MBA2450 Q&A Wednesday: I feel like quitting my business and getting a job. Should I?

Summary

The $100 MBA Show: MBA2450 Q&A Wednesday – “I Feel Like Quitting My Business and Getting a Job. Should I?”

Release Date: April 3, 2024

Introduction

In episode MBA2450 of The $100 MBA Show, host Omar Zenhom tackles a poignant and relatable question from a listener named Val: “I feel like quitting my business and getting a job. Should I?” This episode delves deep into the challenges of entrepreneurship, offering practical exercises and profound insights to help entrepreneurs navigate moments of doubt and decision-making. Drawing from his extensive 20+ years of entrepreneurial experience, Omar, alongside his co-host, guides listeners through a structured approach to assess whether to persevere with their business or transition to traditional employment.

The Reality of Entrepreneurship Struggles (00:40 – 02:46)

Omar and his co-host begin by addressing the emotional toll of running a business. They emphasize that struggling is an inherent part of the entrepreneurial journey, asserting that “business is hard” (01:14). This acknowledgment serves to normalize the hardships entrepreneurs face, alleviating feelings of inadequacy or personal failure.

• Notable Quote:
  Omar Zenhom (02:08): “I wanna start by saying that business is hard.”

The co-host reinforces this sentiment, highlighting that the difficulty in entrepreneurship is precisely why many choose not to embark on it: “It’s difficult to be an entrepreneur. This is not easy. This is why most people don't do this” (01:52).

Time and Effort: Building Entrepreneurial Skills (02:26 – 03:25)

The discussion shifts to the importance of time and consistent effort in mastering entrepreneurship. By drawing parallels with other professions such as law, medicine, and trades, Omar underscores that becoming proficient in business requires years of dedication and learning from failures.

• Notable Quote:
  Omar Zenhom (02:46): “Being an entrepreneur is no different. You have to put in the time. The work, the effort to build your skills, build your experience so that this can be a little easier on you and for you to get some success.”

The co-host adds that frustration in the face of losses is a positive indicator, as it signifies a desire to improve and change one’s situation: “Frustration is actually a really good thing. It can actually motivate you to change your situation” (03:14).

The Snowboarding Analogy: Embracing the Learning Curve (03:43 – 04:55)

To illustrate the initial struggles of entrepreneurship, Omar employs the analogy of learning to snowboard. The first attempts are fraught with pain and frustration, but persistence eventually leads to proficiency and enjoyment.

• Notable Quote:
  Omar Zenhom (04:08): “I often use the analogy learning how to snowboard to explain what it's like to start a business…”

The co-host elaborates, emphasizing that the early stages of both snowboarding and entrepreneurship are characterized by heavy effort with minimal immediate rewards, but persistence leads to eventual success and satisfaction.

Practical Exercises: Assessing Your Path (05:02 – 08:37)

Omar and his co-host introduce a series of exercises designed to help Val—and any listener in a similar predicament—evaluate whether to continue with their business or seek traditional employment.

1. List What You Love About Entrepreneurship:

   • Instructions: List at least 10 things you love about being an entrepreneur, such as unlimited earning potential, building a legacy, or having flexible work hours.
   • Purpose: To identify the motivating factors that keep you invested in your business.

2. List What You Dislike About Entrepreneurship:

   • Instructions: Identify the top five aspects you dislike about running your own business.
   • Purpose: To acknowledge the pain points and challenges you face.

3. List What You Love About Having a Job:

   • Instructions: Enumerate the top 10 things you love about having a traditional job, even if it's a role you currently enjoy.
   • Purpose: To understand the benefits that employment might bring to your life.

4. List What You Dislike About Having a Job:

   • Instructions: Note the top five aspects you dislike about working for someone else.
   • Purpose: To recognize potential drawbacks of leaving entrepreneurship for employment.

• Notable Quote:
  Co-host (05:38): “So list 10 things you love about running your business, running a business in general, being an entrepreneur.”

Omar highlights that the ease or difficulty of compiling these lists is as telling as the content itself. Struggling to list items in a category may indicate misalignment with that path: “How easy was it for you to jot down those things, how fast those ideas came to your mind” (06:37).

Understanding Trade-Offs: Making an Informed Decision (07:01 – 11:34)

The conversation progresses to the concept of trade-offs inherent in choosing between entrepreneurship and traditional employment. By comparing the lists, entrepreneurs can weigh the benefits against the drawbacks in both scenarios.

• Notable Quote:
  Omar Zenhom (07:15): “Which trade off are you comfortable with? Which trade off are you happy to take?”

An example is provided where full autonomy in entrepreneurship is traded off for longer working hours: “The trade off of that is that I'm going to work more hours to create that and make that happen” (07:25).

The co-host further explains the opportunity costs associated with taking a job, such as delaying entrepreneurial success: “You are delaying the years to become successful as an entrepreneur” (11:08).

Encouraging Perseverance and Clarity (09:08 – 12:25)

Omar emphasizes the importance of wrestling with these decisions, suggesting that the struggle ultimately leads to personal growth and clearer life direction: “Through that struggle, through that wrestling with this feeling and these decisions, you'll become stronger as a person” (10:20).

He reassures listeners that it’s okay to reconsider their path and that switching from entrepreneurship to a job doesn’t have to be final: “If you got to close up shop and get a job, you can always jump back into entrepreneurship” (10:53).

Conclusion: Embracing the Journey (12:25 – 13:46)

As the episode wraps up, Omar underscores that life’s choices often involve acquired tastes and gradual appreciation: “Some things in life are an acquired taste... you might not love something in the beginning, but once you start doing it for a while, you get acquainted with it” (12:55).

He encourages listeners to engage with the community by sending in questions and subscribing to support the show's growth, fostering a sense of connection and continuous learning.

Key Takeaways

1. Normalizing Struggles: Entrepreneurship is inherently challenging, and experiencing difficulty is a natural part of the journey.

2. Time and Effort: Success in business requires sustained effort, learning from failures, and building skills over time.

3. Structured Decision-Making: The exercises provided offer a clear framework for evaluating the pros and cons of continuing with a business versus seeking employment.

4. Understanding Trade-Offs: Every choice involves sacrifices; recognizing and accepting these trade-offs is crucial in making informed decisions.

5. Personal Growth: Navigating these challenges leads to greater self-awareness and clarity about one’s true aspirations.

6. Flexibility in Choices: It’s acceptable to pivot between entrepreneurship and traditional employment based on evolving circumstances and personal fulfillment.

Final Thoughts

This episode serves as a valuable resource for entrepreneurs grappling with doubt and uncertainty. By providing actionable exercises and empathetic insights, Omar Zenhom empowers listeners to make thoughtful, informed decisions about their professional paths. Whether choosing to persevere in their business endeavors or transition to a job, the guidance offered ensures that entrepreneurs are equipped to assess their situations with clarity and confidence.

Transcript

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[Omar Zenhom]

Hey, welcome to the $100 MBA Show. Business truths for you delivered in business lesson format. I'm your host, your coach, your teacher, Omar Zenholm. And today's episode is Q and A Wednesday where we answer a question from one of you, one of our listeners. If you got a question you want.

[Co-host]

To ask, go ahead and email me.

[Omar Zenhom]

[e-mail] Today's question is from Val and Val asks, I feel like quitting my business and getting a job.

[Co-host]

Should I?

[Omar Zenhom]

Oof. This is a tough question because maybe you should. And I don't mean that in a mean way or facetious way, but we're going to find out in today's lesson.

[Co-host]

I'm going to share with you some.

[Omar Zenhom]

Exercises that you can do to get to the bottom of this answer. Sometimes when we struggle with something and it's painful, we are looking for relief and we think the grass is greener on the other side, think the answer is something else or a job in this case. But maybe it just isn't. And in some cases, entrepreneurship is not a good fit for somebody and they're looking to find success in other ways, in a different way, in a career through a job. And there's nothing wrong with that. That is absolutely fine if that's what makes you happy. But let's find out if it will make you happy. Let's get into it. Let's get down to business. I wanna start by saying that business is hard.

[Co-host]

It's difficult to be an entrepreneur. This is not easy. This is why most people don't do this. So if you're going through a tough.

[Omar Zenhom]

Time in your business right now, that is normal. That is just a rite of passage.

[Co-host]

That is exactly the way it should be. It should be hard.

[Omar Zenhom]

There's nothing wrong with you. Okay? So I just wanna say that because.

[Co-host]

A lot of people are not aware of that.

[Omar Zenhom]

I wasn't aware of that when I got started. I thought I was deficient or there's.

[Co-host]

Something wrong with me.

[Omar Zenhom]

Why is this so hard? Am I a loser here? But I'm here to tell you that it's supposed to be hard.

[Co-host]

So if you're having difficulty, if you're.

[Omar Zenhom]

Having challenges, that is normal.

[Co-host]

Secondly, I'm not really sure how long.

[Omar Zenhom]

You'Ve been in business or been trying to be an entrepreneur and how much of that effort it's been full time. Because it takes time to become great at this business thing.

[Co-host]

We expect lawyers and doctors and plumbers.

[Omar Zenhom]

And electricians to, to have many years.

[Co-host]

Of experience before they can get good at something.

[Omar Zenhom]

They have many years of training and.

[Co-host]

Education before they can actually be decent at their job. Being an entrepreneur is no different. You have to put in the time.

[Omar Zenhom]

The work, the effort to build your skills, build your experience so that this can be a little easier on you and for you to get some success. So I'm saying these things because I.

[Co-host]

Don'T want you to shortchange yourself.

[Omar Zenhom]

Maybe you just need a bit more time learning the ropes, trying new things, failing a few times and learning from those failures.

[Co-host]

If you're just frustrated with the losses, that is one thing, and that's okay. You could be frustrated. Frustration is actually a really good thing.

[Omar Zenhom]

It can actually motivate you to change your situation.

[Co-host]

And the fact that you're asking this.

[Omar Zenhom]

Question is a sign that you actually want to change your situation, which is great.

[Co-host]

So, like, my initial reaction to this.

[Omar Zenhom]

Is that if you can persevere from, from a financial point of view, like, you can continue to live and it's just a matter of you just grinding it out and absorbing the pain a.

[Co-host]

Little bit longer so you can learn.

[Omar Zenhom]

And grow and get better, then I actually recommend you do that if you want it.

[Co-host]

And we're going to go into an.

[Omar Zenhom]

Exercise to figure out if you do want it. But first that perseverance is important. I often use the analogy learning how to snowboard to explain what it's like to start a business, which when you learn how to snowboard, definitely the first time you do it, like the first day you do it, it's horrible.

[Co-host]

It's a disaster. You're just falling over and over and.

[Omar Zenhom]

Over and it's painful. You're not having any fun.

[Co-host]

You're just trying to not fall.

[Omar Zenhom]

You're not trying to not hurt yourself. It's just not a fun day out. You're sweating, you're hot and cold at the same time. You have all this equipment on, you're not used to it, you're hearing all these different Pieces of advice. And it's just not clicking and it's just frustrating. It's like zero reward, maximum effort. But then you try it again the next day and it's just a little bit less painful. It's still painful, but it's a little bit less painful.

[Co-host]

Then you try it again another day.

[Omar Zenhom]

And another day and another day.

[Co-host]

And then after maybe going snowboarding five to 10 times, you're starting to get the hang of it. It's starting to click and you're starting to actually enjoy yourself a little bit. And it's starting to become worth all that investment.

[Omar Zenhom]

But in the beginning, it's no fun.

[Co-host]

And the same goes with starting a business.

[Omar Zenhom]

So let's figure out if you want this or not.

[Co-host]

I want you to grab a piece of paper. If you're driving, you could do this.

[Omar Zenhom]

Later, but grab a piece of paper.

[Co-host]

Or maybe even a note taking app or something on your phone.

[Omar Zenhom]

And I want you to list all.

[Co-host]

The things you love about being an.

[Omar Zenhom]

Entrepreneur, about having a business. What are the things you absolutely love? And I want you to force yourself to list at least 10 things. Okay, this might be. You love the fact that you have unlimited potential to earn as much money as possible.

[Co-host]

There's so much upside when it comes to financial reward.

[Omar Zenhom]

You might love the fact that you have the ability to build something for yourself, a legacy. You might love the fact that you have the flexibility to work when you want, how you want, when you want. It's different for Everybody.

[Co-host]

But list 10 things you love about running your business, running a business in.

[Omar Zenhom]

General, being an entrepreneur.

[Co-host]

Then I want you to list the.

[Omar Zenhom]

Top five things you do not like about being an entrepreneur.

[Co-host]

After you do those two exercises, I.

[Omar Zenhom]

Want you put it aside and you.

[Co-host]

Can do the same thing.

[Omar Zenhom]

But now you need to be brutally honest and do the same about having a job, any kind of job, even if it's a good job that you like. What are the top 10 things you love about it? And what are the top five things.

[Co-host]

You don't love about it, you hate about it?

[Omar Zenhom]

So now you have basically four lists, right?

[Co-host]

Two for entrepreneurship and two for having a job.

[Omar Zenhom]

Now, you might think this exercise is all about what's on the list, but it's really about how you created this list. How easy was it for you to write down 10 things about what you love about entrepreneurship? And how easy was it for having a job? Maybe you struggled with that.

[Co-host]

How easy was it for you to.

[Omar Zenhom]

List the top five things you hate about a job versus entrepreneurship?

[Co-host]

That's the first part of the exercise, just recognizing how easy it was for.

[Omar Zenhom]

You to jot down those things, how fast those ideas came to your mind.

[Co-host]

Some people really struggle to write 10.

[Omar Zenhom]

Things that they love about one or the other.

[Co-host]

And that's a sign that maybe that thing is not for you, whether it's a job or entrepreneurship. The second thing I want you to.

[Omar Zenhom]

Look at is the actual items on each list. The reason why we do this is because it makes it clear to you that, hey, everything is a trade off.

[Co-host]

I might get this with entrepreneurship, but.

[Omar Zenhom]

The trade off is one of these negative things. Is it worth the trade off with the job? I. I get this positive thing, maybe a steady paycheck and stability, but I have very limited time off. Or maybe I hate having a boss.

[Co-host]

There's trade offs. Which trade off are you comfortable with? Which trade off are you happy to take?

[Omar Zenhom]

Which time? You're like, yes, please give me that.

[Co-host]

For example, on my list, I would.

[Omar Zenhom]

Write, I love the fact that I have full autonomy to do what I want, to produce what I want as an entrepreneur.

[Co-host]

The trade off of that is that I'm going to work more hours to.

[Omar Zenhom]

Create that and make that happen.

[Co-host]

I'm happy with that trade off. I'm happy to put in those hours.

[Omar Zenhom]

Because that means I get to be my own boss. I get to create whatever I want. I don't have to deal with red tape. I don't have to get approval for anybody else. I have the say, the first and last say to do what I want to do. So this exercise also allows you to see the trade offs because you're going to have to make a choice based on what you're comfortable trading off with. The third thing this does is that it makes.

[Co-host]

It makes it clear that maybe the grass is not so much greener on the other side.

[Omar Zenhom]

We think that a change, any kind.

[Co-host]

Of change might help. But maybe that change might just mean pivoting your business or tweaking your products or services, or maybe starting something else.

[Omar Zenhom]

That'S more aligned to your strengths and the value you can add to the marketplace.

[Co-host]

Maybe you think you're going to love.

[Omar Zenhom]

A job, but when you write this stuff down, you're like, maybe I won't love it at all.

[Co-host]

Maybe.

[Omar Zenhom]

Actually, I have it pretty good right now. Maybe vice versa.

[Co-host]

Only the information that you write down.

[Omar Zenhom]

Will tell you the answer. So you gotta go through the exercise.

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[Omar Zenhom]

This episode is actually quite important because most people.

[Co-host]

This is not a gray area, but there are some people that are not sure.

[Omar Zenhom]

What do I mean by that?

[Co-host]

For most people, they do what they.

[Omar Zenhom]

Do because they can't help it.

[Co-host]

For example, great artists, they cannot do anything else other than create art.

[Omar Zenhom]

If you have somebody who's a great painter or sculptor, even if they're really.

[Co-host]

Poor and struggling, they'll find a way to create their art. They can't help it. They're compelled to do it. And the same thing goes with entrepreneurship for the most part.

[Omar Zenhom]

Most people, they can't help it. They want to create something for themselves and they just don't fit in a job.

[Co-host]

They actually get fired.

[Omar Zenhom]

They're not good employees, but there are people that are in between. I'm one of those people. What I mean by that is I love entrepreneurship.

[Co-host]

I fell in love with it, but it was a struggle and I had.

[Omar Zenhom]

To learn to love it in the first few years after I got over a few humps. But I was a great employee.

[Co-host]

I was great at my job as a teacher. I loved it. I strived, I did well. But I loved entrepreneurship more.

[Omar Zenhom]

Enough so to leave my job and to roll the dice and bet on myself and. And become an entrepreneur.

[Co-host]

So I'm here to tell you it's okay to kind of not be sure. It's okay that you're struggling with this a little bit.

[Omar Zenhom]

Wrestling with it, it's totally fine. And what you'll find is through that struggle, through that wrestling with this feeling and these decisions, you'll become stronger as a person.

[Co-host]

You'll be clearer about what you want.

[Omar Zenhom]

Out of life, and you'll have more conviction about the direction you want to move in.

[Co-host]

So this is actually a good thing.

[Omar Zenhom]

For you that you're going through the struggle.

[Co-host]

I know it might not seem like this right now.

[Omar Zenhom]

It seems very tiresome and painstaking, but it will pay off in the long run. To wrap up today's Q and A, Wednesday's episode, and question from Val, go through the exercises.

[Co-host]

Give some thought to what I said.

[Omar Zenhom]

And worst case scenario, if you got to close up shop and get a job, you can always jump back into entrepreneurship. The job will be there if you need it, if you want it, if you want to just kind of do that for a while and see how it feels. But there is a trade off.

[Co-host]

Like I mentioned, there are always trade offs. You are spending your precious time in that job.

[Omar Zenhom]

You are delaying your ability to become successful. You're delaying the years to become successful as an entrepreneur. Like I mentioned in a previous episode.

[Co-host]

By doing something else. There's an opportunity cost here.

[Omar Zenhom]

You're doing the job instead of entrepreneurship.

[Co-host]

So let's say, for example, you jump into a job for a few years.

[Omar Zenhom]

Let'S say three years.

[Co-host]

Those are three years you're not working.

[Omar Zenhom]

On becoming an entrepreneur. You're not building that asset, building those skills, building that reputation, building that credibility. At least not full time. So just remember, everything is a trade off. Thanks so much for listening. If you got a question you want.

[Co-host]

To ask, go ahead and email me over at Omar100- MBA net.

[Omar Zenhom]

Believe it or not, if you email me with questions, I actually reply personally. I reply to all my emails personally. This is something I still do after 10 years because I like to stay connected to our listeners, our community. You are the people that I resonate with. You are my kind of person. You're someone who's going after it and.

[Co-host]

You'Re the person I'm building this whole thing for, the podcast and the community.

[Omar Zenhom]

And the website and the course and everything. So I feel like the least I can do is reply to emails. It may take me a while because I'm doing this myself, but I will reply before we wrap up.

[Co-host]

A quick one.

[Omar Zenhom]

If you love the show and you want to see it grow, you want to continue to get amazing episodes, and you want these episodes to get better and better, you can help. All you got to do is subscribe. Follow this podcast on whatever app you're on. Spotify, Apple, Podcasts. By doing that, you help the show grow.

[Co-host]

You send the signal to the algorithm.

[Omar Zenhom]

That, hey, this show is amazing. And the bigger the show gets, the better the show gets. Thanks so much for listening. Thanks so much for doing that and subscribing. I really appreciate it. Before I go, I want to leave you with this.

[Co-host]

Some things in life are an acquired taste.

[Omar Zenhom]

Meaning you might not love something in the beginning, but once you start doing it for a while, you get acquainted with it, you get better at it. You start to feel like, hey, this is all right. Actually enjoy this and sometimes that takes a while. It takes maybe a few years. At least that was my experience with entrepreneurship. And then before you know it, you can't imagine your life without your business, without being an entrepreneur. It's pretty crazy. Thanks so much for listening and I'll check you in the next episode. I'll see you then. Take care.

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