The $100 MBA Show: MBA2555 Q&A Wednesday - How Do I Gain The Confidence to Start a Business?

Host: Omar Zenhom
Release Date: December 4, 2024
Episode Type: Q&A
Listener Question: "How do I gain confidence to start a business?" by Jerome

Introduction

In this episode of The $100 MBA Show, host Omar Zenhom addresses a crucial question from a listener named Jerome: "How do I gain the confidence to start a business?" Omar delves deep into the nature of confidence in entrepreneurship, offering actionable strategies to help aspiring entrepreneurs overcome self-doubt and take meaningful steps toward building their ventures.

Understanding Confidence in Entrepreneurship

Confidence is often misconstrued as an innate trait or the unwavering belief that one will succeed without any hurdles. Omar clarifies that confidence in the entrepreneurial journey is not about certainty of success, but about embracing the unknown and taking consistent action despite uncertainties.

Omar Zenhom [02:15]: "Confidence is not about knowing you're going to succeed without a shadow of a doubt. It's about being okay with the unknown and still taking action."

Step 1: Start Small and Build Momentum

Omar emphasizes the importance of starting with small, manageable actions to build momentum and accumulate small wins. These incremental achievements serve as proof of capability, gradually enhancing one's confidence.

• Tiny Wins: Engage in simple tasks like journaling business ideas or drafting a basic business plan. These actions, though minor, validate your ability to take steps forward.

• Consistency: Just as daily exercise reinforces personal discipline, consistently working on your business fosters self-trust and reliability.

Omar Zenhom [05:30]: "Confidence grows when you push through self-doubt and actually do things, looking back and saying, 'Oh, I did that.'"

Action Step:
Take one small action today—whether it's researching your business idea, contacting a potential customer, or outlining a business plan. Visit 100mba.net to access free worksheets that can guide your initial steps.

Step 2: Surround Yourself with Support

The environment and the people you associate with significantly influence your confidence levels. Omar advises cultivating a supportive network of individuals who believe in your vision and inspire you to strive for success.

• Positive Influence: Engage with successful entrepreneurs through meetups, conferences, or online communities to witness what's possible and receive inspiration.

• Avoid Negativity: Distance yourself from those who do not support your entrepreneurial aspirations, as their skepticism can diminish your self-belief.

Omar Zenhom [09:10]: "Surrounding yourself with people that don't do the things that you aspire to do will actually lower your confidence because they can't do it, right? They're not doing it. So then you're thinking, I can't do it either."

Action Steps:

1. Announce Your Entrepreneurial Journey: Let friends and family know about your business aspirations to garner their support.
2. Expand Your Network: Use platforms like Meetup or Eventbrite to connect with like-minded individuals and potential mentors.

Step 3: Learn from Others Who've Done It

Gaining insights from those who have successfully navigated the entrepreneurial path can provide both inspiration and practical knowledge. Understanding their journeys helps in recognizing that doubt and challenges are part of the process.

• Biographies and Documentaries: Reading about or watching the stories of successful individuals can offer valuable lessons and perspective on overcoming obstacles.

• Practical Insights: Learning about the perseverance and strategies of others reinforces the belief that you too can achieve your goals.

Omar Zenhom [12:50]: "When you see other people's journeys, you realize they started with doubts just like you. It gives you the reassurance to grow in your own experience."

Action Step:
Choose a biography from Omar’s recommendations—such as "Shoe Dog" by Phil Knight or "Total Recall" by Arnold Schwarzenegger—and explore how these individuals built their confidence through their entrepreneurial journeys. Visit the 100mba.net Book Reviews for summaries and additional recommendations.

Step 4: Focus on Value, Not Perfection

Perfectionism can be paralyzing and hinder progress. Omar encourages entrepreneurs to prioritize delivering value over achieving flawless execution from the outset.

• Value-Driven Approach: Concentrate on how your product or service can solve problems and benefit your customers rather than obsessing over perfection.

• Iterative Improvement: Accept that initial offerings may be imperfect and focus on continuous improvement based on feedback and experience.

Omar Zenhom [14:20]: "Focus on providing value. Is what you're providing valuable to somebody? Is it helpful in any way? Then not giving that value."

Using his own experience with Webinar Ninja, Omar illustrates how embracing imperfection and focusing on long-term growth led to the eventual success and acquisition of his business.

Action Step:
Shift your mindset to how you can help your customers today. Launch your minimal viable product (MVP), gather feedback, and iteratively improve your offerings without waiting for perfection.

Conclusion

Omar Zenhom wraps up the episode by reiterating that confidence is built through consistent action, supportive relationships, learning from others, and focusing on delivering value. By implementing these strategies, aspiring entrepreneurs like Jerome can progressively develop the confidence required to embark on and sustain their business ventures.

Omar Zenhom [16:00]: "Confidence is built over time, not before you start. Start small, surround yourself with a supportive community, learn from others, and focus on providing value."

Final Action Steps:

• Take Incremental Actions: Begin with small tasks that contribute to your business idea.
• Build a Support Network: Connect with supportive individuals and mentors.
• Educate Yourself: Learn from the experiences of successful entrepreneurs.
• Value Over Perfection: Deliver value consistently and improve iteratively.

For more resources and to submit your own questions for future Q&A episodes, visit 100mba.net.

Notable Quotes:

• Omar Zenhom [02:15]:
  "Confidence is not about knowing you're going to succeed without a shadow of a doubt. It's about being okay with the unknown and still taking action."

• Omar Zenhom [05:30]:
  "Confidence grows when you push through self-doubt and actually do things, looking back and saying, 'Oh, I did that.'"

• Omar Zenhom [09:10]:
  "Surrounding yourself with people that don't do the things that you aspire to do will actually lower your confidence because they can't do it, right? They're not doing it. So then you're thinking, I can't do it either."

• Omar Zenhom [12:50]:
  "When you see other people's journeys, you realize they started with doubts just like you. It gives you the reassurance to grow in your own experience."

• Omar Zenhom [14:20]:
  "Focus on providing value. Is what you're providing valuable to somebody? Is it helpful in any way? Then not giving that value."

• Omar Zenhom [16:00]:
  "Confidence is built over time, not before you start. Start small, surround yourself with a supportive community, learn from others, and focus on providing value."

Additional Resources:

• Youtube Channel: The $100 MBA Show
• Free Resources: 100mba.net
• Submit Questions: 100mba.net/q

Join the Community:

Omar invites listeners to engage with the $100 MBA Show community by submitting their own questions and participating in discussions to further their entrepreneurial journey with confidence and support.

About Omar Zenhom:

Omar Zenhom is a seasoned entrepreneur, business coach, and software developer who has successfully bootstrapped two multi-million dollar businesses. Through The $100 MBA Show, Omar shares practical strategies and skills to help aspiring entrepreneurs turn their business ideas into reality without the need for expensive degrees or significant financial risk.

This summary encapsulates the key discussions, insights, and actionable steps from the episode, providing a comprehensive overview for those who haven't listened to the podcast.