TMBA 178 (LBP148) – “Up or Out” – Re-Setting Your Strategic Scope

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TMBA 178 (LBP148) – “Up or Out” – Re-Setting Your Strategic Scope post image

Dan and Ian go deep during this week’s podcast and start talking long term strategy and revitalizing your entrepreneurial drive with a focus on the philosophy that motivates your actions.  This isn’t an episode for passive listening so strap on your thinking caps.

The fellas discuss the difference between their current drives and motives and what spurred them forward when they were first starting out in entrepreneurship.  This combined with talk of narrowing your focus and thinking more strategically about your project involvement makes for a juicy episode.  Pop in your earbuds and listen in for an eye opening adventure.

Change Your Thinking, Change Your Business

  • Why you might not notice the biggest cost in your business and what you can do about it.
  • How to utilize SOD’s in context to amplify your employees’ growth.
  • Why switching focus from your business to your industry can have a profound effect on sales.
  • The difference between SOD’s and Scope documents and their synergistic effect.

Mentions:

Just The Tips

The Jam

Get Your Voice On The LBP
  • Leave us a message. It’s easy to do, and if you mess up, you can easily edit your message until you are ready to send it our way.

Have fun. Leave a comment. Go make it happen! :)

Episode length: 22:51

Download options:

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Published on 03.28.13
  • http://twitter.com/AdrijusG Adrijus Guscia

    10 million? 30 million? What??? LAME-O! :P You should go for Billion not millions.. That will really stretch your imagination and ideas to come up with stuff that could make you that much Muney! You can sure do it. I mean there is no reason why you can’t be gaining connections in Silicon Valley and bringing your point of view there, making noise or even doing startups (maybe even shift SV startups towards South Asia). You got the chops to get investors if you want or get great advisors there etc..

    Think J-Cal and his mentors Cuban or Elon Musk (probably). Those are connections you should be focusing on now I think..Maybe that will mean end off Location Independence and moving to NYC/SF etc… maybe not. Maybe LI was a good stretch and a stage/stepping stone only..

    Great episode anyhow. Looking forward to see how it works out guys! And really love the news about Mitch Joel coming to LBP.

    Cheers!

  • http://www.linchpin.net/ Damian Thompson

    Great stuff guys, I like the navel gazing by you guys sometimes.

    I dig the James Blake song, but not sure a 3 year old song is exactly “new” music you old farts.

    #oldschooladidasFTW

  • http://www.lifestylebusinesspodcast.com/ Ian

    You’re right DT, we meant to use the new James Blake song ‘Retrograde’.

  • http://www.tropicalmba.com Dan

    Thanks DT. Certainly felt a bit awkward to drop this one into Dropbox. Think I said some of the stuff a little better afterwards on the phone with you. Such is life. Yeah…regarding the tunes… it’s new to me tiger.

  • http://www.tropicalmba.com Dan

    Hey Adrijus I like your comment…. i’m thinking creating a new scne something like the SV SEA thing you mentioned is the right way to move forward… i’ve found in general that building new scenes is more fun and productive than jumping in on the tail end of what worked for a generation before, although i know the spirit of what you are saying. ONWARD!

  • JustinWCooke

    Thanks for the shout, fellas!

    The concept of consolidating your efforts, focus, energies, and investments on non-linear growth opportunities is a bit more philosophical, but I’ve been thinking about it a lot lately…quite timely for us.

    I also agree that opportunity cost is the silent killer for entrepreneurs. I think recognizing this is a learned skill or trait that we’ll continue to get better at as we go along. Not exactly as easy as it sounds, though. :-) Great episode, guys…

  • http://twitter.com/AdrijusG Adrijus Guscia

    Hey Dan,

    yeah, sounds like lotsa fun, also more of a Legacy play. Only mentioned Billions as a measuring thing to judge scope and size of vision etc. I don’t mean to say oh you must do it, that ain’t my business.. but I don’t see why you guys couldn’t. Sometimes Good is the enemy of Great so I thought maybe I’ll throw it out there…

    P.S. Don’t kill me with coconuts when I come to SEA :D

    Best of luck guys!

  • http://tradlands.com/ Jeremy

    Great show guys.

    I find these shows to be really inspiring, a motivation to get to a certain place in my business. But, I’ve only been in business for under 2 months so to try and grasp some of these ideas and turn them into actions is a bit overwhelming for me. It’s like I want to be there and get what is being talked about, but being so new and pretty much learning on the job everyday and working “in the business” and being the baker who bakes the pies, I cannot see the greater trajectory. My partner and I are at runway-20,000 ft and I’m not quite sure how to get above the clouds.

    So then I start thinking about coaches, or mentors, or simple business classes I could take to help me and my business grow. I may or may not figure those things out on my own and if I do figure it out it could be a long rocky road. So I start thinking about involving myself in communities outside of my business to build conversations and get feedback from other people.

    Real world example: I want to start thinking about sales, revenue, projections, profits and loss margins, and so on. But where does one start who is so new and green?
    This is a greater conversation I need to figure out but it’s what comes up for me after engaging in your awesome material.

    PS
    Love me some James Blake. If you want to talk UK Bass music I could go on for days about it.
    Good mix by Mr Blake:
    http://boilerroom.tv/james-blake-55-min-mix/

  • http://www.tropicalmba.com Dan

    Thanks Justin! I’m so pumped to be following you guys over the next year, insane growth is in the cards it’ll be interesting to watch the story unfold. Ya, know, no pressure! :P

  • http://www.tropicalmba.com Dan

    Hey Jeremy thank you for the link and the encouragement!

    One place you could start is thinking about creating procedures for everything you are doing on a day to day basis and determine how much those actions cost to preform, and how much you could hypothetically hire an employee, contractor, or software application to do those actions for you. In other words you want to start developing an idea of the real cost / profit of the actions you are undertaking. Even if you don’t hire for a year (i would recommend doing so asap) it’s a useful exercise and even thinking this way when you are making 1K a month will prepare you fro when it’s 50 and 100.

    Sounds like you are on the right track: key thing– SURVIVE and keep cash in the bank. It often takes a few years.

    D

  • http://tradlands.com/ Jeremy

    Thanks for the advice Dan. Much appreciated.

  • http://www.facebook.com/profile.php?id=682001834 Hannah Wiley

    I would LOVE to see your scope document and/or a tutorial and/or a template for creating a scope document that y’all recommend …¿Es posible?

  • http://www.linkedin.com/in/sholaabidoye/ Shola Abidoye

    I think you have to question the notion that more is always better when it comes to money/wealth. Everything – everything – comes with a set of costs and benefits. There are only 1440 minutes in a day. It takes a different work/life balance to build a $1 billion company vs. a $100 million company or $1 million company. This is speaking as someone who worked for a traditional startup backed by one of the best VC’s in Silicon Alley (NYC) – we raised $25 million during boom years….then going onto do my own thing via the lean startup/indie startup scene. I see this attitude all the time when I think about the people I went to school with (top tier school) and the pressure to add more zeroes to look good to peers. Having said that, I don’t believe one can’t be level headed and still be worth 8 or 9 figures. But few people understand the downside of extreme wealth. Small things like the difference in zero’s being the difference between being able to travel the world freely, vs. needing a body guard or your loved ones needing a bodyguard. Or, not being able to make new friends because 9 out of 10 people have an ulterior motive. Or, you accidentally step on someone’s toe and…BOOM…next thing you know, someone is suing you just because they want a payday. At a certain level, money is just excess. And sometimes that excess detracts vs. adds marginal utility to one’s life.

  • http://www.tropicalmba.com Dan

    Hey Hannah, yes I’m working on finalizing all this jazz for our conference on April 20t5h so just ping me after and I’ll email ya!

  • http://ZhenyaVlasov.com/ Zhenya

    One of the best decisions that I have ever made as an entrepreneur was googling “books for entrepreneurs” and reading most recommended from those lists. If somebody ask me what would I suggest to entrepreneur-wannabes, I would answer – “start with googling “books for entrepreneurs” and reading them”.
    In this podcast episode Dan was talking about Simon Sinek book “Start With Why”. Dan said that that book is a “must read” for any entrepreneur out there along with a couple other books that he also listed (on 4:41) : “Maverick”; “Good to great” and “Getting things done”. Being a book worm (especially on the topic of entrepreneurship), non of those books recommended by Dan I’ve encountered.

    Question: I’m having hard time finding the book “Maverick”. Which one of the following were you talking about Dan?
    1. Mavericks at Work.
    2. Maverick Startup.
    3. Maverick! : The Success Story Behind the World’s Most Unusual Workplace.
    4. 34 Rules for Maverick Entrepreneurs

  • http://twitter.com/AdrijusG Adrijus Guscia

    It’s not about the money it’s about level of Impact you are making on the world. Money is just the easiest number to track it with. Look at Google and Microsoft and how wealthy those guys are, and look how much impact they had on the world.

    It brings problems too but you will have haters either way at any level of income.. why stop just because of them.. you’d let them win like that..

  • http://www.linkedin.com/in/sholaabidoye/ Shola Abidoye

    I agree impact is vitally important. Money is also (in general) a nice way to “keep score”. I just contend that it’s sometimes a flawed way to totally judge level of impact (ex.Kiva.org, Mother Theresa, etc). Have you seen “Ray Dalio’s Principles?” (#77 on Forbes list of Billionaires). He discusses this. In many case, my point is people who aren’t aware that there are downsides to extreme wealth (just like fame) haven’t had very much of it.

  • http://twitter.com/AdrijusG Adrijus Guscia

    There are ALWAYS problems… you will never have no problems, that’s the thing most people don’t understand and Dalio doesn’t get himself (btw, don’t know him but he still misses the big picture in this case)…Money causes problems, not having money causes problems too. Which set of problems would you rather have? If you have half your family as golddiggers than it’s actually quite useful to know them and avoid them instead of having them around. Same for friends.. etc Problems are always part of life, we can focus on working through them, not a chance that we won’t have problems at all.

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