How a high school dropout built the $100 MBA

I’ve always wondered if a formal college and graduate school education was worth the price one has to pay, especially at such an early stage in their career. The investment is too big and the only greater cost in life is buying a house.

My next guest on The Small Business Radio Show says anyone can start and run a business with the right information; no expensive college or graduate degrees required! Omar Zenhom Co-Founder and CEO and Host of the $100 MBA Show with over 200 million downloads and 2000 episodes. He is also the CEO of Webninja with more than 2 million people who have watched a webinar on this platform.

We talked about:

Why, as a teacher, he dropped out of Wharton Business School after one semester. His professor had taken him aside and said, “What are you doing here? He told me you don’t need an MBA to be a great entrepreneur! I realized I was there because I wanted to give myself permission to start a business. When I left, I wanted to do this for other people for $100, not $100,000. I wanted to give them enough information so that they didn’t feel like they have impostor syndrome.”

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Omar says you have to accept that you will fail in business and we learn from that. “Whatever I teach you about my company, I can give you some universal truths, but you have to figure it out for yourself. You will smell like it at first. But just like sports, you need to focus on what’s next after you miss a shot. You don’t have time; You don’t have the luxury of feeling sorry for yourself.” He quotes Rick Steves about travel; “You’re going to experience things you don’t like, so you have to change your taste.”

Omar feels that the people who make it really have a strong desire. “The pain of not wanting to be poor is strong. Another good motivator is being addicted to the creative process.”

We discussed how so many small business owners are afraid to market their product. Omar says that “your job in sales is to help them make a decision or, if they want to work with you, it isn’t; so your job is education.”

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Omar believes you can work your way to $1 million in revenue, but you can’t scale if you make every decision. He adds: “Admit that you have to give others responsibility and that those decisions will only be 80% as effective as yours, but that’s okay. When you want to scale your business, you manage your people, not really your product or service anymore.”

Listen to the full interview with Omar on The Small Business Radio Show.

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Image: omarzenhom

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