MBA2582 Q&A Wednesday: How Do I Build a Business When Everyone Says It Won’t Work?

Summary

The $100 MBA Show: Episode MBA2582 Q&A Wednesday - How Do I Build a Business When Everyone Says It Won’t Work?

Release Date: February 5, 2025
Host: Omar Zenhom
Co-host: [Co-host’s Name]

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Introduction

In episode MBA2582 of The $100 MBA Show, host Omar Zenhom addresses a common entrepreneurial challenge: building a business amidst widespread skepticism. The episode centers around Hasan’s question, “How do I build a business when everyone says it won’t work?” Omar and his co-host delve deep into strategies for validating business ideas, overcoming doubt, and ensuring market viability without relying solely on intuition or ignoring criticism.

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Embracing Skepticism and the Importance of Validation

Omar begins by acknowledging that skepticism is a natural part of the entrepreneurial journey. He emphasizes the necessity of validating business ideas with concrete evidence rather than relying on gut feelings or dismissing criticism outright.

Omar Zenhom [01:06]: “We want to avoid blind faith. We want to build a case that proves your concept. Your idea has real potential.”

The co-host reinforces this by highlighting that successful entrepreneurs often face doubts but succeed by substantiating their ideas with facts.

Co-host [02:07]: “The world's most successful entrepreneurs have all faced skepticism at some point.”

---

Shifting Focus from Being Right to Achieving Success

A pivotal point in the discussion is the shift in mindset from proving the idea is right to focusing on building a profitable and successful business.

Co-host [02:48]: “One of the best ways to change this is to change your goal.”

Omar Zenhom [03:01]: “That's what winning looks like, is having a business that's successful, that's making us money, that's giving us financial freedom.”

The duo underscores that attachment to an idea can blind entrepreneurs to its flaws, advising listeners to prioritize market success over personal conviction.

Co-host [03:18]: “Who cares about the idea? The idea doesn't matter. You're in search of the truth. You're in search of what's going to work.”

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Three-Step Validation Process

Omar and the co-host outline a three-step process to validate a business idea effectively:

1. Validate the Problem

   Understanding whether the problem you aim to solve is significant and widespread.

   Omar Zenhom [04:40]: “First, you want to validate the problem. Is this a problem people are actively trying to solve?”

   They suggest using tools like Google Trends or Exploding Topics to gauge interest and demand.

2. Validate the Solution

   Ensuring that your solution effectively addresses the problem better than existing alternatives.

   Omar Zenhom [05:22]: “There's no point in trying to launch a product or service that's inferior or at best the same as the competition.”

   Testing and obtaining feedback from potential users is crucial.

3. Validate the Market

   Confirming that there is a substantial market willing to pay for your solution, ensuring business sustainability and profitability.

   Omar Zenhom [05:55]: “We don't get into a business and go after a market that really doesn't have enough TAM, which is total addressable market.”

   Identifying competitors can serve as an indicator of market viability.

   Co-host [06:16]: “Competitors are a good sign that money is being spent in this space.”

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Real-World Application: Webinar Ninja and Open Ranger

Omar shares his firsthand experience with validating business ideas through his ventures, Webinar Ninja and Open Ranger.

• Webinar Ninja:

  Co-host [06:31]: “When I started Webinar Ninja back in 2014, I noticed people were already running webinars but were struggling with the existing tools.”

  Omar developed a comprehensive tool by identifying the fragmented webinar process and offering a streamlined solution, which led to over 30,000 users and eventual acquisition by Proprofs.

• Open Ranger:

  Omar Zenhom [11:22]: “When I pre-sold Open Ranger, I sent out an email to my email list. People bought access to the software before it was ready. I used that money as seed capital to clean up my software and make it ready for commercial use.”

These examples illustrate the effectiveness of pre-selling and gathering user commitment before fully developing a product.

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Actionable Steps for Listeners

Omar and the co-host provide actionable advice to help entrepreneurs validate their ideas:

1. Run a Quick Test:

   Create a simple landing page describing your product and collect email addresses to gauge interest.

   Co-host [08:03]: “Now is the time to run a quick test, create a simple landing page explaining your product and collect email addresses to gauge interest.”

2. Pre-Sell Your Product:

   Offer early access or take deposits to ensure there is monetary commitment from potential customers.

   Co-host [10:04]: “Another thing you could do is talk to potential customers and ask if they would pay for something that you're offering.”

3. Engage with Serious Customers:

   Focus on feedback from genuine potential customers rather than critics to refine your product based on real needs.

   Co-host [13:35]: “Gather as much data from potential customers and not critics.”

---

Handling Skepticism and Building Resilience

The hosts discuss the emotional and relational challenges of entrepreneurship, such as facing doubt from friends and family, and becoming somewhat alien to one's social circle.

Omar Zenhom [14:23]: “People start seeing you like an alien. They don't understand what you're doing and how you would be doing that.”

Despite these challenges, they emphasize the importance of staying focused on validated data and the support of the right customer base.

Omar Zenhom [15:07]: “You don't need everyone to believe in your idea. You just need the right customers to believe in it.”

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Key Takeaways

• Validate with Data: Ensure your business idea addresses a real problem, offers a superior solution, and operates within a profitable market.

• Pre-Selling as Proof: Utilize pre-selling strategies to secure commitments and validate market demand before full-scale development.

• Focus on Success Over Being Right: Prioritize building a successful, profitable business over proving your idea is inherently correct.

• Handle Skepticism Constructively: Use skepticism as a catalyst for refining your idea, and focus on feedback from potential customers rather than naysayers.

• Build a Supportive Customer Base: Cultivate relationships with customers who believe in your product, as their support is crucial for sustained success.

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Conclusion

Episode MBA2582 offers a comprehensive guide for entrepreneurs facing doubt from their immediate circles. Omar Zenhom and his co-host provide practical, evidence-based strategies to validate business ideas, secure market interest, and build resilience against skepticism. By focusing on data-driven validation and customer commitment, entrepreneurs can navigate challenges and turn their business ideas into thriving ventures.

For more insights and actionable business lessons, visit 100mba.net and subscribe to The $100 MBA Show on your preferred podcast platform or YouTube channel.

Transcript

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[Student]

My dad works in B2B marketing. He came by my school for career day and said he was a big roas man. Then he told everyone how much he loved calculating his return on ad spend. My friends still laugh at me to this day.

[LinkedIn Representative]

Not everyone gets B2B, but with LinkedIn you'll be able to reach people who do. Get $100 credit on your next ad campaign. Go to LinkedIn.com results to claim your credit. That's LinkedIn.com results to terms and conditions apply. LinkedIn the place to Be To Be.

[Omar Zenhom]

What do you do when everyone around you says your business idea is doomed to fail?

[Co-host]

Should you fight?

[Omar Zenhom]

Should you prove them wrong? Or is there wisdom in their doubts? In today's Q and A Wednesday episode, we get into a question from Hasan that dives into this exact dilemma. How do I build a business when everyone says it won't work? My promise in today's episode is to uncover the truth about validating your business idea. We want to avoid blind faith. We want to build a case that proves your concept. Your idea has real potential. Welcome Back to the $100 MBA Show. I'm your host, Omar Zenholm, where we deliver practical business lessons three times a week.

[Co-host]

Monday, Wednesday, Friday. My job is to help you take action so you can start, grow and scale your business. Today's episode is Q and A Wednesday.

[Omar Zenhom]

If you have a question you want to ask, by the way, just go ahead and ask it over at 100mba.netq and we'll answer it right here on Q and A Wednesday. Today's question is from Hasan and Hassan asked how do I build a business.

[Co-host]

When everyone says it won't work?

[Omar Zenhom]

First of all, Hasan, congratulations on having.

[Co-host]

The courage to think differently. To go against the grain. The world's most successful entrepreneurs have all.

[Omar Zenhom]

Faced skepticism at some point. But here's the key. You can't rely on gut feelings and ignore criticism. You just can't. Okay, you need to validate your idea.

[Co-host]

With facts you can prove.

[Omar Zenhom]

But let's back up a bit One of the things I had to learn the hard way is how to get.

[Co-host]

My mind right when it came to.

[Omar Zenhom]

My ideas, my business ideas. And the advice I would give myself, I can go back in time, is don't fall in love with any particular idea. This is one of the biggest mistakes entrepreneurs make, including myself, like I just mentioned. But here's the thing.

[Co-host]

One of the best ways to change this is to change your goal.

[Omar Zenhom]

Your goal is, isn't to prove your idea is right.

[Co-host]

It's to become a successful, profitable entrepreneur. That's what we're aiming for here.

[Omar Zenhom]

That's what winning looks like, is having.

[Co-host]

A business that's successful, that's making us.

[Omar Zenhom]

Money, that's giving us financial freedom. It's giving us everything we want out of that business.

[Co-host]

It's not to be right.

[Omar Zenhom]

It's not so that we have the right idea.

[Co-host]

If the idea I have is a disaster and it won't get me to.

[Omar Zenhom]

My goal, which is being successful, then forget that idea. You know, f that idea.

[Co-host]

Who cares about the idea? The idea doesn't matter. You're in search of the truth. You're in search of what's going to work. If you're emotionally attached to your idea, you might ignore clear signs that it won't work. The best business isn't the one you love the most.

[Omar Zenhom]

It's the one the market loves the most.

[Co-host]

The market matters, and that's why we need to show proof the market loves what we have. We need to show evidence that this.

[Omar Zenhom]

Is actually something that people want and will be successful.

[Co-host]

So fight for success, not for any.

[Omar Zenhom]

Particular idea, by the way.

[Co-host]

This makes you a way better leader and listener.

[Omar Zenhom]

So that when you're with your team and they're sharing ideas or they're even contradicting what you're saying or maybe disagreeing and say, hey, I think we should go another route.

[Co-host]

You are open to those ideas because you're trying to get to the path.

[Omar Zenhom]

That'S going to get you to success faster and more reliably.

[Co-host]

You're checking your ego at the door. And by the way, you hired this person to do this to help you become successful.

[Omar Zenhom]

So it's not about the ideas you should be fighting for. It's which idea is going to help us succeed. And this applies to, like, the business idea, the product or service, or any idea in marketing and sales, in any part of any decision that we're trying to make in our business.

[Co-host]

So what should we do instead?

[Omar Zenhom]

Well, that leads me to tip number two. Build an evidence based case to know.

[Co-host]

If your idea has potential. You need evidence. You need proof. This isn't about hunches, it's about data.

[Omar Zenhom]

So we're going to validate three things. The first thing we're going to validate is the problem.

[Co-host]

Validate the problem is this problem that.

[Omar Zenhom]

I'm trying to solve, a problem people are actively trying to solve. Okay, so how do you do this?

[Co-host]

Well, you look for proof.

[Omar Zenhom]

Are people searching for solutions online to this problem?

[Co-host]

Are they already spending money on alternatives.

[Omar Zenhom]

Or other solutions that are not so great? Use tools like Google Trends or Exploding Topics. Great, great tool to figure out if.

[Co-host]

These ideas, if these solutions are being researched. The second thing we want to validate is the solution. Does your solution actually address the problem better than what's already out there?

[Omar Zenhom]

There's no point in trying to launch a product or service that's inferior or at best the same as the competition. Then you're just like, fighting for scraps. You don't want to be in that battle.

[Co-host]

This is where testing and feedback comes in.

[Omar Zenhom]

I'm gonna give you an example in a moment of all these validations.

[Co-host]

In a moment how to do them. But we want to test in the.

[Omar Zenhom]

Real world and get feedback to see.

[Co-host]

If the solution actually addresses the problem.

[Omar Zenhom]

Enough for people to want to pay for it.

[Co-host]

Happily. Number three, validate the market. Is there enough money to be made in this market? Is there enough money to make your business sustainable and profitable?

[Omar Zenhom]

Okay, this is important because we don't get into a business and go after a market that really doesn't have enough tam, which is total addressable market.

[Co-host]

For example, if there's only a thousand.

[Omar Zenhom]

People that want this solution and you want to make $10 million, it's going to be quite hard for you to serve a market that small.

[Co-host]

So how do you do this? Well, you look for competitors.

[Omar Zenhom]

Yes, competitors are a good sign that.

[Co-host]

Money is being spent in this space.

[Omar Zenhom]

That there's enough people giving away or.

[Co-host]

Taking their dollar out of their wallet and giving it to companies so that.

[Omar Zenhom]

They can have a solution to that problem.

[Co-host]

So let me give you an example.

[Omar Zenhom]

Of how I implemented this in my own business.

[Co-host]

My software company, Webinar Ninja, that I.

[Omar Zenhom]

Started back in 2014, that I built.

[Co-host]

And scaled to over 30,000 use over 10 years.

[Omar Zenhom]

And then we recently got acquired by a big company called Proprofs.

[Co-host]

When I started Webinar Ninja Back in.

[Omar Zenhom]

2014, I noticed people were already running webinars but are struggling with the existing tools.

[Co-host]

In fact, they were using several tools.

[Omar Zenhom]

To pull off a successful webinar.

[Co-host]

In order to run a webinar, you.

[Omar Zenhom]

Have to market the webinar with landing pages, collect email addresses, send out emails so that people know where to go. You have to have a live stream. You need to record that live stream. You need to send out that replay. You need to see some statistics. You may want to have some sort.

[Co-host]

Of interaction during the actual webinar. So as you can see, there's a.

[Omar Zenhom]

Lot of moving parts, a lot of pieces of software coming together to make this event happen.

[Co-host]

So what I decided to do to.

[Omar Zenhom]

Make sure that people actually want what.

[Co-host]

I'm creating, a better solution to running.

[Omar Zenhom]

Webinars is I pre sold webinar Ninja before building it.

[Co-host]

I created a simple landing page and offered early access to people.

[Omar Zenhom]

And this helped me prove two things.

[Co-host]

This is what I mean by gathering evidence, making sure I have facts on my side. Again, I did this to prove two things. People wanted a better solution, like they.

[Omar Zenhom]

Were looking for it and when they saw it they're like, hey, I want to try this out.

[Co-host]

And they're willing to pay for it before it's even in existence.

[Omar Zenhom]

So people put down $250 in my case as a deposit so that they can get a spot to get a license to my software when it was ready in four months.

[Co-host]

So the learning here and the action.

[Omar Zenhom]

Step for you to take action right.

[Co-host]

Now is to run a quick test, create a simple landing page explaining your.

[Omar Zenhom]

Product and collect email addresses to gauge interest. By the way, a landing page is a simple page on a website where it's just describing what you're offering.

[Co-host]

Give me your name and email address.

[Omar Zenhom]

As like a waiting list.

[Co-host]

This is a good kind of primer.

[Omar Zenhom]

And then when you have the email.

[Co-host]

Addresses, you can make an offer to.

[Omar Zenhom]

Them and say, hey, would you like to pre buy or would you like.

[Co-host]

To get early access?

[Omar Zenhom]

Please put a deposit.

[Co-host]

This is the rubber meeting the road.

[Omar Zenhom]

And you can see people are willing to pay for it.

[MultiCare Representative]

Our state has changed a lot in the last 140 years. We know because Multicare has been here guided by a single making our communities healthier. That comes from making courageous decisions, partnering with local communities to grow programs and services and expanding healthcare access to those who need it most. Together we're building a healthier future. Learn [e-mail] My dad works in B2B marketing.

[Student]

He came by my school for career day and said he was a big roas man. Then he told everyone how much he loved calculating his return on ad spend. My Friends still laugh at me to this day.

[LinkedIn Representative]

Not everyone gets B2B, but with LinkedIn, you'll be able to reach people who do get $100 credit on your next ad campaign. Go to LinkedIn.com results to claim your credit. That's LinkedIn.com results. Terms and conditions apply. LinkedIn, the place to be, to be.

[Co-host]

Part three prove there's money to be made.

[Omar Zenhom]

All right, we're now gathering more and.

[Co-host]

More evidence that, hey, this idea has.

[Omar Zenhom]

Legs and it could potentially help me succeed as an entrepreneur. So if your business idea doesn't have a path of profitability, it's not a business, it's a hobby.

[Co-host]

That's just the bottom line.

[Omar Zenhom]

So you need to make sure that there's money being made here. So how do you prove that?

[Co-host]

Start small.

[Omar Zenhom]

You can do what I did. Pre sell your product or your service, guarantee some customers where they can just even put like a 10% deposit and then they can pay the rest.

[Co-host]

It just shows that they're willing to.

[Omar Zenhom]

Part with some money to get a solution to they're interested enough to actually just put some money down.

[Co-host]

Another thing you could do is talk to potential customers and ask if they.

[Omar Zenhom]

Would pay for something that you're offering just one on one on a video.

[Co-host]

Call or in person or via email. And then if they say yes, your next thing is say, great. Would mind putting down a deposit? If I was selling a T shirt.

[Omar Zenhom]

And somebody said, I love your T shirts, I'd love to buy one.

[Co-host]

Awesome. How about you give me $25?

[Omar Zenhom]

It's $45 for the t shirt. Give me $25. And then when the T shirt is.

[Co-host]

Created and is delivered, you can give.

[Omar Zenhom]

Me the rest of the money.

[Co-host]

If somebody says yes to that, you.

[Omar Zenhom]

Know, they are a customer. There's money to be made here. The whole point I'm trying to drill in here in this third part of proving that money can be made is.

[Co-host]

You want a business that's easy to run.

[Omar Zenhom]

You want a business that's easy to easy to sell a product and service.

[Co-host]

You don't have to convince your customers constantly and cajole them into buying it. You want customers when they discover your product, they're like throwing money at you.

[Omar Zenhom]

They're like, hey, I need this. Can you please give it to me? I'm willing to part money right now and give you money that I worked hard for, for you to, you know.

[Co-host]

Give me a spot or give me.

[Omar Zenhom]

Early access or, you know, send it.

[Co-host]

To me as soon as it's available. That's the type of business you want.

[Omar Zenhom]

If you don't have that on your side, you're going to have a very.

[Co-host]

Hard time moving forward. But if you do have that, then.

[Omar Zenhom]

You have proven that this business is worth pursuing. When I pre sold Open Ranger, I sent out an email to my email list. People bought access to the software before it was ready. I used that money as seed capital to clean up my software and make.

[Co-host]

It ready for commercial use.

[Omar Zenhom]

About four to five months later, I gave them access. I got feedback from them. We improved the product over and over, year after year.

[Co-host]

The rest is history.

[Omar Zenhom]

You get the point.

[Co-host]

I did this because I didn't have any money, right?

[Omar Zenhom]

I didn't have investors, I didn't have any savings.

[Co-host]

I did it because I had to and because I had to.

[Omar Zenhom]

In the process, I proved that people are willing to spend money on this product and I was able to get.

[Co-host]

Some upfront capital to get things going.

[Omar Zenhom]

So as an action step, prove people.

[Co-host]

Want to buy what you have. Pre sell the idea, start an email.

[Omar Zenhom]

List, get that landing page together, right?

[Co-host]

If they're willing to pay up front.

[Omar Zenhom]

And they're able to sign up and get the product later, that is amazing.

[Co-host]

Proof that your business, your concept, is something that they want, something that they need.

[Omar Zenhom]

But if people won't pay upfront for.

[Co-host]

Something, you need to rethink your concept. There's a risk here that you're going.

[Omar Zenhom]

To work on and build it, invest in it, and then when you do offer to people, people are not willing.

[Co-host]

To pay for it. This is why I'm saying that maybe.

[Omar Zenhom]

It'S not all the money, but maybe just a deposit. Even if it's just like, you know.

[Co-host]

10% deposit just to see if they're willing to spend some money in the promise of committing to, hey, I'm going.

[Omar Zenhom]

To buy this thing when it's ready.

[Co-host]

Part 4 Ignore the noise but listen to the data. Listen. Everybody in this world thinks you're an.

[Omar Zenhom]

Expert, including your friends and family, and.

[Co-host]

There is going to be some truth to what they say. But you need to prove what's true and what's not true. You got to listen and not get discouraged, right?

[Omar Zenhom]

It's easy to get discouraged when people doubt your idea.

[Co-host]

But remember, skepticism can be helpful. It can force you to validate and refine your concept. So here's some tips.

[Omar Zenhom]

When it comes to this, you want.

[Co-host]

To ignore opinions that aren't backed by facts.

[Omar Zenhom]

What I mean by that is that.

[Co-host]

When somebody says something to you and say, this idea won't work, ask them why and then if they say why, go and find out if that why is true. If it is true, then you need.

[Omar Zenhom]

To find a solution to that or move on.

[Co-host]

If it isn't true, great. But you need to prove that your idea is true, your beliefs are true.

[Omar Zenhom]

Your reasons for why it will work are true. Back it with Facts Data the second thing you really should just focus on.

[Co-host]

Is gathering as much data from potential.

[Omar Zenhom]

Customers and not critics. Okay?

[Co-host]

A lot of us ask for friends.

[Omar Zenhom]

And family and there's a good chance that your product or service is not.

[Co-host]

For your friends and family. It's for a specific type of person with specific needs. Talk to those people, get the information, get validation that they are actually serious.

[Omar Zenhom]

And would love to buy what you have.

[Co-host]

And what I found is the best.

[Omar Zenhom]

Way to silence doubters is with results.

[Co-host]

So Hasan, who asked today's question? Building a business when everyone says it won't work. It's challenging, right? But it's not impossible.

[Omar Zenhom]

And by the way, get used to it.

[Co-host]

The more and more you start growing.

[Omar Zenhom]

As an entrepreneur, the more and more.

[Co-host]

You start building and achieving, the more people are going to doubt you, the more people are going to say that's impossible. They can't relate to where you want to go. Right?

[Omar Zenhom]

And this is something that I learned.

[Co-host]

The hard way as I became an entrepreneur.

[Omar Zenhom]

I lost a lot of friends. I lost touch with a lot of my family members.

[Co-host]

Luckily not my close family.

[Omar Zenhom]

But the point here is, is that people start seeing you like an alien.

[Co-host]

They don't understand what you're doing and how you would be doing that.

[Omar Zenhom]

And why would anybody rational take the risks or believe in these ideas?

[Co-host]

But we're a special bunch entrepreneurs.

[Omar Zenhom]

We're people that believe we can create.

[Co-host]

Things out of thin air.

[Omar Zenhom]

And we do it right.

[Co-host]

But we do it based on facts. We do it based on research. We don't just roll the dice and.

[Omar Zenhom]

Hope for the best.

[Co-host]

Don't fall in love with the idea.

[Omar Zenhom]

Prove your idea is going to have legs. Build an evidence based case for your idea.

[Co-host]

Right?

[Omar Zenhom]

Prove there's money to be made by pre selling and testing with real customers.

[Co-host]

Ignore the noise, but listen to the data.

[Omar Zenhom]

And here's the thing.

[Co-host]

You don't need everyone to believe in your idea. You just need the right customers to believe in it. Thanks for tuning in to the hundred dollar MBA Show.

[Omar Zenhom]

If today's lesson resonated with you and you want more practical business lessons, just hit that subscribe button and you get access to over 2,500 business lessons. You can check out all our archives over at 100mba.net.

[Co-host]

So whether you're listening on Apple or.

[Omar Zenhom]

Spotify or any podcast app, or watching on YouTube, hit that subscribe or Follow button so you get our next episode automatically.

[Co-host]

Remember, we publish three days a week, Monday, Wednesday, Friday. So make sure you don't miss an.

[Omar Zenhom]

Episode and keep moving forward in building.

[Co-host]

And growing and scaling that business.

[Omar Zenhom]

I'm Omar Zenom, and I'll see you.

[Co-host]

In the next episode.

[MultiCare Representative]

Our state has changed a lot in the last 140 years. We know because MultiCare has been here guided by a single purpose, making our communities healthier. That comes from making courageous decisions, partnering with local communities to grow programs and services, and expanding healthcare access to those who need it most. Together, we're building a healthier future. Learn [e-mail].