Episode 319: TMBA319: The Mind Game of Making Over $100,000
Tropical MBA: Entrepreneurship & Founder Lifestyle
Dan Andrews; Ian Schoen
4.9 • 527 Ratings
🗓️ 14 January 2016
⏱️ 21 minutes
🧾️ Download transcript
Summary
http://www.tropicalmba.com/michaele/ On this week's show Dan and Ian were originally going to be talking about the three different stages of entrepreneurship, but once Dan started speaking with Michael Erickson, he knew that this conversation was worth devoting an entire episode to.
Michael trained hard and loved the career path that he was on initially, but a sudden change in his life-script drove him to become an entrepreneur. Michael's story is ultimately about how difficult circumstances can prompt you to change your life, and how transforming your mindset is the first hurdle to achieving entrepreneurial success.
Transcript
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| 0:00.0 | For me, like the first milestone was just make, you know, $500, $700 and go live in Thailand |
| 0:07.0 | somewhere. Like that's definitely how I viewed my first benchmark, my first milestone. |
| 0:12.5 | And it's funny because I didn't actually end up getting to Thailand, but I ended up moving back in |
| 0:17.4 | with my parents. |
| 0:21.9 | Hey, podcast, listener. |
| 0:23.5 | Even if you are alone in your entrepreneurial journey, know that today, right now, |
| 0:27.2 | in your earbuds, you are joined by thousands of entrepreneurs from all around the globe |
| 0:31.6 | seeking to grow better, more profitable, location independent businesses. |
| 0:36.2 | If you'd like to learn more about what we do and download our entire back catalog, |
| 0:41.3 | check out tropical MBA.com. |
| 0:50.8 | So Ian, I have a really interesting conversation I want to share with you today. I really enjoyed doing this episode. How are you, by the way? You're doing okay? I'm good. I know who this is about. It's about Michael Erickson. Oh, man, you're revealing it so early. Yeah. Because I was already thinking about him and his wonderful wife. I just thought, like, what a model couple they are. I met them in |
| 1:11.3 | Bangkok and couldn't be nicer. They're awesome people. And this episode was originally going to be |
| 1:16.7 | about these three stages of entrepreneurship. So let me talk about the concept under which this |
| 1:21.4 | conversation originally happened. There was a slide at DCBKKKK that our friend Jacob Poole put up on the screen. It was an interesting |
| 1:29.5 | concept by some business thinker, but this is nothing new. I've seen this from Vern Harnish. |
| 1:34.0 | I've written about it on our blog years ago. And it's this. What are the limiting factors in the |
| 1:39.7 | growth of your business at any given level? And the concept for this episode was, what is the limiting |
| 1:44.9 | factor at $100,000 a year? What's the limiting factor at a million dollars a year? And then what's |
| 1:50.8 | the limiting factor beyond? And our thesis was at $100,000 a year, it's mindset. In other words, |
| 1:58.2 | if you are having trouble generating $100,000 a year in revenue in your |
| 2:02.8 | business, the place to look for problems is with your mindset. If you're having trouble getting to a |
| 2:08.2 | million dollars in revenue, the place to look for the problem is in your marketing. And if you're |
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