MBA2586 The 7 Habits of Highly Unsuccessful Entrepreneurs (and How to Avoid Them)

Summary

Podcast Summary: The $100 MBA Show Episode: MBA2586 - The 7 Habits of Highly Unsuccessful Entrepreneurs (and How to Avoid Them)
Host: Omar Zenhom
Release Date: February 14, 2025

In this insightful episode of The $100 MBA Show, host Omar Zenhom delves deep into the seven detrimental habits that hinder entrepreneurial success. Drawing from personal experiences and practical business strategies, Omar and his co-host provide actionable advice to help aspiring and current entrepreneurs navigate common pitfalls. Below is a comprehensive summary of the episode, highlighting key discussions, notable quotes, and essential takeaways.

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Introduction

Omar Zenhom opens the episode by emphasizing that while success leaves clues, failure does as well. Recognizing and avoiding these seven detrimental habits is crucial for any entrepreneur aiming to build a thriving business.

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1. Letting Fear Call the Shots

Timestamp: [02:05]

Fear is identified as a primary obstacle to entrepreneurial success. Whether it's the fear of failure, rejection, or uncertainty, these emotions can paralyze decision-making and lead to missed opportunities.

• Key Points:

  • Impact of Fear: Leads to indecision and prevents entrepreneurs from taking bold steps necessary for growth.
  • Personal Experience: Omar shares his struggles with overcoming fear and the importance of reframing it as part of the entrepreneurial process.
  • Actionable Advice:
    • Reframe Fear: Understand that fear accompanies taking risks and view setbacks as learning opportunities.
    • Utilize Data: Counteract fear-driven doubts with concrete data, research, and customer feedback to validate business decisions.

• Notable Quote:

  Omar Zenhom [03:17]: "Fear is a part of the process. Taking small, calculated risks are what business is all about."

---

2. Overthinking and Analysis Paralysis

Timestamp: [03:53]

Overanalyzing situations can trap entrepreneurs in the planning phase, preventing them from executing and adapting.

• Key Points:

  • Definition: Spending excessive time gathering information and seeking perfect answers before taking action.
  • Consequences: Delays progress, hampers decision-making, and stifles growth.
  • Actionable Advice:
    • Set Deadlines: Implement strict deadlines for decisions to force action.
    • Iterative Approach: Launch products or services with the understanding that refinement comes through real-world feedback.
    • Embrace Imperfection: Accept that not all variables can be controlled and learn through execution.

• Notable Quote:

  Co-host [04:08]: "So many entrepreneurs, when they get started, they want to have all the answers before they even take action."

---

3. Not Delegating—Trying to Do Everything Yourself

Timestamp: [06:14]

Attempting to handle all aspects of a business single-handedly leads to burnout and limits scalability.

• Key Points:

  • Time Management: Entrepreneurs' time is their most valuable asset; getting bogged down in low-value tasks detracts from strategic growth.
  • Delegation Benefits: Frees up time to focus on high-impact activities that drive business expansion.
  • Actionable Advice:
    • Start Small: Hire virtual assistants or freelancers for routine administrative tasks.
    • Train Effectively: Overcome control issues by training others to handle specific tasks.
    • Embrace Scaling: Understand that effective delegation is essential for transitioning from self-employment to entrepreneurship.

• Notable Quote:

  Omar Zenhom [06:29]: "Time is your most valuable asset. If you're buried in low-value tasks, you're not going to grow your business."

---

4. Treating the Business as a Job

Timestamp: [07:41]

Viewing a business merely as a job rather than an investment stifles its potential to become a valuable asset.

• Key Points:

  • Mindset Shift: Transitioning from working in the business to working on the business.
  • Value Creation: Focus on building systems and assets that generate ongoing value and income.
  • Actionable Advice:
    • Invest Profits Wisely: Reinvest earnings into areas like marketing, hiring, and system improvements.
    • Strategic Growth: Transition from being the primary executor to overseeing and enhancing business operations.

• Notable Quote:

  Omar Zenhom [08:03]: "You're building something that is going to create value for the world in exchange for value for you, which is going to earn you income."

---

5. Thinking Small and Acting Big

Timestamp: [11:08]

Entrepreneurs who stretch themselves too thin in an attempt to appear larger than their actual business capabilities can undermine sustainable growth.

• Key Points:

  • Superficial Growth: Investing in flashy assets like fancy offices or expensive branding without solid business foundations.
  • Sustainable Success: Focus on foundational elements such as product quality, customer value, and efficient operations.
  • Actionable Advice:
    • Be Scrappy: Spend conservatively and prioritize essential expenditures that contribute directly to business growth.
    • Master the Fundamentals: Concentrate on delivering exceptional value and building a robust business infrastructure.

• Notable Quote:

  Co-host [11:20]: "Big success comes from mastering the small details, not pretending you already made it."

---

6. Poor Cash Flow Management

Timestamp: [12:18]

Mismanagement of finances is a leading cause of business failure, making it imperative for entrepreneurs to maintain a clear understanding of their financial health.

• Key Points:

  • Financial Awareness: Knowledge of revenue streams, expenses, profit margins, and cash flow is non-negotiable.
  • Tools and Resources: Utilizing financial tracking tools, such as Profit and Loss (P&L) statements, to monitor and manage finances effectively.
  • Actionable Advice:
    • Track Numbers: Regularly monitor key financial metrics to make informed business decisions.
    • Use Templates: Leverage available resources, like Omar’s free P&L spreadsheet, to simplify financial tracking.

• Notable Quote:

  Omar Zenhom [12:18]: "Don't say I'm not a math person, I don't know. No, it's not optional. It's survival."

---

7. Not Changing and Not Growing as an Entrepreneur

Timestamp: [14:31]

Personal and professional stagnation hinders business growth, emphasizing the need for continuous self-improvement and adaptability.

• Key Points:

  • Personal Growth: Entrepreneurs must evolve alongside their businesses to overcome new challenges and seize emerging opportunities.
  • Learning and Development: Engaging in ongoing education through reading, courses, mentorship, and stepping out of comfort zones.
  • Actionable Advice:
    • Invest in Yourself: Prioritize personal development to enhance leadership and strategic thinking skills.
    • Embrace Change: Adapt to market shifts and continuously seek ways to improve and scale the business.

• Notable Quote:

  Co-host [14:31]: "The best investment you can make is in yourself. Your business depends on it."

---

Conclusion and Recap

Timestamp: [15:26]

Omar and his co-host conclude the episode by recapping the seven habits to avoid:

1. Letting fear call the shots.
2. Overthinking and not taking action.
3. Not delegating tasks.
4. Treating the business as a job.
5. Thinking small but acting big.
6. Poor cash flow management.
7. Not growing and evolving as an entrepreneur.

They emphasize that recognizing these habits is the first step toward eliminating them. With commitment and actionable strategies, entrepreneurs can overcome these obstacles to build successful, scalable businesses.

• Final Advice:

  • Commit to Change: Make a personal commitment to address and rectify these habits.
  • Utilize Resources: Take advantage of available tools, such as Omar’s free P&L template, to enhance business management.

• Final Notable Quote:

  Omar Zenhom [16:06]: "So make a commitment to yourself that you're going to work on these things. And if you haven't come across these yet, look out for..."

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Additional Resources

• Free P&L Spreadsheet: Entrepreneurs can download Omar’s Profit and Loss template from 100mba.net/templates to effectively track and manage their business finances.

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By addressing and avoiding these seven common habits, entrepreneurs can significantly increase their chances of building a resilient and prosperous business. Omar Zenhom’s practical insights provide a valuable roadmap for navigating the complexities of entrepreneurship with confidence and strategic foresight.

Transcript

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[Omar Zenhom]

Success leaves clues, but so does failure. If you want to build a thriving business, it's not just about adopting the right habits. It's about avoiding the wrong ones. Today we're going to break down the seven habits of highly unsuccessful entrepreneurs. These habits don't just hold you back, they sabotage your business growth. The good news? Once you recognize them, you can take steps to eliminate them and turn things around. Let's get into it. Welcome back to the Hundred Dollar MBA Show. I'm your host Omar Zenholm where I give you practical business lessons three days a week, Monday, Wednesday, Friday to help you start, grow and scale your business. Today we're going to be talking about the seven habits of highly unsuccessful entrepreneurs. The behaviors, the mindsets, and what keeps so many businesses from reaching their full potential.

[Co-host]

I know these seven habits so well.

[Omar Zenhom]

Because I've experienced them. I had to break through these seven really bad habits. So I'm going to share with you those seven habits. How to avoid them if you can, or how to break through them. Starting with Habit number one, letting fear call the shots. Fear is one of the biggest obstacles to entrepreneur success, full stop.

[Co-host]

Why is this a problem?

[Omar Zenhom]

Well, fear of failure, rejection, uncertainty.

[Co-host]

This all leads to indecision and missed opportunities.

[Omar Zenhom]

In my experience, business is all about making a decision, taking action, and capitalizing on the opportunities that come to you. Opportunities are not so frequent. You have to capitalize when there is an opportunity. Can't just waste time and think about it and worry if, what if this doesn't work? Playing it too safe often means you're.

[Co-host]

Not taking those bold steps you need to grow. Fear is this voice in your head.

[Omar Zenhom]

That tells you you're not good enough, that this won't work, that you are not the authority, you're not an expert. So how do you break through? Let me tell you two things. Number one, you gotta reframe fear. You have to understand that fear is.

[Co-host]

A part of the process.

[Omar Zenhom]

Taking small, calculated risks are what business is all about. You have to learn from those setbacks. It's okay to make a mistake, don't worry about it.

[Co-host]

You will fail, guaranteed.

[Omar Zenhom]

If you're starting out with a business right now, I can guarantee there will be failure along the way.

[Co-host]

It's just a rite of passage, so.

[Omar Zenhom]

Just accept it and move forward.

[Co-host]

Number two, when you hear those voices, all that fear, all that doubt, you.

[Omar Zenhom]

Need to shut them up with data and research and information. You got to go out there and prove your business is right. Figure out, get some feedback from customers.

[Co-host]

Validate your idea, get the data to.

[Omar Zenhom]

Prove those thoughts are wrong.

[Co-host]

Fear is a terrible business partner.

[Omar Zenhom]

Don't let it make the decisions. Habit number two, overthinking analysis. Paralysis keeps so many entrepreneurs stuck in the planning stage, or what I call being stuck in playing business.

[Co-host]

So many entrepreneurs, when they get started.

[Omar Zenhom]

They want to get all the answers.

[Co-host]

Before they take one step. They want to have all the information before they even take action.

[Omar Zenhom]

And that's the problem. That's not how it works. You get the answers when you take action.

[Co-host]

You won't know for sure until you.

[Omar Zenhom]

Try, until you do it. And the reason why I call playing business is because a lot of people.

[Co-host]

Don'T take action because of that number.

[Omar Zenhom]

One problem, which is fear. They want to play around and do research and gather some data, and there's nothing wrong with that.

[Co-host]

But at some point you have to take action.

[Omar Zenhom]

And when you don't take action, you just stay in that playing business mode. And the reason why they stay in this mode is because they're afraid to try and fail.

[Co-host]

But even those who break through and.

[Omar Zenhom]

Take action that overthink it causes them so many problems down the line. Overthinking delays action and your progress.

[Co-host]

You'll never have all the answers before you start.

[Omar Zenhom]

Progress comes from doing and perfecting. Get this, you're never gonna have all the answers, period. Right?

[Co-host]

Even after years and years and decades of doing business, I still don't have all the answers.

[Omar Zenhom]

I know enough to do what I need to do.

[Co-host]

So how do you avoid it?

[Omar Zenhom]

Well, the first thing I recommend is.

[Co-host]

Setting deadlines for decisions and sticking to the deadline.

[Omar Zenhom]

Like say you have to make a decision on choosing a website builder. Understand that you can't take action and.

[Co-host]

Start building your website until you make that decision.

[Omar Zenhom]

So set it in line. By 6pm today, I will have chosen a website builder and signed up.

[Co-host]

Focus on taking action, then iterate based on results. Guess what? It's not the right one.

[Omar Zenhom]

You can cancel.

[Co-host]

Usually there's a trial or a money.

[Omar Zenhom]

Back guarantee and try another one tomorrow.

[Co-host]

For example, when I launched my software.

[Omar Zenhom]

Company, Webinar Ninja, the first version wasn't perfect, but it allowed us to get.

[Co-host]

Enough feedback from real life customers using.

[Omar Zenhom]

The product so that we can improve quickly and change the product. The beta version of Webinar Ninja looks.

[Co-host]

Nothing like today, right? With the version it is today, it's totally different.

[Omar Zenhom]

Different because we just put it out there, got feedback, iterated, changed. If you need another piece of information to get you to stop overthinking. I know a lot of entrepreneurs. I've met so many successful ones, millionaires.

[Co-host]

That have done incredibly well.

[Omar Zenhom]

And the ones that do exceptionally well.

[Co-host]

They'Re not that bright.

[Omar Zenhom]

They're not the sharpest knife in the drawer that serves them because they're not thinking about things so much.

[Co-host]

They're just trying and iterating.

[Omar Zenhom]

Okay? They're not overthinking, trying to get the perfect answer. Habit number three, not delegating, trying to do everything yourself. This is a recipe for burnout and stagnation and limited growth in your business. This is a big problem because your.

[Co-host]

Time is your most valuable asset.

[Omar Zenhom]

And if you're buried in low value tasks, you're not going to grow your business. You're going to still be trading time for money. And that's not entrepreneurship, that's self employment. That's you still being on the clock and not using your business as an asset. That helps you build wealth. You got to let your business work for you, not the other way around. How to avoid it?

[Co-host]

Just start small. Hire a virtual Assistant, a freelancer to take routine admin tasks off your plate.

[Omar Zenhom]

Delegate anything that doesn't require your unique expertise. I know if you say, I'm a control freak, I like things in a particular way. Train this person. If you still feel like, no, no, I need to do everything myself, then.

[Co-host]

Entrepreneurship, real entrepreneurship that scales and grows.

[Omar Zenhom]

Is just not for you. You either change. You accept the fact that you will be working for the rest of your life and trading time for money. That's really what you have to just accept. Do you want to trade time for money?

[Co-host]

Fore.

[Omar Zenhom]

Do you want to change, grow and start delegating?

[Co-host]

Sorry for the tough love, but that's something I had to learn the hard way. Great entrepreneurs know that asking who instead.

[Omar Zenhom]

Of how is key to scaling. Who can do this instead of how.

[Co-host]

Can I do this?

[Omar Zenhom]

Habit number four, treating their business as a job.

[Co-host]

This kind of builds upon the other.

[Omar Zenhom]

One not being able to delegate.

[Co-host]

But this is more in the mind.

[Omar Zenhom]

Many entrepreneurs fall into the trap of.

[Co-host]

Treating their business like a job instead of an investment. When you start a business, you're not starting a job. You're building an asset.

[Omar Zenhom]

You're building something that is going to create value for the world in exchange for value for you, which is going to earn you income. It's a machine that creates that for you.

[Co-host]

It works for you.

[Omar Zenhom]

So how do you create that machine?

[Co-host]

Well, you have to build that asset and you have to start seeing your.

[Omar Zenhom]

Business as an investment, right? Not a job.

[Co-host]

This means after your initial stage of.

[Omar Zenhom]

Building your business and you have idea validation and you have product market fit, you have some customers you made, like we say, $10,000 is kind of that threshold, okay? You have established that this business has some legs and you're creating a product or service that customers want. At that point, you now have a viable business.

[Co-host]

You need to start saying to yourself.

[Omar Zenhom]

Okay, I can't just keep working harder and harder to try to grow this.

[Co-host]

You got to start working smarter. You got to be more strategic.

[Omar Zenhom]

You got to say, what other piece do I need in this business so that it can continue to make more money. So, for example, you're making $15,000 a year right now. You just got some traction now. You haven't hit the 100,000 DOL market. I haven't hit a million or anything like that. But you're like, okay, I'm making some profit.

[Co-host]

What do I do with that profit?

[Omar Zenhom]

Pocket it? No, I need to invest in my.

[Co-host]

Machine that makes me money.

[Omar Zenhom]

So I gotta go ahead and say, let me throw some money into marketing.

[Co-host]

And do it wisely.

[Omar Zenhom]

Maybe I should spend that on a copywriter to write me better copy for my sales pages so I can convert.

[Co-host]

At a higher percentage.

[Omar Zenhom]

Maybe I gotta hire that VA that Omar told me about. The free up my time that's, you know, doing admin tasks and now I can focus on, you know, big revenue.

[Co-host]

Tasks that bring in the money.

[Omar Zenhom]

You start seeing it as an investment. How can I invest more into this company so it can make me more.

[Co-host]

Build systems, delegate and focus on scaling this business. Don't get stuck.

[Omar Zenhom]

Don't just stop at one point and say, okay, this is all I can do with the time I have. That's a job, not a business. A good way to look at it is that you gotta go from being the star player of the team to.

[Co-host]

Being the coach to being the team owner. As the owner of the team, you.

[Omar Zenhom]

Don'T dribble the basketball, you don't pass the ball, you don't kick any goals in, but you still win because you have this incredible asset that brings all this joy to so many people and makes you money. Way more money than what the star player gets paid.

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[Omar Zenhom]

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[Co-host]

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[Omar Zenhom]

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[Omar Zenhom]

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[Co-host]

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[Omar Zenhom]

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[Omar Zenhom]

Habit number five, thinking small and acting big.

[Co-host]

Some entrepreneurs are stretching themselves way too thin. They try to appear bigger than they are. Instead of focusing on real growth. Growth. What does this look like?

[Omar Zenhom]

It looks like spending money on superficial things like a fancy office or expensive branding that they can't afford yet. Maybe a fancy car. So then people show up, you know, to a meeting, they're like, oh wow, nice car. And they think they're successful, but their.

[Co-host]

Actual business is not strong and they're.

[Omar Zenhom]

Not building a big business. What you want to do is the opposite. You want to think big and act small. Be scrappy, spend less than you're making.

[Co-host]

Always live within your means, within your business.

[Omar Zenhom]

I'm not talking about your personal life right now. I'm talking about within your business.

[Co-host]

Be frugal in the beginning until, until you are making money hand over fist and then you can start spending a.

[Omar Zenhom]

Little bit money on a nice fancy.

[Co-host]

Couch in the office.

[Omar Zenhom]

Focus on being successful, really successful.

[Co-host]

Being small. Focus on the foundation, focus on the fundamentals. Prioritize delivering value to your customer.

[Omar Zenhom]

Big success comes from mastering the small.

[Co-host]

Details, not pretending you already made it.

[Omar Zenhom]

That is a really, really a short lived kind of charade you're going to be doing because you just can't do that forever. It's not sustainable.

[Co-host]

And that leads into habit number six.

[Omar Zenhom]

That you want to avoid poor cash flow management. Three out of four companies go out of business because of cash flow management, because of money, because of the numbers. Without clear cash flow management, your risk of overspending, running out of funds, missing growth opportunities, not knowing where your money is at all times is a recipe for disaster. And it will catch up with you if you're not on top of your money, on top of your cash flow. This is why one of the number one things I teach is making sure.

[Co-host]

You know your numbers. You know your revenue, you know your.

[Omar Zenhom]

Expenses, you know your profit margins, you know your growth, you know your cost per acquisition for customer, you know your net versus gross profit margin.

[Co-host]

And this is not complicated.

[Omar Zenhom]

I've actually created a spreadsheet, a P.

[Co-host]

And L sheet that you can use.

[Omar Zenhom]

To track all these numbers month over month. And if you want to download it, it's free. Just go to 100mba.net templates and you can download my own P and L template. This is the one I use to run all my business.

[Co-host]

Knowing your numbers is not optional.

[Omar Zenhom]

Don't say I'm not a math person, I don't know. No, it's not optional.

[Co-host]

It's survival.

[Omar Zenhom]

Okay?

[Co-host]

You need to know your numbers and it's very simple, it's very easy, it's not quantum Physics, you can do this.

[Omar Zenhom]

And it's just basic math and there's.

[Co-host]

No arithmetic you need to know. All the formulas are in my sheet. It's the difference between struggling and then.

[Omar Zenhom]

Eventually going out of business. Being at statistic three out of four companies or thriving, knowing your numbers, being confident, not being stressed out. Finally, habit number seven that you want to avoid.

[Co-host]

Not changing, not growing.

[Omar Zenhom]

And I'm talking about you. Your business will only grow as much as you do.

[Co-host]

If you stay stagnant, so will your business. Entrepreneurs that don't evolve, that don't grow, they'll invest in themselves. They become the bottleneck of the growth of the business. The business will only grow as much as you will grow. If you want to build a billion.

[Omar Zenhom]

Dollar company, you gotta become a billion dollar thinker, A billion dollar entrepreneur.

[Co-host]

What are the skills you need to.

[Omar Zenhom]

Have that a billion dollar entrepreneur has?

[Co-host]

What books you have to read, what.

[Omar Zenhom]

Courses you have to take?

[Co-host]

Who do you need to be around?

[Omar Zenhom]

What conferences you have to go to?

[Co-host]

If you haven't grown in the last.

[Omar Zenhom]

Year, last two years, last three years, I can almost guarantee your business didn't grow. Because no matter what market you're in.

[Co-host]

If you're not growing, you better believe.

[Omar Zenhom]

Your competition is growing and they will overtake you.

[Co-host]

So how to avoid it?

[Omar Zenhom]

Invest in yourself. It's the best investment you can make. And I know that you know this.

[Co-host]

Because you're consuming this po.

[Omar Zenhom]

But I want you to go another step further. Get a reading habit. 15 minutes in the morning, 15 minutes at night.

[Co-host]

Take some courses, seek mentors.

[Omar Zenhom]

Get around people that are doing and growing.

[Co-host]

Learn new skills. Challenge yourself to step out of your comfort zone. Growth comes from discomfort. Just like in the gym.

[Omar Zenhom]

When I transitioned from being a solopreneur to leading a team, whether it was here at the hundred MBA or my software company, webinar Ninja.

[Co-host]

I had to learn how to manage.

[Omar Zenhom]

People, how to build systems, how to think strategically. That personal growth unlocked new levels of success for our business.

[Co-host]

Because ask yourself, where is this success.

[Omar Zenhom]

Going to come from?

[Co-host]

It's going to come from decisions it's going to take from actions.

[Omar Zenhom]

Who's making those decisions?

[Co-host]

Who's taking those actions? You are right?

[Omar Zenhom]

Who is the one that's telling your.

[Co-host]

Team, hey, we need to do X, Y, Z, get it done.

[Omar Zenhom]

How do you gonna know what that is if you're not growing, if you're not getting better?

[Co-host]

So the best investment you can make is in yourself. Your business depends on it. So to wrap this up, unsuccessful entrepreneurs.

[Omar Zenhom]

Aren'T held by external factors. They're held by themselves. They're held by the habits that sabotage their progress.

[Co-host]

So here's a recap of the seven.

[Omar Zenhom]

Habits I want you to avoid like the plague.

[Co-host]

Letting fear call the shots.

[Omar Zenhom]

Overthinking and not taking action. Number three not delegating your task.

[Co-host]

Delegation is a part of growing your business. Number four Treating your business as a.

[Omar Zenhom]

Job, not an investment.

[Co-host]

Number five Thinking small but acting big.

[Omar Zenhom]

Number six Poor cash flow management. And number seven, not growing and evolving as an entrepreneur.

[Co-host]

If you recognize you have any of.

[Omar Zenhom]

These habits, the good news is you can change them.

[Co-host]

Awareness is the first step, and you've already gone past that step with this episode.

[Omar Zenhom]

So make a commitment to yourself that you're going to work on these things. And if you haven't come across these yet, look out for thanks for tuning into the hundred dollars MBA show again. If you want my free P and L sheet to be able to calculate your numbers and be on top of them and not be a statistic, just go to 100- MBA-NET templates. Download all our templates via that link. You can just leave your name and email address and we'll send it to you. Thanks so much for listening to the $100 MBA show. I'm Omar Zenholm. If you want more practical business lessons to help you get up, start that business, grow that business, scale that business, go ahead and subscribe. Whether you're listening on Spotify or Apple podcasts or on YouTube, you're watching on YouTube, hit subscribe or follow right now. Our next episode Again, we publish Monday, Wednesday, Friday.

[Co-host]

Make sure you hit subscribe so you.

[Omar Zenhom]

Don'T miss a beat. Thanks again. And remember, you have the power to change everything. Change who you are, change where your business is going, change your life.

[Co-host]

You just got to take action.

[Omar Zenhom]

You got to commit, make those decisions and know that, hey, it's all going to happen.

[Co-host]

Because I decide to.

[Omar Zenhom]

Thanks so much for listening and I'll check you in the next episode.

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