of building a profitable business model that can operate without the founder's constant involvement.


They continue this concept by focusing on the importance of financial planning and analysis (FP&A) in growing a business.
Having someone to provide structure and make data-driven decisions can lead to some shocking discoveries and help you identify areas for improvement and optimize your business performance.
The conversation concludes with a recap of the DC Mexico event and a call for referrals for future events!


Dan & Ian’s Stuff:


Our book: Before the Exit
The Newsletter
“The DC”
DC Accelerator
DC Black
Global events
Hire remote talent
Find a remote job
Listen on YouTube
Follow on Instagram
@TropicalMBA
@AnythingIan


Chapters
● (00:00:42) Introduction and Catching Up
● (00:01:40) DC Accelerator and Financial Planning and Analysis (FP&A)
● (00:07:28) Using Labor Efficiency Ratio (LER) to Scale
● (00:14:49) The Challenge of Transitioning from Craftsperson to CEO
● (00:21:50) The Importance of Profitability and Compensation
● (00:25:06) Building a Profitable Business Model
● (00:28:19) The Role of Hiring and Financial Planning and Analysis
● (00:29:20) Differentiating Financial Planning and Analysis from Bookkeeping and CPA
● (00:40:05) Recap of the DC Mexico Event


Links:



Books by Greg Crabtree


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:


Run Any Business with Just Two Simple Things


Mastering Consistency with Adam Gilbert


Lessons From an 18-Month Trip Around the World on $100 a Day

Dan reflects on his trip to Mexico last week where he hung out with 200 founders and listeners of the pod.
Vulnerability, lessons from exiting a business, and a secretive membership called “being parents” were common themes.
Another major topic was the launch of our new coaching program, DC Accelerator. Dan talks about how getting to $1M and beyond takes not just willpower or desire, but most importantly, it takes discipline.
He shares the two tools required to run a business of any size. Whether you’re a 1-person operation of have 1000’s of employees, these two tools remain the same.


Dan & Ian’s Stuff:
Our book: Before the Exit
The Newsletter
“The DC”
DC Accelerator
DC Black
Global events
Hire remote talent
Find a remote job
Listen on YouTube
Follow on Instagram
@TropicalMBA
@AnythingIan


Chapters
● (00:00:48) Introduction and Simplifying Operations
● (00:04:54) The Transformative Journey of Parenthood
● (00:07:09) Vulnerability and Exiting a Business
● (00:15:37) The Nuts and Bolts of Our Coaching Program
● (00:22:35) Every Business Needs a Cashflow Forecast and a Plan


Links:
DC Accelerator


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:


Mastering Consistency with Adam Gilbert
Lessons From an 18-Month Trip Around the World on $100 a Day
The 1 Million Dollar Question

Health and wellness is the ultimate productivity hack, impacting every aspect of life.


Adam Gilbert, founder of My Body Tutor, discovered that consistency is key, and accountability, mindset, and personalized plans help clients stay on track. It’s also what sets his business apart.


My Body Tutor has been generating demand for their service for 17 years, having a flawless reputation, and obsessively focusing on getting clients results.


In this episode Adam shares his strategies for pricing demand, how to handle client churn, and balancing family life with his passion.


Dan & Ian’s Stuff:
Our book: Before the Exit
The Newsletter
“The DC”
DC Accelerator
DC Black
Global events
Hire remote talent
Find a remote job
Listen on YouTube
Follow on Instagram
@TropicalMBA
@AnythingIan


Chapters
● (00:06:29) The Impact of Health and Wellness
● (00:12:10) The Importance of Consistency
● (00:16:57) Evolving Pricing Based on Value
● (00:28:39) Recruiting, Training, and Retaining Coaches
● (00:33:10) The Importance of Regular Meetings
● (00:44:17) Caring and Mission-Driven Approach
● (00:45:30) Starting Small in Entrepreneurship


Links:



https://www.mybodytutor.com/


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:


Lessons From an 18-Month Trip Around the World on $100 a Day


The 1 Million Dollar Question


“The Death of the follower” + Make 250k in 3 Days a Week

This week we had the pleasure of sitting down with Barry O'Brien, a global traveler, as he shares his 18-month journey to 15 countries on just $100 a day or less.


Barry tells us stories about his experience in Vietnam, the most surprisingly underwhelming destination he visited, the most expensive and inexpensive destinations, how he saved, prepared, and what he learned in the end.


He discusses his journey from following Dave Ramsey's steps to discovering the FIRE movement and combining the principles of both to pay off $51,000 of debt, and give him the financial freedom to pursue his dream trip.


He talks about the importance of passive income, his philosophy of focusing on one thing that you can do well, the process of obtaining US citizenship, and the challenges and opportunities it presents.


Dan & Ian’s Stuff:


Our book: Before the Exit
The Newsletter
“The DC”
DC Accelerator
DC Black
Global events
Hire remote talent
Find a remote job
Listen on YouTube
Follow on Instagram
@TropicalMBA
@AnythingIan


Chapters:



(00:03:21) Your Ticket to One Million - DC Accelerator
(00:14:59) Exploring Western Europe on a Budget
(00:26:13) Indulging in Peru's Food and Culture
(00:30:15) Managing Travel Costs to Extend the Trip
(00:34:41) Finding Peace and Financial Independence
(00:39:10) The Competitive Landscape of US Citizenship


Links:



DC Accelerator
DC Black
Dave Ramsey Solutions


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:


The 1 Million Dollar Question


“The Death of the follower” + Make 250k in 3 Days a Week


What is the Most Simple OS for $5M?

Crafting your value proposition into an irresistible offer is not an easy task. Andrew Jacoby, entrepreneur and visionary behind Growth Era, a thriving outbound sales company, knows this all too well.
Andrew shares his journey, highlighting the pivotal role of Sales Development Representatives (SDRs) in driving business success.
Discover the power of focusing on what you know best and building a business around recurring services as Andrew unveils the concept of risk reversal and its impact on skyrocketing conversion rates.
From navigating the challenges of educating a market to the transition from CEO to operator, Andrew offers practical strategies for building a robust team and fostering deep community connections amidst a nomadic lifestyle.
Tune in as Andrew delves into the core values of moral fiber and virtue in business, underscoring the true essence of freedom and happiness.
Whether you're an aspiring entrepreneur or seasoned business leader, this episode promises a wealth of wisdom to elevate your sales game.


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
● (00:00:47) Introduction and Background
● (00:04:19) Growth Era: Company Overview
● (00:04:47) Andrew's Sales Background
● (00:07:29) Challenges and Successes in Outbound Sales
● (00:10:29) Understanding SDRs and Their Role
● (00:12:14) Types of Businesses that Benefit from SDRs
● (00:16:59) Developing an Attractive Offer
● (00:18:15) Growth Era's Business Model
● (00:19:37) Finding Success in Familiar Territory
● (00:23:55) The Importance of Serving People
● (00:25:04) Pricing and Confidence
● (00:25:44) Choosing Between Being an Operator and a CEO
● (00:26:43) Knowing When a Company is Ready for Adults
● (00:29:45) Deep Work and Problem Solving
● (00:32:49) The Nomad Lifestyle
● (00:35:34) The Importance of Community
● (00:38:18) The Pursuit of Virtue and Love
● (00:39:42) The True Meaning of Freedom and Happiness


Links:



Andrew Jacoby - Linkedin
Nick Huber Twitter
firstfishermenmedia.com/


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:


“The Death of the follower” + Make 250k in 3 Days a Week


What is the Most Simple OS for $5M?


Do Things That Don’t Scale

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