meta_pixel
Tapesearch Logo
Log in
ChooseFI | Financial Independence Podcast

254 | How to Create Minimum Viable Income as an Entrepreneur

ChooseFI | Financial Independence Podcast

Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc

Business, Careers, Investing

4.8 β€’ 5.2K Ratings

πŸ—“οΈ 21 September 2020

⏱️ 43 minutes

🧾️ Download transcript

Summary

Most entrepreneurs fixate on funding, growth targets, and exit strategies β€” but what if the real goal is designing a life that doesn't need an exit? Corbett Farr learned this the hard way after his venture-backed startup collapsed in 2008, forcing him to question everything about how he'd defined success. Since then, he's built multiple online businesses β€” not by chasing investors or scale, but by understanding his minimum viable income and building audiences first. As an indie entrepreneur and founder of Fizzle, Corbett has spent years helping others reject the pressure-cooker startup model in favor of something more sustainable. Key Topics First Steps into Entrepreneurship [00:02:28] Transitioning from a consulting role to entrepreneurship felt daunting due to societal expectations and the pressure of traditional success metrics. The Financial Crisis of 2008 [00:09:01] The collapse of Corbett's startup due to the financial crisis prompted introspection and a reevaluation of life's priorities. Building an Audience-First Business [00:18:31] Focus on establishing an audience before developing products can reduce risk and align offerings with customer needs. Identifying Minimum Viable Income [00:22:40] Understanding your basic income requirements is crucial for guiding financial decisions and ensuring sustainability during entrepreneurial ventures. Embracing Failure as a Learning Opportunity [00:41:14] Failure is integral to the growth process; learning from setbacks enables better future strategies. Actionable Takeaways Evaluate Your Finances: Identify your minimum viable income to navigate through entrepreneurship effectively. [00:22:40] Focus on Audience Engagement: Prioritize building relationships with your audience before launching products or services. [00:18:31] Notable Quotes "Avoid the pressure of conventional business paths; focus on what aligns with your goals." [00:14:21] "Identify your minimum viable income to guide your financial decisions." [00:22:40] Terminology Minimum Viable Income: The lowest income level needed to sustain an individual's lifestyle without financial distress. [00:22:40] Lifestyle Design: The practice of designing one's life to fit individual preferences, values, and goals rather than conforming to societal norms. [00:14:12] Related Resources The Fizzle Show: More insights from Corbett Farr β€” https://fizzle.co/show [00:39:37] β–Ά Listen Next: Ep. 257 β€” Health Savings Accounts: The Ultimate Guide to HSAs | Essential Listening

Transcript

Click on a timestamp to play from that location

0:00.0

Your listening to Choose Applied Radio.

0:09.6

The blueprint for financial independence lives here.

0:20.4

If you're looking to unlock the secrets to financial independence and early retirement,

0:25.4

you're in the right place.

0:27.2

Stay tuned and join a community of like-minded people who are getting all fans to know and

0:32.2

taking control of their lives in the pursuit of financial independence.

0:36.4

Choose FI, your home for financial independence online.

0:41.2

Today, we're speaking with Corbett Farh, Indie Entrepreneur, Content Marketer and Software

0:54.2

Developer, Founder of Fizzle and Palapa, host of the incredibly popular Fizzle show,

0:59.4

Home for Entrepreneurs Online, Everywhere.

1:02.0

Very excited about this conversation.

1:03.8

Corbett has a FI story here and he's done it multiple times.

1:06.9

In many cases, this Indie Entrepreneur opportunity, this aspect of building a business online

1:12.2

that has frankly never been easier than it is right now in the year 2020 and beyond.

1:16.9

He was forged in this path when honestly it was hard.

1:18.9

It was really hard.

1:20.3

You had to have someone basically give you permission in the early 2000s to do kind of the

1:23.9

types of stuff that we're all talking about right now.

1:26.3

You had to have someone.

1:27.3

It was just, there was a lot more friction, but what we're going to be able to get the

1:30.3

chance to do is go back, take a look at Corbett's origin story, what got him off the ledge

1:35.5

and gave him the hope that maybe entrepreneurship was for him and what can we actually learn

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Jonathan Mendonsa & Brad Barrett | Choose FI Media, Inc and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright Β© Tapesearch 2026.