We chat with Omar Zenhom, co-creator of $100 MBA, an online business training community for entrepreneurs, about quitting his job and starting a business.
We met Omar through the online community Fizzle. He and his partner started Business Republic to help local businesses brand themselves more effectively. They have now started The $100 MBA, an online community and video training platform to teach people to run successfully on and offline businesses.
Listen to the show every Monday, for free:
Omar was teaching in Dubai, doing well, getting promoted but he always wanted to start his own thing. He did side hustles while teaching but knew he would need to devote more time to them if he wanted to make one full time.
He had about six months in savings when he made the leap but stretched that out to eighteen months by lowering his cost of living. Although this is the first time I’ve ever heard of anyone lowering their expenses by moving to NYC.
If you can work from home, you spend less money. No lunch out, no dry cleaning, no commuting costs. If you love the job you’re doing from home, you spend less money because you are fulfilled by the job and don’t have to shop to make yourself feel better.
The flip side of all the freedom is the hours. Chances are, if you start your own thing, you will have to spend more time at it. But you can work the hours that suit you and not the arbitrary 9-5.
Starting your own business isn’t for everyone. If you have a family, they may not be on board. If you aren’t really hungry, you likely won’t make it. If you freak without the security of a regular paycheck, it’s probably not for you. But for the intrepid among us, starting your own business is very rewarding.
$100 MBA: Omar’s training site.
Mint: The easy way to manage money.