TMBA 413: So You’ve Built a 7 Figure Company, What’s Next?

23 comments
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Dan and Ian have talked to many entrepreneurs on this podcast about what it takes to create a highly successful business, but what are we supposed to do once you’ve achieved that?

Today’s guest is Greg Berry. Greg has been a big contributor to our online community The Dynamite Circle, and has spoken at many of our events.

Greg joins us this week to share the story of Municibid, a marketplace company that Greg founded when he was 26 years old. Since then, Municibid has grown to become a completely location-independent seven figure business.

On this week’s episode, we seek to answer a very high quality problem that many entrepreneurs end up facing: what happens after you’ve actually built the business of your dreams?

Transcript

Listen to this week’s show and learn:

  • What it means to have a “poor man’s mindset”. (8:38)
  • Why Greg decided that he ultimately didn’t want to seek venture capital for Municibid. (15:27)
  • The pros and cons of starting a marketplace-style business. (21:52)
  • What happens when you start to get bored with the business you started. (28:30)
  • Why social media is giving people the wrong idea about entrepreneurship. (39:02)

Mentioned in the episode:

This week’s sponsor:

This week’s episode is brought to you by Ahrefs. Ahrefs offers unbelievable tools to help you grow your search traffic, research your competitors, and monitor your niche. Best of all, they are offering one lucky TropicalMBA listener a chance to win a free annual subscription valued at almost $2000. Enter to win by sharing this episode on your Facebook page and letting us know in the comments below.

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Thanks for listening to our show! We’ll be back next Thursday morning 8AM EST. Cheers, Dan & Ian

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Published on 11.02.17
  • http://getfoundmadison.com/ Eagan Heath

    Shared! Glad to be on this journey and hope to make it to the conference some day.

  • http://contractordynamics.com Joseph Hughes

    Loved this one! When we had lunch this summer, I got the 2-minute overview of your business, so it was fun the hear the 11+ year journey that has gotten you here.

    2 biggest takeaways for me –

    1. Your business doesn’t have to be sexy, but it has to solve a problem that people are willing and able to pay you for.

    2. Self-awareness is key – You seem to be a deep thinker and are very aware of your self and your business (what it is, what it’s not, etc.), which I’m sure helps you make key decisions with more clarity.

    Keep the momentum going!

  • Casey Abbott Payne

    This article that my brother recently shared came to mind while listening to this:
    https://medium.com/the-mission/being-a-startup-founder-is-a-minimum-wage-job-heres-the-proof-cae616a44b99

    I’m pretty much only interested in creating “lifestyle businesses” and I don’t see any reason why one can make creating a unicorn a lifestyle! (If that’s the road one wishes to travel. :) )

    I’m actually super pumped about this episode as I’m REALLY interested in injecting digital solutions and entrepreneurship into government to the point that I’m planning on being mayor of my hometown one day. :D

    Shared! Although, checking out the website, it’s not a service I would be able to use anytime in the near future. :) An episode worthy of sharing on it’s own merit!

    https://www.facebook.com/caseyabbottpayne/posts/1945555529039706

  • Casey Abbott Payne

    Woah! This is a weird comment to run into. I’m from Milwaukee and have made many a trip to Madison over the years. Living in Taiwan right now, but the plan is to move back to the dairy state one day. :)

  • http://gregmberry.com Greg Berry

    Thanks, Casey. Prepare for the long haul with trying to improve government. You’ll have more of an impact NOT being Mayor. Do yourself a favor and be an entrepreneur and leave the politics for the politicians. ;) Happy to talk more about it. greg dot berry at municibid dot com.

  • http://gregmberry.com Greg Berry

    Thanks, Joe! Unsexy is where it’s at!

  • http://gregmberry.com Greg Berry

    Thanks, Eagan! Hope to see you at DCBKK soon!

  • velvetpunch

    Awesome episode as usual! Nice to hear about a local guy creating wealth and value here in Philadelphia. Go Philly!!!

  • http://gregmberry.com Greg Berry

    Yo! Thanks man.

  • velvetpunch

    Absolutely

  • http://www.amzpathfinder.com Brent

    As a fellow Pennsylvanian and former resident of Philadelphia it was nice to hear a familiar accent with a bunch of “ya knows” (not a single jawn though) dishing out some straight talk. I’ll be be in the area briefly in late December if you’re around Greg, maybe we can meet up? Not too many DCers here in Paris : )

  • Casey Abbott Payne

    Emailed! Probably wrote too much… (like I like to do. :) lol)

  • http://gregmberry.com Greg Berry

    Haha I tried working jawn into that jawn, but ya know, it didn’t make the cut. Hit me up when you’re in town!

  • Allen Walton

    Loved the episode. Congrats, Greg! Hope it was a great birthday.

  • http://www.linkedin.com/in/chirowski Marcin

    As usual, another great episode Dan!
    Thanks for sharing your insights Greg, I connected when you started talking about “poor man’s mindset”. I come from the middle-class background and I found myself constantly re-wiring my brain & mindset. Recently leveled up from the corporate employee to location independent freelancer. Now it’s time to level up to the business owner. So, I’m going to finally check out “The E-Myth Revisited” – which should help me to level up again.
    btw. Dan, I shared the episode on FB (link below) and hopefully will win the Ahrefs subscription. Great software & glad to see they are the sponsors of TMBA.
    https://www.facebook.com/chirowski/posts/10156081948770832

  • http://gregmberry.com Greg Berry

    Thanks, Allen! It was indeed.

  • http://gregmberry.com Greg Berry

    Cheers, Marcin! I’m sure it will have a similar impact for you as it had on me.

  • Britt

    I’ve shared the fantastic episode Dan. Just found my way to the podcast recently. I really enjoy how you break up the conversation to give some context. Some people just steamroll though interviews
    I really appreciated Greg acknowledging that he may not have the tools or drive to take his business to 8 figures. It was actually inspiring to hear someone show real emotion in that regard. It is so easy to get caught in the growth mentality and not listen to what you actually want.

  • Jay Mckinlay

    love the opening line and the chat about how social media is giving the wrong idea about entrepreneurship. Could not agree anymore about that. With social media in general people only show the good & the fun things, never the bad or the struggles. For a lot of social profiles it seems its all about making it look like you are becoming successful

    Very refreshing to listen to such a modest & honest business owner with a realist outlook. Greg breaks everything down and in a fantastic easily listening way. We actually used his method of flyers with rip off tags!

    Super inspiring podcast, keep it up guys!

    Shared!

  • http://gregmberry.com Greg Berry

    Thank you so much, Jay. I really appreciate it. Rip off tags FTW!

  • http://gregmberry.com Greg Berry

    Thank you so much, Britt! I’m looking forward to seeing what the next year has in store. Hopefully I can hop back on the mic with Dan and give an update at some point in the future.

  • Matt Elder

    Great episode and found the ideas around moving from 7 figure to 8 figure business really interesting, acknowledging / trying to figure out how to take that step and if one wants to (harking back to the “begin with the end in mind type idea”).

    Glad someone else see’s the instagram “flashy” entreprenuer and a bit of a facade. More I go along and see these people that present themselves as ultra successful and living the dream, see how it is just smoke and mirrors. It is alot about showing up, putting in the hours and doing the work.

  • http://gregmberry.com Greg Berry

    Thanks, Matt!

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