Tropical MBA: Entrepreneurship & Founder Lifestyle #779 The 3 hats of bootstrapping + Insights from DCBKK 2024
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Oct 31, 2024 Dive into the dynamic roles of CEO, COO, and CFO in bootstrapped ventures. Discover networking insights from the DCBKK event and learn why mastering LinkedIn can boost customer acquisition. Explore the evolving landscape of social media and its impact on younger audiences. Reflect on the unique challenges faced by ambitious individuals, alongside the rewarding experience of sharing insights with peers. Plus, get a sneak peek at an exciting upcoming event for million-dollar founders!
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Three Hats of Bootstrapping
- Bootstrappers often overemphasize the CEO role (visionary) and neglect COO/CFO responsibilities (execution/finance).
- Embrace COO/CFO roles early for better financial planning and execution.
Financial Planning is Key
- Implement robust financial planning and analysis from day one.
- Prepare your business for sale now by understanding your financials, which will improve operations.
Validate Your Business Model Early
- Get your books and build a P&L on day one to determine if your idea is a viable business.
- This helps avoid wasting time and resources on non-viable business models.