MBA2614 Why You Will Never Start a Business - The $100 MBA Show

Summary

The $100 MBA Show - Episode MBA2614: Why You Will Never Start a Business

Host: Omar Zenhom
Release Date: April 21, 2025

Omar Zenhom tackles a brutally honest topic in episode MBA2614 of The $100 MBA Show: why most people never embark on the entrepreneurial journey they aspire to take. Drawing from over two decades of entrepreneurial experience, Omar dissects the psychological and practical barriers that hinder aspiring business owners and offers actionable strategies to overcome them.

1. The Concealed Truth: Lack of Genuine Desire

Omar launches into the episode with a stark assertion:

“If you really wanted a business, you'd have it by now. I don't mean thinking about it, I don't mean talking about it, I mean actually doing it.”
[02:15]

He emphasizes that many individuals talk about starting a business but never take the necessary steps to make it a reality. The core issue lies in the disparity between desire and true commitment. Omar explains that fear often outweighs the actual desire to initiate a business, leading to perpetual hesitation and inaction.

2. The Dominance of Fear Over Desire

Delving deeper, Omar identifies fear of failure as the primary obstacle:

“Fear of failure is guaranteed. It's going to happen. It's part of the process.”
[04:22]

He likens fear in entrepreneurship to participating in sports or games where failure is an inherent possibility. Successful entrepreneurs, according to Omar, are those who accept and move forward despite inevitable failures, using each setback as a stepping stone rather than a stopping point.

3. Compulsion vs. Desire: The Entrepreneurial Drive

Omar references Felix Dennis's insights from his book How to Get Rich, distinguishing between desire and compulsion:

“Desire is wanting something. Compulsion is I have to make this happen. It's an unstoppable urge.”
[06:45]

He argues that compulsion—a relentless drive to achieve despite challenges—is essential for entrepreneurial success. Unlike mere desire, which is passive, compulsion fuels continuous action and resilience in the face of obstacles.

4. The Belief Paradox: Doubt vs. Confidence

Addressing self-doubt, Omar presents a paradox:

“If you do believe you have what it takes, you're also right.”
[08:10]

He explains that believing in one's capability, even in the absence of extensive resources or expertise, can propel individuals to take the necessary actions to succeed. Conversely, doubting one's abilities can lead to stagnation, regardless of actual potential.

5. Embracing the Hardships of Entrepreneurship

Omar dispels the myth of an easy entrepreneurial path:

“Business is not easy. Everything worth having is hard.”
[09:35]

He likens the entrepreneurial journey to training for the Olympics or climbing Mount Everest—challenging yet rewarding endeavors. Embracing the struggle is crucial, as it builds the resilience and determination needed to achieve long-term success.

6. Excuses vs. Results: Owning Your Journey

In a candid discussion, Omar confronts the issue of excuse-making:

“You can have excuses, but you can't also have results.”
[11:15]

He urges aspiring entrepreneurs to take full responsibility for their circumstances, eliminating excuses that hinder progress. By owning their challenges and seeking solutions, individuals can transition from stagnant dreaming to actionable results.

Solutions: Flipping the Switch to Entrepreneurial Success

Omar concludes with five actionable strategies to overcome the barriers preventing business initiation:

Face Your Fear and Move Anyway

“Don't let fear stop you. Do it anyway.”
[12:30]
Find Your Compulsion, Not Just Your Desire

“If you're obsessed with the idea, you'll understand it's how it gets done.”
[13:05]
Choose Belief Over Reality

“Belief shapes your reality. Act as if you can succeed.”
[14:20]
Embrace the Hard Work

“Commit to the grind. This is going to be a long journey.”
[15:45]
Park Your Excuses at the Door

“Own the journey. Own the results. No excuses.”
[17:10]

These strategies are designed to transform mindset and cultivate the persistence necessary for entrepreneurial endeavors.

Final Thoughts

Omar wraps up the episode with an empowering message:

“You can start a business if you're willing to accept failure, if you're willing to feel compelled beyond reason, if you believe in yourself despite the odds, if you're ready for hard work and you ditch all the excuses.”
[19:50]

He encourages listeners to take immediate action, emphasizing that the best time to start was yesterday, with the second-best time being today. Omar's no-nonsense approach serves as a wake-up call for those stuck in the realm of wishful thinking, providing clear guidance on how to transition from aspiring entrepreneurs to active business builders.

Resources Mentioned:

Felix Dennis's Book: How to Get Rich
Newsletter: Three Things Newsletter (100mba.net)

Join the Conversation: For more insights and actionable business lessons, subscribe to Omar Zenhom’s newsletter or visit The $100 MBA Show.

This summary captures the essence of Omar Zenhom's episode on entrepreneurial barriers and solutions, providing actionable insights for aspiring business owners.

Transcript

Omar Zenhom (0:00)

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Omar Zenhom (1:02)

Let's be real for a minute. You say you want to start a business, but the truth? You probably never will. Why? Because the reality is is you probably don't really want it. I know that sounds harsh, but I'm not here to sugarcoat things. I'm here to tell you the truth. In today's episode, we're going to break down why exactly most people never start a business, and more importantly, how to fix it. If you're ready to stop lying to yourself, then you're going to love this episode. In today's episode, I'm going to break down why some people just don't really want it, why your fear is stronger than your desire, and why you confuse compulsion with desire. There's a big difference between the two. Some people think they don't have what it takes. And guess what? You're right. And that's not the whole story. I'm going to get more into that. Some people want it to be easy, but it's simply not. And lastly, why people make excuses and expect results. If you are ready to get real and actually take action, this episode is for you. Let's get into it. Welcome Back to the $100 MBA Show. I'm your host, Omar Zenholm, where I deliver practical business lessons three times a week, Monday, Wednesday and Friday to help you start, grow and scale your business. Here's the brutal truth. If you really wanted it, you would have a business by now. That's just the truth. If you really wanted a business, you'd have it by now. I don't mean thinking about it, I don't mean talking about it, I mean actually doing it. Like you can point to and say, here is my business, but the reason why you don't have one is your fear is greater than your desire. I know this from experience. What held me back for years is that I had a fear of failure. I had a fear of embarrassment, I had a fear of the unknown. But fear makes you hesitate, it makes you overthink, it makes you over plan, it makes you procrastinate. Sound familiar? And of course, like I mentioned, the biggest fear of all is fear of failure. What if it doesn't work out? Here's a news flash. Fear failure is guaranteed. It's going to happen. It's part of the process. That's like saying, I want to play tennis. I want to play the board game Monopoly. I want to play the piano. And never fail and never lose and never make a mistake. That's impossible. You know that. You know that by playing other games in your life, other ventures in your life, you know that when you play a game of tennis, there's a chance of failure. There's a chance you might lose this game and you play anyway. You will fail. Not once, not twice, many times. Micro failures throughout your journey. It's going to happen and it's a rite of passage and everybody goes through it. And the reason why people are successful versus those who are not successful is very simple. They move forward and accept the reality of failure. They move forward despite their fear of failure. If you want a business be more afraid of staying where you are than you are afraid of failure. That's the key. That's what switched it on for me. I was less afraid of of starting a business than staying where I was. I was afraid that I was going to be in my job as a teacher forever and I will have no autonomy, have no control over my upward mobility, my boss is going to dictate my future. And I just. That fear outweighed the fear of starting a business. And you need to get to that place as quickly as possible or you're never going to make it happen. That's the truth. You could sugarcoat it, you can go around in circles, but that's how it is. The second reason why you won't start a business is what Felix Dennis says in his book how to Get Rich. In the book, he says, if it doesn't consume you, you won't do it. Here's what most people get wrong. They confuse compulsion with desire. This is such an important point that Felix Dennis makes in his book, and I want to really drill it home, because there's a big difference between feeling I have to do something versus I'd like to do something. Desire is wanting something. I want to be rich. I want to be my own boss. I want freedom. I want to have the flexibility. That's desire. But compulsion is I have to make this happen. I will not be a complete human being if I don't make this happen. It's an unstoppable urge. It's the thing inside you that won't let you sleep until you are one step closer to where you want to be. It's waking up every day and knowing you can't stop until it's real. You got to keep going despite all the challenges. Desire is passive. Compulsion is active. Another way to put it is that if you're not obsessed, you won't survive the journey. I know that sounds really out there. It sounds a little bit crazy, a little bit cuckoo, but entrepreneurs are a little crazy, okay? It's crazy to think that you can create something out of thin air, create value in the world, sell it to people, they'll buy it, and you make a profit. That's actually a crazy thought. That's what actually attracted me to entrepreneurship, is who are these crazy people that are doing this? This sounds incredible. It sounds like magic to me. But what I found is until I got dedicated, until I felt a compulsion to make this happen, almost any irrational compulsion doesn't make any sense. Why would I want to do this? But that compulsion drives you to. To make it happen. Despite the way you feel in a particular day, or despite your circumstances, or despite the economy, or despite all the excuses. We'll talk about that later. But despite all the excuses and all the things in front of you, compulsion tells yourself, hey, this is not nice to have. This is a top priority. Ask yourself, are you compelled to build a business, or do you just like the idea of it? Because if it's the latter, you will not make it. Third reason why people don't start a business. And here's where it gets tricky. You believe you don't have what it takes. And guess what? You're right. You don't. But here's the funny thing. If you do believe you have what it takes, you're also right. What's the difference? Belief, the reality Is success isn't about the smartest person in the room. I know a lot of entrepreneurs. Many of them are not the smartest people I know. Far less intelligent, less experienced, less qualified people have built wild successful businesses and you have not. Why? Ask yourself why. And the answer is because they believed they could. That's the difference. Inside, they believed they could do it regardless if they had the tools or the brains or the resources. They just believed they could. And therefore they did what they believed. And what I mean by that is that they showed up, they did the work, they pushed through failure after failure and kept moving forward because they believed it was possible. It's not what you are, it's about what you believe. Believe you can, and you'll figure out the how. Believe you can't, and you'll stay stuck forever. You'll actually find reasons why you can't make it happen. I know this is a tricky one. I know this is a funny one. But this is the truth. Our brains are incredible machines, and we will go forward if we believe in something. Your job, if you want to start a successful business, is to believe you can do it despite your shortcomings. Believe it's possible. If you have that, you can be unstoppable. The fourth reason why people won't start a business is that they want it to be easy. And the truth is, is that business is not easy. So many people want a fast track, a shortcut, an easy way to make millions, and there simply isn't. And the reason why is that starting a business is like anything else that is worth pursuing, that has value, like training for the Olympics, like writing a Grammy Award winning album, like climbing Mount Everest. Right? It's hard. And that's why most people quit before they even start. But guess what? Anything worth having is hard. Every big win requires a struggle. Easy never creates greatness. That's just the bottom line. If you're looking for easy, you're in the wrong game. Business is a challenge, but the reward is worth the fight. Speaking of fight, behind me is the Rocky soundtrack album. And if you are a fan of the movie Rocky, and if you're an entrepreneur, okay, you love the fight, you love the struggle, and that's what you cherish the most. Those are the memories you cling on to, not the wins. Actually, like Rocky the movie, he doesn't win in the first one, but in Rocky 2 through 5, he wins. But we don't really care about that as a viewer or as an entrepreneur. What we care about is the training montage. The struggle, the being down in the dirt and the low points that we rebound from and make it happen, that's we love what it takes to be successful. And entrepreneurs, true entrepreneurs, when they look back at their career, the things they're most proud of are not the wins, it's the fight they had to go through. It was the bosses and the levels they had to go through in order to win the game. And we're back, folks. It looks like Jim from sales just got in from his client lunch and he's got receipts. His next meeting is in two minutes. The team is asking, can he get through his expenses in that time? He's going for it. Is that his phone? He's snapping a pick. He's texting around. Jim is fast, but this is unheard of. That's it. He's done it. It's unbelievable. On ramp, expenses are faster than ever. Just submit them with a text. Switch your business to ramp.com.