MBA1330 Q&A Wednesday: How do I get ready to take the leap into business?

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Hey, welcome to the Hundred Dollar MBA show, the business podcast that gets you going and gets you doing in your business with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a complete business training and community online and today's episode is a Q and A Wednesday episode on our Q and A Wednesday episodes. I answer a question from one of you, one of our listeners. If you have a question you want to ask, just email me over at Omar MBA Net. Today's question is from Brad and Brad asks. I've always played it safe because I'm afraid to fail. I've only applied for jobs I'm overqualified for and took on projects I feel fully confident about. How do I get ready to take that leap into business and entrepreneurship? Good, good, good question Brad. And I'm going to help you. And everybody who's listening has this question in their head right now. Fear of failure is very common and very natural, just part of our instincts as human beings to protect ourselves. The problem is is that that fear of failure is what's holding you back from actually succeeding, from actually going after the things you want in life like starting a business. And I'm happy Brad, that you have the self awareness to recognize that this is your challenge and we're going to overcome this challenge together. I'm going to show you how and I'm going to use some fun, easy things to do to get used to this feeling of failure, accepting it so you can take that mental and practical leap into entrepreneurship. So let's get into it. Let's get down to business. So Brad asks here on Q and A Wednesday today, how could he stop playing it safe and prepare himself for the leap into entrepreneurship? He's afraid of failure. It's something that he's avoided all his life. So I want to start today's lesson with some truth, some tough love and something that needs to be understood. Something needs to be established. This is fact, okay? These are facts that you need to accept. You cannot succeed without failing. You have to fail. And this is especially true in business. Failing is a part of the process. I always say failing is a rite of passage. If you're not failing, you're not doing something right. You're not trying hard enough, you're not risking enough, you're not doing something that's significant enough. You have to fail in order to succeed. If you want to do something significant in this world, like start a business, like build something that you've been dreaming about, you're going to have to try some things that are not going to work out some things in that process, and you have to be okay with that, and you have to expect that. And you can't spend too much time recovering from failure because time is your biggest asset. You have to be able to bounce back as quickly as possible and keep moving forward. So how do you get yourself prepared, get yourself trained, so when you actually do this and start a business and you do fail, you don't just crumble and resort back to just doing what you were doing before? Well, there's a few things we can take, a few steps. We can learn some things, we can do some things and we can ease into it. So, number one, the best thing I can advise you to do from the start is read biographies about people you admire, about entrepreneurs you admire. This is is going to be a masterclass for you. It's going to allow you to see that you can't become what you want to become and achieve the success that others have without failing. Some of my favorite biographies and autobiographies are Shoe Dog by Phil Knight, the founder of Nike. That's a tremendous book that is all about how hard business can be and how failure is a part of it. The Hard Thing About Hard Things by Ben Horowitz. Another fantastic book about his journey in the tech community. Elon Musk by Ashley Vance. This is a great biography as well, that walks you through people that you perceive to be incredibly successful and brilliant geniuses of our time. Elon Musk if you look at their journey until this day, it's filled with failure. And because of it, they're successful. Born Standing up by Steve Martin. Great biography. Autobiography, I should say. I Can't make this up by Kevin Hart. Another great biography. Another great autobiography, I should say. The audio version is fantastic. He does the narration. It's hilarious. These are some books I highly recommend you read or any other biographies, autobiographies that you would be drawn to people that have done the things that you aspire to. You're going to learn that, hey, if these people, these giants, these people that I admire and look up to, that I think that are amazing, had to endure failure, I'm going to have to do too. I'm going to have to fail too, if I have to or want to achieve the success they had. So, number one, biographies are great for that reason. So that's a good way to kind of grab your head and change your mindset about failure. Number two, I want you to take on a new hobby, a new skill that you are totally uncomfortable with. This could be something low risk. It doesn't have to be in business or in your career. I'll give you a very good example. Nicole and I recently picked up snowboarding. When you pick up something like snowboarding that's absolutely new to you, you learn very early on. Like the first few days you try it. I am going to be horrible at this. This sucks. I am falling constantly. I'm hurting my tailbone, I'm slamming my knees into the ice. It hurts. And you're not good at it. It is a test of how strong your will is. It's a total attack on your ego, right on your self esteem. And it's good training because you realize I have to fail. I gotta fall. I gotta keep on doing this until I get it, until I get the feeling, until I know how to stop, until I know how to turn, until I know how to get on my heel edge, toe edge, all that kind of stuff. And you realize I have a long road ahead. I need to keep doing this if I want to get better, stick to it. And it's really healthy to pick up a new skill, take on a new hobby that you're totally new to, that you have no idea about. To be a beginner at something again puts you in that position where it's like, man, I feel the bitterness of failure. And it's important for you to taste it. It's important for you to feel the pain and live in the pain for a moment so you can Realize this is how it's gonna be. Get used to it. This is how it feels to fail, right? And I say get used to it as a good thing. Like feel it and get used to it and be like, hey, this is no big deal. Let's get up, let's get up. Let's try it again. Let's try to go down this mountain again. Let's keep doing it again. And you start to realize, I can't waste time huffing and puffing and worrying and feeling bad and feeling sorry for myself every time I fall, every time I fail. So an exercise like this is great. Maybe for you it's dance, picking up, you know, the waltz, taking some classes and working towards some sort of dance recital. This could take months, it could take a year. But the point here is that you're preparing yourself and getting yourself used to failing at something, learning from the failure and being quick to pick yourself up and keep at it. I highly recommend this exercise because I've learned a lot from picking up new habits, new hobbies, I should say, or new skills. Being a beginner again is a blessing. It allows you to learn all the lessons you're going to learn when you start a business. It's going to allow you to build some resilience and understand that failure is a part of the journey. My third piece of advice is that when you make that leap into entrepreneurship, you do not have to do this all at once. You can do it part time, you can start a side hustle and you can get a taste of what it feels like to not be so good at something and fail at something and iterate and improve while you have the security of your job. Last week we had a great guest teacher lesson by Sean Patel. How to build a seven figure business without quitting your full time job. So check out that episode because it's got some really good advice on how to start building a business on the side. And it's important for you to get these reps in and it's a lot easier to keep going at it. Especially when you have income coming in from your daily job from your regular job.

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Guys. To wrap up today's lesson, you got to train yourself to accept failure for what it is. It's just the steps before success. That's all it is. You're going to fail a little bit so you can learn from those failures. You're going to fine tune, you're going to tweak. I love the analogy that I gave with snowboarding. It's a great activity because with every failure you learn something like, oh, I fell down. Why did I fall that time? Oh, I leaned too much forward. I should, you know, stick to leaning this way. I didn't bend my knees. I was, you know, focused on something else. I was looking somewhere else. So therefore I turned that way. It allows you to course correct. And that's what failure does. It tells you how not to do something. Was it at Thomas Edison who discovered how to create the light bulb after a thousand tries? He's the one that said, I didn't fail 999 times, I just learned 999 ways not to create a light bulb. So there you have it. That's what you have to kind of have that perspective. And you're going to get that through stories of other entrepreneurs, through biographies, through picking up some sort of new hobby, new skill that's going to teach you in a low risk way that's not going to cost you your career. That failure is a part of learning, is a part of growing as a part of improving, right? And it's just a rite of passage, of success, and then lastly easing into it, getting the taste of failure in the actual business and learning through iteration. While you're still at your job, make sure you check out that guest teacher lesson that we had last week with Shaan Patel. There you have it, guys. Thank you so much for listening. Before I go, I want to leave you with this. Fear of failure in general is something we've Learned as adults, yes. In our nature, like I mentioned, we want to protect ourselves. We won't feel bad. But that feeling of, I don't want to be embarrassed, I don't want to feel like a loser, all that kind of stuff comes from something we've learned in life. These ideas just don't come out of thin air. To prove it. When you're a toddler, when you're a kid, when you learned how to walk, you know, when you see a child learn how to walk, they get up and they fall on their face. They fall on their face, they keep falling and they keep tripping and they keep slamming onto the floor. But they keep getting up, they keep going, they keep trying. They don't just like give up after two tries and say, forget this walking thing. I'll just crawl for the rest of my life. No, they keep on persevering. They see other people walking, they want to walk like them. And that's how we grow in life and that's how we progress. And that's what you need to do in this stage in your life. It's not walking anymore. It's now starting a business, making decisions, taking risks, calculated risks, of course. And understanding that failure is a part of the journey. Thank you so much for listening and I'll check you in tomorrow's episode. I'll see you then. Take care.

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