Startups For the Rest of Us
Episode 714 | TRM not TAM, Acquiring a Competitor, and Finding a Developer Co-founder (A Rob Solo Adventure)
May 21, 2024
Rob dives into the nitty-gritty of acquiring competitors, discussing integration tactics and customer transition hurdles. He emphasizes the importance of HIPAA compliance in health tech for bootstrappers. The episode also highlights the challenges of hiring developer co-founders and the complexities of equity compensation. Furthermore, Rob offers insights on Total Reachable Market (TRM) to help entrepreneurs better assess their market potential. It's a treasure trove of practical advice for navigating the startup landscape!
31:22
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Quick takeaways
- Acquiring a competitor requires careful evaluation of cognitive, legal, and operational factors to ensure a successful integration process.
- Understanding the difference between Total Reachable Market (TRM) and Total Addressable Market (TAM) helps entrepreneurs set realistic business expectations and strategies.
Deep dives
Challenges of Outsourcing Development
Outsourcing software development can lead to significant challenges, such as a lack of strategic thinking from the team, which results in poor alignment with the project's vision. Many entrepreneurs struggle with micromanaging teams that require constant oversight, often leading to frustration and delays. This situation underscores the importance of finding a reliable development team that understands the business's goals and can contribute meaningfully without excessive guidance. The inefficiency of dealing with time zone differences and poor app performance can drain resources and hinder business growth.
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