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

Summary

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:

Announce Your Entrepreneurial Journey: Let friends and family know about your business aspirations to garner their support.
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.

Transcript

Omar Zenhom (0:00)

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In fact, they're so tuned in to what you need they knew you'd be listening to this podcast. As for that, ring in your ears. That's the brilliant sound of success. PNC bank brilliantly boring since 1865, PNC and PNC bank are registered marks of the PNC Financial Services Group, Inc. PNC 2024, the PNC Financial Services Group, Inc. All Rights reserved. Hey everyone, welcome back to the dollar MBA Show. I'm your host Omar Zenholm, and today's episode is a Q and A Wednesday episode where we answer a question for one of you, one of our listeners, one of our subscribers on YouTube, one of our community members. Today's question is from Jerome, and Jerome asks, how do I gain confidence to start a business? Jerome, this is a big question. I'm excited to get into it because I get asked about this a lot, this concept of confidence. Is it something you're born with? Is it something that you have to cultivate or build? How do you get enough confidence to get started? All that and more. So I'm going to dive into this idea of confidence. How do you have confidence in the first place so that you can start on the path to where you want to be, to where you want to get to. And by the way, if you have a question you want to ask on business, any topic, anything that you're going through right now as you're building your business, go ahead and ask it. You could submit it on our website, 100mba.net Q Submit your question. We'll answer right here on Q and A Wednesday. Here's the thing. 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 take action. This is what entrepreneurship is all about. It's about understanding that action is what's going to get you results, is that the confidence will come the more you take action. Okay. Confidence grows when you push through self doubt. When you actually do things and look back and say, oh, I did that. I actually went past my fears and made it happen. So let's take a look at how you can start building that confidence one step at a time. The first step I recommend is to start small and build momentum. I'm a big believer in momentum. Momentum is huge because it allows you to get some wins. It allows you to get some pushes that make you feel like, okay, I can do this. And that's where the confidence builds. So you want to get started with some tiny, tiny wins. Okay. Even if that small win is something like, I'm gonna sit down today and write in my journal and just brainstorm some ideas about my product or service. It may not be a sale, it may not be making, you know, $10,000, but it's a tiny win where you say you're gonna do something and you do it. Confidence isn't built overnight. It comes from small, consistent wins that give you proof that you are capable. You. You are capable of pulling things off. This is why I love the practice of exercise. Daily exercise, going to the gym, or playing your sport, because you're proving to yourself every single day that you are a person that is consistent, that holds to your word that, hey, I'm gonna work out, and you work out. And every time you work out, you're reinforcing this idea that you are consistent. So these are tiny wins. I'm talking about just building the confidence that you can do it. And you need to do that in building your business. So don't wait. Don't wait until you feel conf to start a business. Your confidence will come when you start the business. It's the other way around. Okay. When you start moving forward, the confidence will start to grow. Start with small actions that feel manageable for you and build upon that success. Let me give you an example. When I started my first business, I wasn't, like, immediately confident. Like, I'm a baller. I can pull this off. I can make any business a success. No, I took small steps like reaching out to my network and securing my first client. I slowly built my website. I started to go to conferences. I started just being around successful people. And that was a baby step to Becoming successful myself. So I want you to take an action step to move forward. Take one small action today. Whether it's researching your business idea, talking to a potential customer, or creating a simple business plan, small actions compound into big confidence. If you are curious about how to take a small step and you're looking for ideas, you can go to our worksheets. We got tons of worksheets. Like creating a business plan over at 10 is, it's totally free. Go ahead and grab all our worksheets. Number two, surround yourself with support. This one might be the most important takeaway from today's lesson. I alluded to this earlier, but confidence can grow and shrink depending on who you are around, right? If you surround yourself with people that actually believe in you, that have done what you want to do, have been there already, are already successful, it's going to be natural for you to feel like you could do it. It's going feel normal, right? For example, if you're around people that work out every day, they're just fitness brats, right? They love going to the gym. They're super healthy. If you just hang out with these people every single day, you don't work out yourself, but eventually you will feel compelled to work out. You're going to feel like, this is something I should be doing. Everybody around me is doing this. I feel left out. This becomes your new normal. I experienced this in my journey. I surrounded myself with some amazing people. I moved to a city with great entrepreneurs like New York. That's a little bit of extreme, but you can surround yourself even virtually online or go to conferences or meetups, go to a co working space in your area that has other entrepreneurs. And what this does is that it shows you what's possible. I met some people that really inspired me that made me feel like, oh, I can do this. These people are not so different than me and they're living these lives that I wish I could have, like having an online business and being able to be financially independent. You know, when I met these people, it was not only inspirational, but it gave me confidence to believe I can do it too. That doesn't happen by accident. You need to take action and you need to surround yourself with the right people. And by the way, surrounding yourself with people that don't do the things that you aspire to do or are not aligned with your goals will actually lower your confidence, will make you feel like you can do it because they can't do it, right? They're not doing it. So then you're thinking I can't do it either. Here's an action step. There are actually two steps here. Number one, you're going to come out, come out to your friends and family that you are now an entrepreneur. Okay? I now identify as an entrepreneur and I need your support. Share your business idea, your passion for what you're trying to do for the future that you believe you can have with your friends, your family, your mentors, with the people around you, with your community so they could support you. And if they don't support you, you'll know that you can't spend too much time around them because they're not going to help you get to where you're going, right? They're going to hinder from progress. The second action step is you need to find the new people in your life that are going to support you, that are going to help you, that are going to give you the confidence, that are already a few steps ahead of you, right? And they're not that far away. It just means meeting some new people. Going again to meetups. Go to meetup.com, go to eventbrite.com in your local area, meet these people. You know, spend some time, you know, once or twice or three times a month, meeting up with people, and you'll be amazed how confident you'll feel because you're around people that are doing what you aspire to do. Number three, learn from others who've done it. Now, hanging out with other people that are successful or where you want to be is one thing, but pulling out the information and learning from their journey is another, right? When you see other people's journey, you realize they started with doubts just like you. And you learn that their story gives you perspective, right? And it gives you the reassurance and the confidence to grow in your own experience. It also gives you a reality check. It also tells you, hey, I'm learning about this person. And by the way, you can learn about somebody through a book, right? You can read somebody's biography. This is one of the favorite things I like to do, is read biographies or watch documentaries. Because what you learn is this is this person's journey. This is what they went through, this is what they had to go through to get where they are today. Am I willing to go through that? Am I willing to suffer a little bit and delay gratification? It gives you some perspective, but it also gives you a wake up call that, hey, this is going to be tough and I got to be ready for that. But the story of being able to be patient enough to go through those tough times and make it out the other side gives you the confidence that you can do it too. Like I mentioned, I love biographies. I read about 50 books a year. If you are interested in reading about what I think of these books, I have book reviews on our website so you can get a synapses or get a little summary of what the book's about. You can listen to a whole podcast episode of my must read review and you can go over at 100- MBA-NET and on the top you'll see book reviews. Just click that and you can sear and you can filter by topic. But some of my favorite biographies is open by Audrey Agassi Kitchen Confidential by the late great Anthony Bourdain Shoe Dog by Phil Knight Total Recall by Arnold Schwarzenegger these books are incredible. They change your perspective on what it takes to be successful. So your action step Pick up a book that you enjoy. Choose one of the books I recommended. Listen to a podcast interview of somebody you look up to and hear their story. Notice how they built confidence over time and not before they started. It's when they started. They built confidence.