My First Million
3 Things You Need To Outperform 99% Of Entrepreneurs
Jun 22, 2024
Explore the key traits that startup founders can learn from legends like Dana White and Elon Musk. Discover the significance of brute force, a bias for action, and speed in entrepreneurship. Dive into quirky business ideas like endurance events and innovative fitness challenges. Unpack the realities of managing cash flow and EBITDA against the backdrop of e-commerce growth. Plus, a glimpse into a lavish $30M dream house and the importance of authenticity in business culture. This conversation is a blend of ambition, creativity, and genuine insights!
01:10:09
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Quick takeaways
- Startup founders should embody brute force, extreme bias for action, and speed to outperform.
- Switching focus from growth to EBITDA involves budgeting, communicating, and aligning incentives for profitability.
Deep dives
Transitioning to EBITDA Focus
Shifting from a growth-oriented strategy to prioritizing EBITDA involved setting a target EBITDA margin, creating an EBITDA budget, and aligning departmental leaders' efforts to find additional profit margin. Communicating this new focus and tying incentives to EBITDA performance were crucial steps. Moreover, implementing periodic 'spring cleaning' reviews to trim unnecessary expenses ensured ongoing profitability.
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