DeepSummary
Arvid Kahl discusses his experience transitioning from pursuing multiple 'small bets' or side projects to focusing on one promising venture, his software project Podscan, which is showing signs of product-market fit. He explains the challenges of shifting his priorities, managing expectations from his audience built through other projects like his podcast and newsletter, and adapting his strategy to accommodate this change.
Kahl had been operating under the 'small bets' approach of trying many different ideas and seeing what sticks. As Podscan gained traction, he realized the need to prioritize it over his other projects, which had been running in parallel. He plans to make his podcast and other media efforts more flexible to allow for this focus on Podscan.
Kahl acknowledges the difficulty of this transition, as his other projects had become integral parts of his entrepreneurial journey. However, he sees the potential upside of concentrating on Podscan, which could have a more significant impact on wealth-building and his goals in the podcasting space. He aims to be adaptable to changing circumstances as an entrepreneur.
Key Episodes Takeaways
- Change is constant in entrepreneurship, and being adaptable to changing circumstances is crucial.
- When one venture starts showing promise, it may be necessary to prioritize and focus efforts on that project.
- Shifting priorities and deprioritizing projects that have been integral parts of one's journey can be challenging but necessary.
- Managing audience expectations built through other projects is a consideration when transitioning to a new focus.
- The 'small bets' approach involves trying multiple ideas and continuing with the ones that gain traction.
- Recognizing signs of product-market fit can help identify the projects to prioritize.
- Balancing multiple projects running in parallel can become difficult when one starts demanding more attention.
- Being open to different strategies, like making some projects more flexible, can facilitate the transition to a new focus.
Top Episodes Quotes
- “The challenge for me is overcoming my inhibition to change. It's making a decision to prioritize one thing and deprioritize others that have been big parts of my life for years that I kind of cling to in some way.“ by Arvid Kahl
- “So if one of your small bets turns out to be the proverbial golden goose, or looks like a goose that is turning slightly golden, you owe it to yourself and your future self to question if your current priorities are serving you.“ by Arvid Kahl
- “The idea here is to treat your ideas like cattle. Just try many different things and see what sticks and stop the things that don't.“ by Arvid Kahl
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Episode Information
The Bootstrapped Founder
Arvid Kahl
6/28/24
What happens when the 'small bets' strategy leads to a big win, and you're not prepared for it?
Well, you adapt! So that's what I'm working on this week: figuring out a way forward now that circumstances have shifted.
This episode is sponsored by Podscan.fm
The blog post: https://thebootstrappedfounder.com/beyond-small-bets-embracing-the-big-play/
The podcast episode: https://tbf.fm/episodes/332-beyond-small-bets-embracing-the-big-play
Check out Podscan to get alerts when you're mentioned on podcasts: https://podscan.fm
Send me a voicemail on Podline: https://podline.fm/arvid
You'll find my weekly article on my blog: https://thebootstrappedfounder.com
Podcast: https://thebootstrappedfounder.com/podcast
Newsletter: https://thebootstrappedfounder.com/newsletter
My book Zero to Sold: https://zerotosold.com/
My book The Embedded Entrepreneur: https://embeddedentrepreneur.com/
My course Find Your Following: https://findyourfollowing.com
Here are a few tools I use. Using my affiliate links will support my work at no additional cost to you.
- Notion (which I use to organize, write, coordinate, and archive my podcast + newsletter): https://affiliate.notion.so/465mv1536drx
- Riverside.fm (that's what I recorded this episode with): https://riverside.fm/?via=arvid
- TweetHunter (for speedy scheduling and writing Tweets): http://tweethunter.io/?via=arvid
- HypeFury (for massive Twitter analytics and scheduling): https://hypefury.com/?via=arvid60
- AudioPen (for taking voice notes and getting amazing summaries): https://audiopen.ai/?aff=PXErZ
- Descript (for word-based video editing, subtitles, and clips): https://www.descript.com/?lmref=3cf39Q
- ConvertKit (for email lists, newsletters, even finding sponsors): https://convertkit.com?lmref=bN9CZw