TMBA 219: 5 Lifestyle Business Thought Experiments

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Ian and I are both in the “on the road” mindset this week– we’re both mentally preparing to head out traveling or a little while. In that casual spirit we’ve both been dreaming a bit about what the future might hold. We asked some team members and listeners to help us out with some entrepreneurial and lifestyle thought experiments, and what we recorded were some of our raw thoughts on issues from “what makes success?” to “what’s your favorite place to live?”

Listen to this week’s show and learn:

  • The fundamentals of a JAM session.
  • If you don’t buy a jet, your mother will die (how would you make 15 million dollars?).
  • Two of the most brutal mistakes you’d love to avoid.
  • A plan for a six figure podcast.
  • The most critical business skills to learn FIRST to succeed in business.

People on this episode:

Mentioned in the episode:

Listening options:

Thanks for listening to our show! We’ll be back next Thursday morning 8AM EST.

Cheers,

 

Dan & Ian

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Published on 11.21.13
  • http://www.matthewnewton.net/ Matthew Newton

    Where I’d live for 5 years: Melbourne. Home. And enough entrepreneurs easily. This is my game plan anyway. Nice one guys, an especially helpful episode as I begin podcasting.

    Your talk show idea could go 6 figures eaaasily. SO easy. John Lee Dumas is approaching 7 figures so yeh, do the maths : slam dunk!

  • Sebastian Marshall

    Brutal mistake to avoid — you can’t get good results out of working with people with bad character. Look for people who are legitimately good, stand-up people. Don’t bet on people for raw talent, enthusiasm, or charisma without a sense of honor / morality / stand-up-person-edness. Even if you get some production there, you always have to watch your back.

    Build teams, collaborators, colleagues, clients, and customers who are people you love who are amazing. It makes everything easier and more enjoyable.

  • TJ Nelson

    Crazy you mentioned Michael Jordan videos. Last night I watched about an hour and a half of top ten dunks for kobe bryant, derrick rose, lebron james then watched michael jordan interviews of him talking about how he is better than kobe

  • http://patrickhitches.com/ Patrick Hitches

    Jam Sessions. Love this concept. I am implementing ASAP!!! Solid episode guys and thank you!

  • martyn

    Thanks for the shout out guys. Some really interesting scenarios this week.

    On your point on learning accounting/bookkeeping, I think it’s absolutely essential that anyone starting a business understands the fundamentals – in particular what annual submissions they need to make, tax deadlines, and learning to keep personal and business spending separate.

    The more detailed stuff comes with time – I’d been in business a couple of years before the penny dropped on some easy ways to better plan tax etc.

    I’ve been using FreeAgent.com to run my business finances, and that takes a heck of a lot of ambiguity and hassle out of the equation for me.

    For me, learning to sell is still the number one skill for any entrepreneur. If you had an entrepreneur who can do bookkeeping but not sell, or one who could sell but not do the bookkeeping – who is going to get off to the better start?

  • http://www.entreprelution.com/ Ryan

    Debits vs Credits be like waaah..

    haha.

    You guys are hitting home with the podcast subject in your thought experiment. We need to rise to the top with pushing people to start businesses. It’s all about the running a business, but starting it is the hardest part, why is that?

    Because we are afraid of girls… Well sort of the same thing which is the fear of failure and or also known as rejection.

    I also love the find clients and customers, not an audience = golden gems!

    I wrote that on my wall in felt!

  • http://www.nomadicnotes.com/ James Clark

    Great episode, as per usual. I don’t think you would last 5 years in Brooklyn; I know the lure of Asia would be overwhelming. I hope I never have to answer that question for real :)

  • http://www.estrategistas.com/ Paulo Ribeiro

    “You guys are so cute, you don’t even want investment” hahah

    Loved the show, listened to it twice!

  • http://www.tropicalmba.com/ Dan

    wow thanks Paulo! It’s true, people said we were cute. Can you believe THAT!?

  • http://www.tropicalmba.com/ Dan

    Totally agree, it’s especially tough when you are broke to not partner with rich assholes. :)

  • http://www.tropicalmba.com/ Dan

    TRUE!

  • http://www.tropicalmba.com/ Dan

    Cheers Ryan thank you for that. It’s interesting starting seems to be a “sticking” point but man if only growing a business were as easy as starting one!!! :D

  • http://www.tropicalmba.com/ Dan

    Agreed RE: Selling… it’s the meta skill for sure, it’s not only relevant with your clients but with everything– your staff, your partners, and yourself! EG GET OUT OF BED!

    Thanks for the link too!

  • http://www.tropicalmba.com/ Dan

    Rock on! It’s fun.

  • http://www.tropicalmba.com/ Dan

    Cheers Matt can’t wait to see what becomes of your new shows.

  • http://www.tropicalmba.com/ Dan

    probably saw them all :)

  • http://www.estrategistas.com/ Paulo Ribeiro

    hardly, sir, hardly haha

  • http://www.matthewnewton.net/ Matthew Newton

    Thanks Dan. Web Agency going very well right now.

    Your one.. the timing isn’t right but will come up soon (next 2 weeks)

  • obd

    Kobe > jordan

    End of story!

  • Pat

    This podcast was F-ing magic. I’m taking part in the Foundation this year with Dane Maxwell and Andy Drish. Also doing some work to shift my mindset. This entire episode was pure golden Idea Juice. Thank you, thank you.

    I’ve been listening to your podcast for a year.
    Before, you used to speak into my earbuds- now you speak to my soul, buds.

  • http://www.tropicalmba.com/ Dan

    hey Pat thanks very much for the kind words! Wish you the best with the new biz

  • http://www.LimitlessMindset.com/ Jonathan Roseland

    TMBA Drinking Game: Every time Dan says ‘profundity’ in a podcast you have to take a shot of patron mixed with Piracetam chased by green tea

  • http://www.tropicalmba.com/ Dan

    hahaha nice one! double shot for “dichotomy”

  • Julio Andrade

    Great show, as usual, guys! Man, every time I listen I get so jazzed up!

    So, I still don’t get why I need a bookkeeper. Maybe because I do project work right now, so the checks are larger and less frequent. But why would I pay someone to take that money in and input into my accounting software? Maybe I don’t understand what a bookkeeper does. Why do I need a bookkeeper?

  • http://www.tropicalmba.com/ Dan

    Heya thanks for that Julio! If it’s the case that you are only getting a few checks a month perhaps it makes sense to just shoebox it and do it annually.

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