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.