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The $100 MBA Show

MBA1474 The Worst Time To Make Big Decisions

The $100 MBA Show

Omar Zenhom

Marketing, Entrepreneurship, Careers, Business

4.91.2K Ratings

🗓️ 3 March 2020

⏱️ 14 minutes

🧾️ Download transcript

Summary

Sometimes, it’s not how you make decisions, but when. When you’re faced with a major choice, with significant stakes on the line, you have to make sure of one thing before you decide. You have to make sure that the context in which you make your decision isn’t putting the kind of pressure on you that distorts your thinking.

Transcript

Click on a timestamp to play from that location

0:15.4

Heyo! Welcome to the $100 MBHO Business Truth to deliver to you every day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar at home. I'm also the co-founder of the

0:21.0

$100 MBA, a complete business training and community online.

0:24.8

And in today's lesson you will learn the worst time to make big decisions.

0:30.2

More often than you think, you're making big decisions in your business that will affect a trajectory of the business, the growth, the type of business is going to be, the kind of responsibilities you will inherit because of that decision.

0:43.6

These decisions really affect not only the success of your business, but the nature of your

0:49.4

business and the nature of your life, how you spend your days. But many times you make these decisions

0:55.3

at the wrong time. And therefore these decisions turn out to be bad decisions.

1:00.7

But I'm going to outline the absolute worst time to make a decision, how to create an

1:05.0

environment that allows you to make a better decision, and how to release the pressure that

1:08.8

will cause you to make a decision that you'll regret. Business is a series of decisions.

1:13.4

Let's make the right one in the right circumstance.

1:16.8

Let's learn how, let's get into it, let's get down to business.

1:20.2

I want to start today's episode with a story that's going to explain exactly the importance of today's lesson.

1:26.0

Back in 2012, I was running a business consulting firm. This is before the $100 MBA, this is before webinar Ninja.

1:32.0

I used to help people build their websites,

1:34.8

basically create their logos, their branding, even help them out with their sales copy.

1:38.8

So I was doing client work. I was getting clients every month and charging them for my services.

1:45.0

One month I had a really slow month and I wasn't making ends me.

1:49.6

I was actually short on cash to pay my bills. This is before I had a team I was running this

1:55.0

whole thing by myself and in desperation to get a new client I lowered my

2:00.0

rates. In fact I did it for two clients because I had to lower my rights to the point where I wasn't making the money I needed, so I had to bring on another client and they only said yes because again, I lowered rates I actually lowered it by 50% it was pretty ridiculous but I was like hey I need the cash I'm going to go ahead and do it and I took on those clients and when you take on client work your clients have a deadline You need to get that work done at a certain

2:25.4

amount of time. That means your time is going to be used for serving those

...

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