β
π‘ Entrepreneurial Insight
Prioritize improvements over new features. Instead of chasing new features just because competitors do, consider staying radically focused on your core features. Simplicity wins.
Based on a podcast with the co-founder of Tally Forms Marie Martens and how they grew to $150k MRR.
βοΈ Balance Hack
Design your schedule based on your energy:
- Track your own energy cycle for a week, noting when you feel sharp and when you experience a dip.
- Assign work types to your energy zones, for example:β
βHigh-energy: strategic decisions, creative work, problem-solvingβ
βLow-energy: emails, admin, meetings, repetitive tasks
- Communicate your peak focus times to teammates and clients, making them 'meeting-free' windows whenever possible.
- Pair your most important work sessions with energizing rituals:
Pre-task walks, music, standing desk, or a healthy snack during 'peak sprint' times.
Inspired by a podcast with Daniel Ek (founder of Spotify) and how he manages his energy.
π Challenge
Find the last customer who churned or asked for a refund. Email them and offer to pay them (e.g., a 25β¬ voucher) for 15 minutes of their brutally honest feedback. Ask them: "What did you really expect this product to do for you when you first signed up?"
Inspired by the principles in Rob Fitzpatrick's The Mom Test.β
β¨ Recommendation
What are the key metrics to build a sustainable bootstrapped business?
The 'AARRR' framework is a simple compass that helps you focus on the five stages that determine if you have a real, profitable business.
- Acquisition: How do they find us?
βExample Metrics: Traffic by channel, Cost per Acquisition, Lead Conversion Rate
- Activation: Do they have a great first experience?
βExample Metrics: Onboarding Completion Rate, Time to Value
- Retention: Are they coming back?
βExample Metrics: Churn Rate, Daily/Weekly/Monthly Active Users
- Referral: Do they tell others?
βExample Metrics: Net Promoter Score, Viral Coefficient (k-factor)
- Revenue: Are they paying for it?
βExample Metrics: Customer Lifetime Value, Average Revenue Per User
Based on the 'Pirate Metrics' (AARRR) framework by Dave McClure.
β Question for you to ask another Entrepreneur
What's a decision you made recently where you had to choose between what was 'best for the business' and what was 'best for your life'?