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Tropical MBA: Entrepreneurship & Founder Lifestyle
#760 - The 7 Most Common Money Mistakes for Bootstrappers
Jun 20, 2024
51:42
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Dan and Ian explore common money mistakes among bootstrappers, emphasizing the significance of personal money attitudes and owner compensation. They discuss the importance of starting early, avoiding being under-invested, and the need for stable cash flow. Practical insights include setting a salary cap, focusing on client revenue, and investing in oneself before entrepreneurship.
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Quick takeaways
- Craft a sustainable financial model to avoid startup spending mindset.
- Understand personal money attitudes for healthier financial approaches in business.
Deep dives
Avoiding Startup Spending in Bootstrapped Environment
Spending like a startup in a bootstrapped setting can lead to failure. To sustain bootstrapped businesses, it is crucial to determine the spending style and stick to it, avoiding characteristics of startups that may not align with the current business model.
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