MBA947 3 Stories You Should Know By Heart + Free Ride Friday!

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Hey everybody. Today is Free Ride Friday so make sure you hang on to the end of the episode to hear who won this week's Free Ride. Every Friday we give away a lifetime membership to one of our great programs. This week we're giving away easy course, our 30 day course on how to build and launch your online course in 30 days. It's a $500 value but we're giving it away for free to a lucky winner. All you got to do is leave us an iTunes rating and review and we do a weekly random draw with everybody who's left us a review to see who won. So if you haven't left us a review yet, do that now so you can enter the draw for next week. All right, let's jump into today's episod. Hey O. Welcome to the Hundred Dollar MBA Show. If you think about business more than you think about your weekend, then this is the podcast for you 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. As an entrepreneur, you do a lot of explaining. You talk about what you do a lot. In this day and age, being an entrepreneur, being a business builder is a pretty sexy thing It's a pretty interesting thing. People want to learn more. And today I'm going to tell you the three stories you're going to have to tell over and over and how to prepare yourself to make sure that you deliver that story every single time without a hitch. Again, the better you communicate what you do, the more people will understand, the more effective you will be as an entrepreneur. Plus, it's going to save you a lot of time and headaches thinking about what to say every single time. I'm going to show you how to keep these stories short and sweet and while keeping it authentic and natural. So let's get into it. Let's get down to business. Three stories. These stories are really going to be essential in your everyday life as an entrepreneur. When you meet other entrepreneurs, when you meet other people for the first time, when you meet family members who ask you, hey, what do you do? It's a good idea to have a solid story prepared. So when you're asked certain questions, you could deliver it with grace and excellence. And in a way people can understand and be like, wow, that's interesting. I want to learn more. I found knowing these three stories by heart has helped me so much. It's been a lifesaver. It's been a time saver, it's been a way for me to save a lot of headaches as well, having to re explain things over and over. So it's important to know these stories like the back of your hand, like your own name, so that when you do say these stories, they're effortlessly delivered. All right, story number one. And this story will be delivered or you're going to tell this story. When people ask you, what do you do? I know you're an entrepreneur, but what's your business all about? Now, one of the worst ways to answer this question is with just some few vague words like I'm in marketing or I run a software company that doesn't really tell much, that doesn't really tell them what you actually do. Do you create video games in that software company or do you create health apps? And even getting very specific and saying those things doesn't really inspire anybody to really know more and it really doesn't give them a full picture. So it's better to give a story. People relate to stories, they understand stories and they remember stories. So story number one is the answer to what do you do? What's your business about? So I like to start a story with a question. So I'm going to give you my story. When people ask me what do I do? And I start with a question. Have you ever wanted to start a business, but you really didn't know much about marketing or finance or sales, and you kind of just gave up on it? And they usually say, yes. And from that point on, I say, well, I was in the same place, and I decided to go to business school. And I learned that, hey, they don't have a monopoly on education. And I learned a lot by just building businesses myself. And I realized, hey, there must be other people that want to learn how to run a business or about business, but don't necessarily want to spend a couple years at business school spending $100,000. So I started something called the $100 MBA. It's a short online program, and we also have a podcast that delivers daily short business lessons so people can learn how to be better at business every day. See how short that story was. See how concise it was, but see how informative it was. I told the story. I told them how I actually got to the point of having this business. It's actually the why story, why I started this. But by understanding why, they really understand who the business is for or who I serve. And I like to stop it there. Keep it short. Why? Because that makes it intriguing. It makes them say, wow, that's interesting. I want to learn more. What kind of lessons do you teach? You said a podcast. Is that like itunes? Yeah, that's like itunes. Let me show you on the phone how you can subscribe. So understanding your story of your business is so important because it allows me to have a dialogue. It also gives them enough of an introduction for them to kind of understand, hey, this is what this person does. He teaches business to people. He has an online course. He has a podcast. And he did it because, you know, he wanted to learn about business. He went to business school, realized that you don't have to do that. It's too expensive. Okay, cool. I get it. Versus, you know, I run a podcast or I have an online course, or I teach business online. It's just not the same. It's not a full picture. So know your story. What's your story? How did you get to the point where you built your business? Why did you build your business? Keep it under 30 seconds a minute max, and just know the main points of the story and how you're going to deliver it. So practice it. Rehearse it at home. Make sure you know your story very well. Go to meetups, meet new people. Go to parties with friends and family. People will ask you, what you do. The more you tell your story, the more natural it's going to sound, the easier it is for you to remember it. So know this story by heart, but you have to actually maybe even script it out, time it, see how it sounds, and have something prepared. So when you are asked, you are ready. All right, let's talk about story number two. And story number two answers the question that gets asked often about five minutes into the conversation, it's, why did you become an entrepreneur? Why did you start a business? Why did you become a business builder or a business owner? This is a very common question, and a lot of us don't have an answer to it immediately. And it's a common question because even though business is kind of a sexy thing now and being an entrepreneur is kind of popular, it's actually not that common. People don't meet entrepreneurs every day. In fact, if you go to a party or you meet people and you ask them, hey, what do you do? And they say, I'm a doctor, I'm a lawyer, I'm a pharmacist, I'm a teacher. Whatever it is, not many people ask, why did you become a teacher? They just kind of take it for face value. Okay, they decided to become a teacher. But when it comes to entrepreneurship, people are kind of intrigued. Sounds cool. You know, you sound like one of those people on Shark Tank or one of the other dozen reality shows that are based on entrepreneurship. So they want to know, why did you decide to become an entrepreneur? It sounds risky. It sounds intriguing. So you have to have an answer to that. And again with a story. So here's an example of my story to this question. I was a teacher for over a decade and actually had a lot of time on my hands between classes and after school. And I started my career around 2001, when the Internet really became very popular. And I was really interested in experimenting, seeing, can you make money on the Internet? Can you actually sell things? So I started with an ebay store, and it's the first time I ever made money without a paycheck. It was kind of like a high. Like, wow, I can't believe you can make money on the side. And then I read a book about Anyone can do It. It's a story about a brother and sister team building a cafe together with no business experience. And it inspired me to. To think, hey, maybe I can do it too. And that's kind of how it all got started again. I stopped short. I give them enough information to tell them that's kind of my story. I was a teacher. I side hustled, I experimented. I read a book that inspired me. And then they're going to be eager to ask more questions like, well, so how did you get to where you are today? And then you can answer those questions. And there you have a conversation that's really interesting, but it spurred that conversation, got exciting with your story. So make sure you nail your story of why you became an entrepreneur. All right, story number three. This is the third story that you need to know by heart. And this one might surprise you, But I get asked this so many times. Whether it's at parties or meetups or even a podcast interview, I'm on. And the question is, what has been your biggest struggle or failure? And if I don't have an answer to that, it's kind of awkward when you start thinking, let me think about that. Oh, I never thought about that before. Good question. Blah, blah, blah. I know I pick a struggle or failure right off the bat. And of course, you guessed it, I have a story for it. And it goes like this. You know, my wife and business partner, we love podcasting, and we started a podcast because we're really eager to start our own. But it didn't do so well. We had about 40 odd episodes and, you know, not a lot of people were listening to it. And we realized that we were doing the podcast all wrong. So we decided to regroup and launch a new podcast using our strengths as teachers. And that's when we launched the Hundred Dollar MBA show. We learned a lot from that struggle and failure to launch a Best of itunes podcast. It's one top business podcasts in the world. I stop right there because they're going to want to learn more. Whoa. What did you learn? What are some of the challenges you had? What made you decide to switch? How do you know when to quit and start something new? I gave him the challenge. I gave him the failure and showed them how we got out of it. I know this story by heart because people ask me this question all the time. I got to be prepared. What's your struggle, challenge failure story? Think about that now before you're asked so it's delivered properly and you spur a great conversation.

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To wrap up today's lesson, these three stories, your business backstory, why you became an entrepreneur, and your biggest challenge or failure. These stories really define you and why you do what you do. So you're going to be asked about this a lot and having a prepared story. I'm not saying it has to be robotic, but you have to know what you're going to say really helps you communicate properly. And that's what it's all about, just communicating properly. There's no reason for you to be searching for answers when these things are not going to change, really. Maybe your biggest challenge or failure will change, but it's not that often. This is especially important if you're an introvert and you're not begging for the opportunity to tell your story. So having a prepared story makes you feel a little bit more confident. That wraps up today's lesson. But today's episode is not over. It's Free Ride Friday. I got to give away a lifetime membership to Easy Course. We do this every Friday. We give away a lifetime membership to one of our courses. We're giving away Easy Course these days. It's a $500 course on how to build your online course in 30 days. Let's see who won this week's Free ride. And the winner is. Zack Rohn. Zack Roan says, a staple for my personal best business development. I've been listening to this podcast for over a year and absolutely love it. I spend a lot of time running deliveries in my business and I keep this podcast in my podcast rotation. It helps cement the knowledge I have on basics and helps me be informed about topics I wouldn't have seeked out on my own. Thank you for making this available to the world. Well, thank you for leaving that awesome review, Zach, and thank you so much. We try our best. These reviews really pump me up to keep going going, to keep recording and keep making the show happen. And congratulations, you won the free ride to ezcourse, just email me at omar100nba.net so we can hook you up with a free ride. If you want to win a free.

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Rating and review and you enter our weekly random draw. Tune in on Friday and see who won the free ride. It could be you. Just leave us a rating and review. All right, that wraps up today's lesson. Thank you so much for listening to today's episode. Before I go, I want to leave you with this. It may feel a little awkward in the beginning, you know, scripting your stories, making sure you have a story path for all these three questions. But you're going to thank yourself big time when you're asked these questions. When you are approached in a meeting, in a meetup, in a party, in an interview. Knowing these stories by heart are a lifesaver. So invest the time and effort now so you can reap the rewards later. All right, I'll check you in Monday's episode, a guest teacher lesson special guest teacher Chris Ducker is going to be teaching you five ways to monetize your personal brand. That's Monday hit Subscribe so you don't miss it. I'll check you in that episode. Take care.

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Yeah, but we'll be with family.

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What's my deal? I saved at Metro with no activation fees and I got one line of 5G for just $25 per month. Kept the phone I love and a 5 year price guarantee on my top.

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Get that more for your money feeling only at Metro by T Mobile.

Just bring your number. $30 first month and $25 after with autopay not available if with Metro or T Mobile in the past 180 days.