First Class Founders: Creators | Solopreneurs | Personal HoldCo

E5: When does it make sense for you to bootstrap your business? And when should you raise funding? We're talking about the classic question of bootstrapping vs. fundraising. After making this important decision myself, these are the main considerations that you need to know and they may not be what you think. ***TOPICS:Stakeholders Deciding Your Company's Future (1:22)Who are the decision-makers in your business? If you want full control over the future direction of your company, bootstrapping is the way to go. Ty Haney & Outdoor Voices (2:46)Outdoor Voices, an athleisure apparel brand, was one of the hottest direct-to-consumer startups at one point. At one point, Outdoor Voices had 130 employees with 11 brick-and-mortar stores nationwide.  Outdoor Voices had raised more than $60 million in VC funding. Mickey Drexler, famous for building both the Gap and J. Crew into retail icons, invested in the company and served as chairman of its Board of Directors. Haney and Drexler had conflicting views on the company's future. Eventually, this divide drove Haney out of her own company.Lifestyle Business (5:05)If you're bootstrapped, you decide how you want to design your own life and how your business fits within it. As the primary decision maker, you choose how fast you want to grow.Type of Business You Are Building (7:03)If you are starting a company in a market that’s already well-established, it's better to bootstrap. If your company is changing or completely reshaping an industry, you may need to raise VC funding so that you can deploy as much leverage as possible. Blitzscaling (8:42)According to Reid Hoffman, Co-Founder of LinkedIn and Partner at venture capital firm Greylock, blitzscaling is what you do when you need to grow quickly.Optimizing for Money vs. Time (9:05)A bootstrapped company needs to prioritize cash flow and preserve capital above everything else. A venture-backed company’s top priority is growing as fast as possible at all costs in a race to become the industry leader.***LINKS:Episode 1 - How to Turn Your Passion Into a BusinessEpisode 3 -  Secrets of CompoundingJOIN: First Class Founders Premium MembershipDOWNLOAD: Hyper-Visuals For Our Episodes (Free)***FOLLOW / REVIEW:- Follow - Leave 5-star review***CONNECT W/ YONG-SOO:- X- Threads- LinkedIn- Newsletter***First Class Founders is a show for indie hackers, bootstrapped founders, CEOs, solopreneurs, content creators, startup entrepreneurs, and SaaS startups covering topics like build in public, audience growth, product marketing, scaling up, side hustles, holding company, etc. Past guests include Arvid Kahl, Tyler Denk, Noah Kagan, Clint Murphy, Jay Abraham, Andrew Gazdecki, Matt McGarry, Nick Huber, Khe Hy, and more. Episode you might like:Future of Newsletters with Tyler Denk, Founder & CEO at BeehiivFrom Zero to 100K Subscribers: How to Grow Your Newsletter like a Pro with Newsletter Growth Expert Matt McGarry...

E4: Constraints vs. Bottlenecks - what's the difference? Knowing the differences between these two and understanding how each of them can impact your business both positively or negatively depending on how you look at it.***TOPICS:Bottlenecks vs. Constraints Overview (0:53)Constraints allow you to create boundaries and rules in which you can unleash your creativity. Bottlenecks are found within the boundaries through constraints and they slow down your business.What is a Bottleneck? (1:48)Bottlenecks can be anything that slows down the flow of your business from input to output. Your job as the operator of your business is to remove the bottlenecks in your business.Common Bottlenecks for Small Business Owners (3:51)For most entrepreneurs, they are the bottlenecks in their own business. If you're working in the business, you may not even realize that you are the bottleneck. To increase output and increase productivity, you will need leverage.What is a Constraint? (5:34)Constraints are necessary components for creativity to flourish. Constraints are the pre-requisite to creating something out of nothing. You need constraints. You can use limitations and constraints as tools to unleash your creativity.Turning Constraints into Opportunities in Your Business (6:20)When hiring Fulfillment Associates for our 3PL business, we had difficulty finding the right candidates on the labor market. Working with state-run organizations, we were able to find reliable staff members who were excited to be working with us. Creative Cash Flow Strategy (8:19)Cash is another common constraint. You could do a pre-order so that you can collect pledges prior to placing an order with your manufacturer. This way, you can test the demand for the product prior to placing a large order.Getting Banned from Facebook Ads Overnight (9:29)Through Facebook ads, we hit record sales. Then, a week later, we got banned and lost our primary growth engine. Our sales fell drastically. So what did we do? We diversified and found other growth channels to grow. ***LINKS:Poopsy DaisyEpisode 3 - Secrets of CompoundingJOIN: First Class Founders Premium MembershipDOWNLOAD: Hyper-Visuals For Our Episodes (Free)***FOLLOW / REVIEW:- Follow - Leave 5-star review***CONNECT W/ YONG-SOO:- X- Threads- LinkedIn- Newsletter***First Class Founders is a show for indie hackers, bootstrapped founders, CEOs, solopreneurs, content creators, startup entrepreneurs, and SaaS startups covering topics like build in public, audience growth, product marketing, scaling up, side hustles, holding company, etc. Past guests include Arvid Kahl, Tyler Denk, Noah Kagan, Clint Murphy, Jay Abraham, Andrew Gazdecki, Matt McGarry, Nick Huber, Khe Hy, and more. Episode you might like:Future of Newsletters with Tyler Denk, Founder & CEO at BeehiivFrom Zero to 100K Subscribers: How to Grow Your Newsletter like a Pro with Newsletter Growth Expert Matt McGarry...

E3: Time can either be your friend or an enemy depending on how you utilize it. So how can you tell if time is working for you or against you?Let's discuss the power of compounding and how important it is to have time on your side.***TOPICS:Four Types of Leverage (2:21)Labor, Capital, Code, Media. Labor and Capital requires permission. Code and Media are permission less.Time as Amplifier of Leverage (3:33)Time is the amplifier of the leverage you are currently deploying. How to Start a Company Using Leverage (4:15)You raise funding, which is essentially other people's money. That's capital leverage. Now, you go out and recruit the smartest people to help build a team around you. That's labor leverage. Now, your team writes code to solve a particular problem for your customers. This enables your company to serve many customers all at once. Finally, you document your journey and share it with your target audience in a blog, YouTube channel, a podcast, wherever your potential audience may hang out. This is Media leverage.How to Start a Company Without Leverage (5:03)You have an idea for a business. You bootstrap it using your own money. You don't hire anybody else. You don't share what you're doing and keep everything to yourself. As time passes, what's going to happen?Using Leverage as a Bootstrapped Company (5:35)You can hire offshore virtual assistants for your back office operations. You can get a loan from the SBA to help you expand your business. You can look for different types of software to help you streamline your operations. You can start documenting your business journey and sharing it with your audience.Time as Your Enemy (6:21)It's possible to have time work against you. Time is the amplifier of leverage. If you have a negative flywheel, you need to identify it immediately and take steps to get out of it.Power of Compounding (7:45) If you were given a single dollar bill today, and that dollar doubled each month, you would have a little over $4,000 after the 1st year. After your 2nd year, you would have close to $17 million dollars.Warren Buffett's Net Worth (8:34)99.7% of Buffett's wealth came after his 52nd birthday. JOIN: First Class Founders Premium MembershipDOWNLOAD: Hyper-Visuals For Our Episodes (Free)***FOLLOW / REVIEW:- Follow - Leave 5-star review***CONNECT W/ YONG-SOO:- X- Threads- LinkedIn- Newsletter***First Class Founders is a show for indie hackers, bootstrapped founders, CEOs, solopreneurs, content creators, startup entrepreneurs, and SaaS startups covering topics like build in public, audience growth, product marketing, scaling up, side hustles, holding company, etc. Past guests include Arvid Kahl, Tyler Denk, Noah Kagan, Clint Murphy, Jay Abraham, Andrew Gazdecki, Matt McGarry, Nick Huber, Khe Hy, and more. Episode you might like:Future of Newsletters with Tyler Denk, Founder & CEO at BeehiivFrom Zero to 100K Subscribers: How to Grow Your Newsletter like a Pro with Newsletter Growth Expert Matt McGarry...

E2: Can you guess what the single most important indicator of success for companies is? Let's take a deep dive into the concept of the 20 Mile March from business thought leader Jim Collins and how it can become an absolute game-changer for your company.***TOPICS:Intro to 20 Mile March (1:03)Why do some companies thrive in uncertainty, even chaos, while others do not? The most important character trait that every 10X company exemplified was discipline: being able to hit certain key metrics on a consistent basis. Characteristics of 20 Mile March (2:03)20 Mile March has two important types of self-imposed disciplines: commitment to hit your goals even during the most difficult conditions, and  the ability to hold back during times of exuberance even though it might be tempting to extend further.Short Story of 20 Mile March (3:17)Roald Amundsen vs. Robert Falcon Scott: 1911 expedition to become the first men ever to set foot on the South Pole. Which team made it?Weekly Drops for Urban EDC (5:47)We have a weekly cadence on Wednesdays called the Gear Drop as our 20 Mile March. Increasing Accountability for Team (6:52)Our 20 Mile March also increased the level of accountability for the entire team without much management overhead. Also, our team is distributed and our 20 Mile March keeps everybody accountable to each other, and to the success of the company. Everybody is on the same page on what their responsibilities are each week so we don't skip a beat. Our 20 Mile March is the heartbeat of our company.***LINKS:Great by Choice by Jim CollinsJOIN: First Class Founders Premium MembershipDOWNLOAD: Hyper-Visuals For Our Episodes (Free)***FOLLOW / REVIEW:- Follow - Leave 5-star review***CONNECT W/ YONG-SOO:- X- Threads- LinkedIn- Newsletter***First Class Founders is a show for indie hackers, bootstrapped founders, CEOs, solopreneurs, content creators, startup entrepreneurs, and SaaS startups covering topics like build in public, audience growth, product marketing, scaling up, side hustles, holding company, etc. Past guests include Arvid Kahl, Tyler Denk, Noah Kagan, Clint Murphy, Jay Abraham, Andrew Gazdecki, Matt McGarry, Nick Huber, Khe Hy, and more. Episode you might like:Future of Newsletters with Tyler Denk, Founder & CEO at BeehiivFrom Zero to 100K Subscribers: How to Grow Your Newsletter like a Pro with Newsletter Growth Expert Matt McGarry...

E1: How do you turn your passion into a business? Today, we discuss frameworks that might help you identify your passion and turn it into your next side hustle. And who knows? Maybe it might grow into something much bigger than you imagined.***TOPICS:Concept of Time & Money (0:49)Time and money are the two most influential forces in our daily lives. Changing our perspectives on these two concepts can stretch our minds and reevaluate what we're doing on a daily basis.Reframing Money (2:30)Someone mysteriously wires you a cool $10 million. How would this change your life? Reframing Time (3:31)There's been a major scientific breakthrough and now anyone can live forever. How would this change the way you live? How would you be spending your time?How Urban EDC Started (5:41)I pulled out my credit card statements from the past 30, 60, 90 days and looked through to see if there were any patterns. I noticed that I loved spending my hard earned cash on small, pocketable, well-made goods such as leather wallets, fancy bottle openers, titanium pens, even desktop toys like spinning coins. This gave me a clue into what niche and community I could get into.Exercises for Identifying Your Passion (6:19)Jot down any trends or spending categories that you notice going over your credit card statements. How are you spending your time? You can audit your own time and see if there's overlapping interests between your spending habits and how you're spending your time.The Hedgehog Concept (7:48)This concept is from Jim Collins, arguably one of the most impactful business thinkers today.  Draw three circles overlapping one another: Your Passions, Your Strengths, Your Economic Engine. Once you find yourself in the middle of all 3 circles, you're golden.Real World Examples Using Hedgehog Concept (11:18)You're a big wine lover. If you enjoy writing and have a knack for great writing, you can become a wine critic and start reviewing different wineries. You're a Fantasy Sports fanatic. You could create an app or start a podcast.Using Hedgehog Concept for Employees (12:15)Ensure that each one of your employees is in a position they're good at, in an industry or company that they're passionate about, and the role should make sense financially for the company.JOIN: First Class Founders Premium MembershipDOWNLOAD: Hyper-Visuals For Our Episodes (Free)***FOLLOW / REVIEW:- Follow - Leave 5-star review***CONNECT W/ YONG-SOO:- X- Threads- LinkedIn- Newsletter***First Class Founders is a show for indie hackers, bootstrapped founders, CEOs, solopreneurs, content creators, startup entrepreneurs, and SaaS startups covering topics like build in public, audience growth, product marketing, scaling up, side hustles, holding company, etc. Past guests include Arvid Kahl, Tyler Denk, Noah Kagan, Clint Murphy, Jay Abraham, Andrew Gazdecki, Matt McGarry, Nick Huber, Khe Hy, and more. Episode you might like:Future of Newsletters with Tyler Denk, Founder & CEO at BeehiivFrom Zero to 100K Subscribers: How to Grow Your Newsletter like a Pro with Newsletter Growth Expert Matt McGarry...

Welcome to First Class Founders!So why should you listen to FCF? Well, if you're an entrepreneur, you know how valuable concepts, mental models, and frameworks can be when faced with a complex problem or decision.It's like being able to phone-a-friend (name that game show!) and ask them how they would deal with this situation. Well, just imagine if you had not just one friend, but many friends who you could call on to guide you through all types of difficult decisions.In fact, the most successful business minds like Charlie Munger, Jeff Bezos, and Elon Musk all have a collection of mental models that they call upon when needed. They are able to reframe situations and see the world through a different lens than most of us.And that's where First Class Founders comes in. The goal of this podcast is to equip you with a menu of mental models and frameworks so that you too can master the art of decision making and become a better problem solver in your business and personal life. But wait, there's more.These concepts, mental models, and frameworks may look good on paper. But they aren't very useful when you don't apply them in real world scenarios.That's why on each episode, I introduce these frameworks and mental models and apply them in the real world. Whether that's in business or personal life, it's important not only to know these models and frameworks but know WHEN and HOW to use them.So come join us as we grow and learn together — subscribe to the show!JOIN: First Class Founders Premium MembershipDOWNLOAD: Hyper-Visuals For Our Episodes (Free)***FOLLOW / REVIEW:- Follow - Leave 5-star review***CONNECT W/ YONG-SOO:- X- Threads- LinkedIn- Newsletter***First Class Founders is a show for indie hackers, bootstrapped founders, CEOs, solopreneurs, content creators, startup entrepreneurs, and SaaS startups covering topics like build in public, audience growth, product marketing, scaling up, side hustles, holding company, etc. Past guests include Arvid Kahl, Tyler Denk, Noah Kagan, Clint Murphy, Jay Abraham, Andrew Gazdecki, Matt McGarry, Nick Huber, Khe Hy, and more. Episode you might like:Future of Newsletters with Tyler Denk, Founder & CEO at BeehiivFrom Zero to 100K Subscribers: How to Grow Your Newsletter like a Pro with Newsletter Growth Expert Matt McGarry...