The $100 MBA Show - Episode MBA2557: Must Read - Same as Ever by Morgan Housel
Host: Omar Zenhom
Release Date: December 9, 2024
Omar Zenhom returns to The $100 MBA Show with a compelling episode dedicated to a must-read book that has significantly influenced his entrepreneurial journey: "Same as Ever" by Morgan Housel. In this episode, Omar delves deep into the timeless principles discussed in Housel's work, extracting actionable insights that are invaluable for both budding and seasoned entrepreneurs. Below is a detailed summary of the episode, highlighting key discussions, insights, and conclusions.
Introduction to "Must Read" Episodes
[01:24] Omar kicks off the episode by introducing the "Must Read" series, where he shares books that have profoundly impacted him. He emphasizes the rarity of inclusion in this series, noting, "If I'm talking about a Book on a must read episode... if I'm talking about it, it's worth reading." This sets the stage for the profound influence "Same as Ever" has had on him.
Overview of "Same as Ever"
Omar provides a comprehensive overview of Morgan Housel's latest work, explaining that the book focuses on timeless principles that govern human behavior, business, and the economy. Contrary to a world obsessed with rapid change and technological advancements, Housel asserts that many fundamental aspects remain constant over centuries.
Key Theme: "In a world that's obsessed with change, Morgan Housel reminds us that some things stay the same. Some things never change, they're constant."
Takeaway 1: Timeless Human Behavior and Decision Making
[04:10]
Omar explores Housel's assertion that while technologies like AI and social media evolve, human behavior largely remains unchanged. Understanding these enduring aspects provides a strategic advantage in both personal and business realms.
Example Discussed: Amazon's foundational principles
Omar cites Jeff Bezos's approach:
“When it comes to my company, Amazon, what will never change? People will want things quickly and at the best possible price.” [04:25]
Action Step:
Omar advises listeners to identify the constants in their market or business. Instead of chasing fleeting trends, focus on principles that remain unchanged over time. He suggests writing down questions like, "What in my business will never change?" to guide strategic decisions.
Takeaway 2: The Power of Patience in an Impatient World
[06:30]
In an era characterized by instant gratification—from same-day deliveries to real-time communication—patience becomes a rare and valuable asset. Omar underscores that those who cultivate a long-term perspective are better positioned for sustained success.
Quote Highlight:
“Anybody who has patience will win. They have an advantage.” [07:05]
Business Application:
Omar discusses the temptation for quick wins in business but emphasizes that lasting success stems from building systems, nurturing relationships, and focusing on sustainable growth. He shares his strategy of incrementally growing his customer base as an example of embracing patience.
Action Step:
Listeners are encouraged to evaluate their business goals, ensuring they balance short-term objectives with a long-term vision. Questions to ponder include:
- "What does my business look like in five, ten, or even fifty years?"
- "How many customers will I have, and what impact will I make?"
Takeaway 3: Embracing Uncertainty with a Resilient Mindset
[10:20]
Housel posits that uncertainty is an inherent aspect of life and business. Omar reflects on the importance of building resilience to navigate unpredictable challenges effectively.
Personal Anecdote:
Omar shares his experience launching his software company, Webinar Ninja, where unexpected bugs and issues arose post-launch. He explains how anticipating these challenges prepared him to address them proactively.
Quote Highlight:
“The real skill isn't avoiding uncertainty, it's building the resilience to handle it.” [11:15]
Strategic Approach:
Omar recommends performing a "What can go wrong?" analysis for any project or initiative. By identifying potential failures in advance, entrepreneurs can develop contingency plans, thereby mitigating risks.
Action Step:
Listeners should engage in exercises that forecast possible setbacks in their endeavors. Questions to consider:
- "How can this project fail?"
- "What steps can I take to shore up these weaknesses?"
Conclusion and Final Thoughts
[14:30]
Omar wraps up the episode by lauding Morgan Housel's expertise in capturing timeless truths within "Same as Ever." He reiterates the book's value in providing a grounded perspective amidst a rapidly changing world.
Final Quote:
“By understanding that timeless human behavior, practicing patience, and building resilience, we can thrive in a world that's always changing.” [15:00]
Omar highly recommends the book as a grounding tool for navigating both personal and professional landscapes, especially during times of uncertainty and rapid change. He directs listeners to the The $100 MBA Show website for more book recommendations and encourages them to consider "Same as Ever" as a thoughtful addition to their reading list or as a meaningful gift.
Key Takeaways for Listeners
- Identify and Focus on Timeless Principles: Understand what remains constant in your industry to build a resilient and enduring business.
- Cultivate Patience: Embrace a long-term perspective to achieve sustained success over fleeting quick wins.
- Build Resilience: Anticipate uncertainty and develop strategies to navigate challenges effectively.
For more insights and actionable business lessons, visit 100mba.net.
Notable Quotes with Timestamps:
- “If I'm talking about a Book on a must read episode... if I'm talking about it, it's worth reading.” — Omar Zenhom [01:24]
- “When it comes to my company, Amazon, what will never change? People will want things quickly and at the best possible price.” — Omar Zenhom [04:25]
- “Anybody who has patience will win. They have an advantage.” — Omar Zenhom [07:05]
- “The real skill isn't avoiding uncertainty, it's building the resilience to handle it.” — Omar Zenhom [11:15]
- “By understanding that timeless human behavior, practicing patience, and building resilience, we can thrive in a world that's always changing.” — Omar Zenhom [15:00]
About "Same as Ever" by Morgan Housel: Morgan Housel, acclaimed for his bestseller "The Psychology of Money," continues to explore profound economic and human behavior insights in "Same as Ever." The book delves into the constants that shape our lives and businesses, offering readers a framework to navigate an ever-evolving world with timeless wisdom.
Connect with Omar Zenhom: Stay updated with more business insights and book recommendations by visiting 100mba.net and tuning into The $100 MBA Show.