Podcast Summary: The $100 MBA Show - MBA2396 Q&A Wednesday: How Do I Start a Business While in a Job? I Have No Time

Release Date: November 29, 2023
Host: Omar Zenhom

Introduction

In Episode MBA2396 of The $100 MBA Show, host Omar Zenhom addresses a common challenge faced by aspiring entrepreneurs: how to start a business while maintaining a full-time job when time seems scarce. Drawing from his extensive experience of over two decades in entrepreneurship and having successfully bootstrapped multiple businesses, Omar provides actionable strategies to balance a day job with launching a side hustle.

Understanding the Core Challenge: Identity Over Time Constraints

Omar begins by reframing the primary obstacle faced by many—the perceived lack of time. Instead, he identifies the real issue as an identity problem.

Omar Zenhom [02:00]:
"The number one problem is an identity problem. You're perceiving yourself as who you are in your job and you're experimenting with this idea of being an entrepreneur."

He emphasizes that seeing oneself solely through the lens of their current job can hinder the commitment needed to transition into entrepreneurship. This mindset creates a safety net that prevents full dedication to the new venture.

Shifting Mindset: Becoming an Entrepreneur First

Omar shares his personal journey of transitioning from a high-school English teacher to a full-time entrepreneur after 13 years in the education sector. The pivotal moment was changing his self-identity from a teacher to an entrepreneur.

Omar Zenhom [04:15]:
"I'm an entrepreneur that has a day job. I'm an entrepreneur that has to work right now to pay the bills until I figure this thing out."

This mental shift is crucial as it aligns one's self-perception with their entrepreneurial aspirations, fostering a mindset that fully commits to building a business rather than merely balancing it alongside their job.

Strategic Time Allocation: Carving Out 10+ Hours Weekly

Acknowledging the reality of limited time, Omar outlines strategies to find a minimum of 10 hours per week dedicated to the side hustle. He breaks down the approach as follows:

1. Identify and Reallocate Time:

   • Journaling: Track daily activities to identify time-wasters like excessive social media or entertainment.
   • Eliminate Non-Essential Activities: Replace unproductive time with business-building tasks.

   Omar Zenhom [07:30]:
   "Keep track of what you did every day. How much time did you spend watching YouTube on social media... Replace those things for a while."

2. Dedicated Work Sessions:

   • Weekend Focus: Allocate one day on the weekend with 5-6 uninterrupted hours.
   • Weekday Consistency: Commit to one focused hour each weekday, preferably during times like commuting.

   Omar Zenhom [08:50]:
   "If you can't have a solid five to six hours with no interruptions, where nobody is distracting you at home, you need to leave your house... and get that work done."

Prioritizing High-Impact Tasks: Quality Over Quantity

Omar stresses the importance of focusing on tasks that significantly advance the business—what he terms "thousand and ten thousand dollars tasks." These are activities that directly contribute to revenue generation, product development, and customer acquisition.

Omar Zenhom [09:45]:
"You need to be doing what I often refer to as a thousand and ten thousand dollars tasks. Not $10 tasks, not $100 tasks, but things that actually will create your business, launch it, make you money, serve your customers."

By concentrating efforts on high-impact tasks, entrepreneurs can maximize productivity and ensure that every hour spent contributes meaningfully to their business growth.

Building a Support System: Engaging Your Inner Circle

Transitioning from a job to entrepreneurship can strain personal relationships due to time commitments and lifestyle changes. Omar advises:

1. Communicate with Close Ones:

   • Inform family and friends about your entrepreneurial goals and the sacrifices required.

   Omar Zenhom [11:15]:
   "You need to talk to the people that are in your inner circle... inform them... so they can support you."

2. Seek Understanding and Support:

   • Gain emotional and practical support from those closest to you to navigate the challenges of building a business.

3. Cultivate New Connections:

   • As the business grows, meet like-minded individuals who can become new sources of support and collaboration.

   Omar Zenhom [12:30]:
   "When you become an entrepreneur... you will meet some interesting people who are also on the same path as you."

Cautions and Best Practices: Maintaining Professional Integrity

Omar warns against compromising job performance while side hustling, especially when working from home or in autonomous roles. He highlights potential risks:

1. Avoid Using Company Resources:

   • Refrain from using employer's time, equipment, or property for personal business endeavors.

   Omar Zenhom [16:00]:
   "Most companies say in their policies that if you are doing any kind of work on company time or property... they can just claim that business that you built is theirs."

2. Maintain Clear Boundaries:

   • Separate work hours and personal business time to ensure professionalism and prevent conflicts of interest.

3. Use Independent Spaces:

   • Utilize co-working spaces or public venues to work on your business, aiding in mental separation from your day job.

   Omar Zenhom [16:50]:
   "Use your own computer, use your own time... This allows you to shift gears easily, mentally."

Reflections and Final Advice: Embracing the Grind for Long-Term Success

In his concluding remarks, Omar reflects on the mixed feelings associated with the entrepreneurial journey—nostalgia for the learning and growth, paired with the acknowledgment of intense effort and sacrifice.

He shares wisdom inspired by Jim Carrey's commencement speech, emphasizing that the risk of failure is equally present in both maintaining an unsatisfying job and pursuing a passion. Therefore, it's prudent to pursue what you love.

Omar Zenhom [17:10]:
"You have just as much likelihood of failing at something you don't want to do. You might as well go ahead and do what you want to do... go after it."

Omar concludes by encouraging listeners to embrace the challenges of building a business while balancing a job, assuring them that the hard work invested now will lead to a more fulfilling and comfortable entrepreneurial life in the future.

Key Takeaways:

• Identity Shift: Transitioning to an entrepreneurial mindset is crucial for full commitment.
• Time Management: Allocate and protect at least 10 hours weekly for your side hustle.
• Task Prioritization: Focus on high-impact activities that drive business growth.
• Support Systems: Communicate your goals with loved ones to garner support.
• Maintain Professionalism: Avoid using employer resources for your business to prevent conflicts.
• Embrace the Journey: Acknowledge the hard work now for long-term entrepreneurial success.

Notable Quotes:

• Omar Zenhom [02:00]:
  "The number one problem is an identity problem. You're perceiving yourself as who you are in your job and you're experimenting with this idea of being an entrepreneur."

• Omar Zenhom [07:30]:
  "Keep track of what you did every day. How much time did you spend watching YouTube on social media... Replace those things for a while."

• Omar Zenhom [09:45]:
  "You need to be doing what I often refer to as a thousand and ten thousand dollars tasks."

• Omar Zenhom [12:30]:
  "When you become an entrepreneur... you will meet some interesting people who are also on the same path as you."

• Omar Zenhom [17:10]:
  "You might as well go ahead and do what you want to do... go after it."

Conclusion

Omar Zenhom's episode offers a comprehensive guide for individuals aspiring to launch a business without sacrificing their current employment. By addressing the underlying identity challenges, providing practical time-management strategies, and emphasizing the importance of support systems, Omar equips listeners with the tools and mindset necessary to embark on their entrepreneurial journey successfully.