Mike McDerment On Bootstrapping FreshBooks From Zero To $1B Screw It Just DO It With Alex Chisnall podcast

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Mike McDerment on Bootstrapping FreshBooks from Zero to $1B

2d ago 12:47

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When I sat down with Mike McDerment, founder of FreshBooks, his story reminded me why narrowing focus is often the smartest path to growth. In this Bite-sized episode, you’ll hear how Mike turned a small design problem into a billion-dollar company by obsessing over one specific customer segment.

Mike shares how he resisted the temptation to serve everyone, instead targeting only web designers for seven years. That focus built a loyal base and drove word-of-mouth growth far beyond the niche. He talks about bootstrapping from his parents’ basement, raising small angel rounds, and running lean until the first big $30m investment a decade later.

If you’re stuck wondering how to get your business moving, this conversation is a blueprint: start small, serve one customer type brilliantly, and let focus fuel scale.

Key Takeaways:

Identify one clear customer and understand their pain better than they do.

Avoid the trap of believing “everyone” is your customer. Focus creates growth.

Bootstrapping forces discipline and builds resilience before raising big capital.

Word of mouth is powerful when you serve a niche exceptionally well.

Scaling requires patience and deliberate planning, not shortcuts.

🎧 New episodes of Screw It Just DO It drop every Tuesday & Thursday - so makes sure you follow wherever you listen. You’ll hear real conversations with founders who’ve taken a risk, built something from scratch, and figured it out along the way.

🔥 Want to take things further? Join me in person this October at the Festival of Entrepreneurs on the 8–9th October at the NEC in Birmingham. The Festival of Entrepreneurs is where 5-10,000 ambitious founders come together to learn from the people who've actually done it. I'm giving my listeners free 2-day passes.

Real entrepreneurs, real stories, real strategies – exactly like what you're hearing right now, but live and in person. Go to www.festivalofentrepreneurs.co.uk and grab your free pass before they're gone.

https://eventdata.uk/Visitor/FestivalOfEntrepreneurs2025.aspx?TrackingCode=ACHISNALL

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