Description
The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber is a business book that has sold over 3 million copies and been translated into 32 languages. It is considered by many to be one of the most important business books ever written.
The book identifies the “Entrepreneurial Myth” (E-Myth), which is the idea that small businesses are started by true-blue entrepreneurs. In reality, most small businesses are started by people who have a good idea for a product or service but no business experience. This leads to many common problems, such as:
- Working in the business instead of on the business:Â The entrepreneur is so busy doing the day-to-day work of the business that they don’t have time to develop the systems and processes that are needed to grow the business.
- Not having a clear vision or mission:Â The entrepreneur doesn’t have a clear idea of what they want to achieve with their business, which makes it difficult to make decisions and take action.
- Not having the right systems and processes in place:Â The business doesn’t have the systems and processes in place to operate effectively and efficiently. This can lead to problems such as customer service issues, poor cash flow, and employee turnover.
The book outlines a four-step process for turning your business from a “job” into a “business”:
-
The technician: The technician is the person who does the actual work of the business. This could be the owner, an employee, or a contractor. The technician is the person who is responsible for delivering the product or service to the customer.
-
The manager: The manager is the person who is responsible for managing the technician. This includes setting goals, providing training, and providing feedback. The manager is also responsible for developing systems and processes to make the work of the technician more efficient.
-
The entrepreneur: The entrepreneur is the person who is responsible for the overall direction and strategy of the business. This includes developing the business plan, marketing the product or service, and raising capital. The entrepreneur is also responsible for building the culture of the business.
-
The leader: The leader is the person who is responsible for inspiring and motivating the other three roles. This includes setting a clear vision for the business, communicating that vision to the team, and celebrating success. The leader is also responsible for creating a sense of community and belonging among the team members.
The E-Myth Revisited is a practical and insightful book that can help you turn your business from a “job” into a successful venture. It is a must-read for any small business owner or entrepreneur.
Here are some of the key takeaways from the book:
- Work on the business, not just in the business. This means focusing on developing systems and processes that will allow you to scale your business and free yourself up from the day-to-day operations.
- Create a clear vision and mission for your business. This will help you stay focused on your goals and make decisions that are aligned with your long-term objectives.
- Develop systems and processes that will make your business more efficient. This will free up your time to focus on growing your business.
- Build a strong team of people who share your vision. This will give you the support you need to achieve your goals.
- Be a leader who inspires and motivates your team. This will create a positive and productive work environment.
If you are serious about growing your business, I highly recommend reading The E-Myth Revisited. It is a valuable resource that can help you achieve your business goals.
