The $100 MBA Show: MBA2358 What I Learned Running My Annual Conference OZCON in 2023 + Free Ride Friday

Host: Omar Zenhom
Release Date: September 1, 2023
Podcast Description: The $100 MBA Show delivers practical business lessons for the real world, offering actionable insights from over 20 years of entrepreneurship without the fluff.

Introduction

In episode MBA2358 of The $100 MBA Show, host Omar Zenhom delves into his experiences running his annual conference, OZCON, in 2023. Alongside sharing valuable lessons and strategies, Omar announces the Free Ride Friday giveaway, offering a lifetime membership to the $100 MBA program.

Background and Purpose of OZCON

OZCON's Genesis: Omar, along with his co-founder Nicole, launched OZCON in 2021 with the vision of fostering genuine connections among Australian entrepreneurs. The goal was to move beyond superficial interactions typically found at standard meetups and conferences.

Omar’s Insight: "We wanted to basically create a unique experience, the best of a conference, a retreat, a mastermind all wrapped in one."
(02:00)

Growth and Continuity: Despite initial challenges, including a postponement due to COVID-19 and a modest start in 2022, OZCON successfully ran its second event in 2023. Plans for a 2024 edition are already underway, highlighting the conference's ongoing growth and impact.

The Importance of Hosting Events for Business Growth

Networking and Authority Building: Omar emphasizes that organizing events, whether large conferences or small workshops, is a powerful yet underrated strategy for business growth. Events facilitate audience expansion, enhance authority, and foster meaningful connections.

Human Connection in the Digital Age: In an era dominated by remote work and virtual interactions, Omar notes the heightened desire for authentic human connections.
"People are starving for connection now more than ever when we're all working from home, so to speak, in front of our screens."
(05:30)

Versatility of Events: No matter the business type—brick-and-mortar, online, coaching, or software—events serve as a universal tool for audience engagement and network building.

Planning Ahead for Successful Events

Early and Comprehensive Planning: One of Omar's pivotal lessons from OZCON 2023 is the importance of meticulous and early planning. By organizing the 2024 event immediately after the 2023 one, Omar ensured a smoother and less stressful execution.
"Planning ahead makes your life easier."
(13:45)

Logistical Coordination: For OZCON, planning included securing locations, dates, accommodations, and other logistical details almost a year in advance. This foresight allowed for a seamless experience during the actual event.

Organizational Benefits: A well-planned event projects professionalism and reliability, enhancing attendees' trust and willingness to invest in future events.
"We're not deciding at the moment how is this game gonna be played... Everything's been decided. We're not flustered and it just becomes a relaxed situation."
(15:30)

Managing Challenges During Event Execution

Constant Engagement: Running an event demands continuous attention, from morning preparations to late-night problem-solving. Omar acknowledges the intensity but highlights the importance of enjoying the present moment despite exhaustion.
"You are on all the time... but that's okay. You can recover later."
(18:20)

Flexibility and Adaptability: Unexpected issues like venue changes or menu alterations are inevitable. Omar advises having backup plans and maintaining flexibility to handle such hiccups gracefully.
"Set up expectations from the start... Things are flexible. Things might change."
(22:10)

Positive Attendee Perception: Even when challenges arise, attendees appreciate the organizer's effort and organization, fostering a positive overall experience.

Key Takeaways from OZCON 2023

1. Providing Great Experiences

Creating Lasting Memories: The primary objective is to offer attendees unforgettable experiences that foster bonds and mutual appreciation.
"If you give people a great experience, if you create memories for people, is just about the best thing you can ever offer."
(25:50)

Experience Over Product: Omar likens event organization to the experience business, where the focus is on delivering exceptional moments rather than just transactions.

2. Curating the Right Audience

Selective Attendance: Omar stresses the importance of curating the attendee list to ensure synergy and meaningful interactions.
"It's all about the people in the room... You gotta filter out. You gotta make sure that the right people are in the room."
(31:00)

Enhanced Synergy: A well-curated group leads to deeper connections, fostering an environment where attendees feel comfortable, open, and engaged.

3. Charging Appropriately for Value

Value-Based Pricing: Increasing event pricing can enhance the overall experience by allowing for better quality and attention to detail.
"When you can charge more, you can provide more, you can create a better experience... They're going to value it more because they're putting down more money."
(35:40)

Benefits of Charging More:

• Increased Perceived Value: Higher prices often translate to higher perceived value among attendees.
• Curated Audience: Higher costs can act as a filter to attract serious participants.
• Enhanced Quality: Additional funds enable organizers to elevate the event's quality, ensuring memorable experiences.

Mistakes to Avoid When Organizing Events

Avoid Shifting Marketing Burden: Omar cautions against over-relying on attendees or speakers to market or sell the event.
"Don't put the onus on marketing and selling the event on the attendees or anybody involved."
(39:20)

Focus on Organizer Responsibility: The responsibility of promoting and ensuring the event's success lies solely with the organizers, not with the participants.

Narrowing Event Scope: Events should not aim to be universally appealing. Instead, niching down ensures that attendees are genuinely interested and engaged, enhancing their overall experience.
"If anybody and everybody can attend this event... you're doing something wrong."
(42:10)

Importance of Niche Focus: A specialized event attracts a committed audience, leading to more meaningful interactions and a higher likelihood of attendees valuing the experience.

Conclusion: Networking and Building a Valuable Business Network

Omar reiterates the paramount importance of networking in business. He emphasizes that one's network is a critical asset, often determining the ability to recover and rebuild in the face of setbacks.
"Your network is your net worth... So invest in it."
(48:00)

Strategic Networking through Events: Hosting events allows entrepreneurs to position themselves as connectors and authorities in their industry, facilitating the growth of their networks and, consequently, their businesses.

Free Ride Friday Announcement

As part of Free Ride Friday, Omar announces the giveaway of a lifetime membership to the $100 MBA program. Listener Darrell Woodhouse from Great Britain wins this week's prize, lauded for his five-star review praising the podcast’s actionable business advice.
"Your mission is to email me over at omar@100mba.net so I can hook you up with the lifetime membership."
(54:30)

Final Thoughts

Omar concludes by encouraging listeners to leverage events as a strategic tool for networking, authority building, and business growth. By thoughtfully organizing and delivering exceptional experiences, entrepreneurs can significantly enhance their business trajectories.

Key Quote to Remember: "Your most valuable asset in business is your network. The people that you know, the people that you meet."
(56:10)

Learn More: For additional resources and to join the $100 MBA program, visit https://100mba.net.