The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It
E-Myth \ 'e-,'mith\ n 1: the entrepreneurial myth: the myth that most people who start small businesses are entrepreneurs 2: the fatal assumption that an individual who understands the technical work of a business can successfully run a business that does that technical work
Voted #1 business book by Inc. 500 CEOs.
An instant classic, this revised and updated edition of the phenomenal bestseller dispels the myths about starting your own business. Small business consultant and author Michael E. Gerber, with sharp insight gained from years of experience, points out how common assumptions, expectations, and even technical expertise can get in the way of running a successful business.
Gerber walks you through the steps in the life of a business—from entrepreneurial infancy through adolescent growing pains to the mature entrepreneurial perspective: the guiding light of all businesses that succeed—and shows how to apply the lessons of franchising to any business, whether or not it is a franchise. Most importantly, Gerber draws the vital, often overlooked distinction between working on your business and working in your business.
The E-Myth Revisited will help you grow your business in a productive, assured way.
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Three Personalities- The Entrepreneur, ideas, vision, innovation
The Technician- Day to day operations, the "job", ground level tactical work
The Manager- System overseer
Balance all three personalities to create reliable and efficient systems for a ground level technician to perform that fits the vision and innovation/ideas of the entrepreneur. The owner must have a direct vision in mind and set plans and standards for the business to meet. Even if they never meet them, any plan is better than no plan.
The Prototype- think of the first business/ location as a prototype that will be polished enough to where you could open a thousand more like it an each one will be a fine tuned machine, operable by lowest possible skilled people. "Turn Key" means you sell the business or a franchise and all the owner has to do is "turn the key".
The business is everything, operations, product, assets, idea, value it creates
Consistent value is everything for the customer
Innovation, quantification and orchestration. Have the idea to improve, quantify the significance of the improvement using data, and orchestrate the innovation.
Have a set general aim for your venture
Determine from the beginning the organizational strategies and the means to hold these accountable
Have a management strategy to keep things running
Systems are anything that you are able to implement to where it will produce results
Any system that can be implemented to where no one has to think about it and can walk away from it is extremely valuable
Systems are the foundation of the entire business.
The main idea of the book is to design and implement all the necessary systems to efficiently and effectively deliver the value and commodity to the customer. Making and polishing the entire business until you can walk away and watch it run smoothly without you.
Primary Aim---Strategic Objective---Organizational implementation---tactical objectives
Two overarching milestones
Creating value- Design of your product and the complete package you are selling to the customer
Make Money- Get the customers buying and coming back
Between these are the small things, sales approach, idea for the values, access point to and for customers ect.
What you make is the commodity, what you sell is your business.
Ie: make engraved cases, sell personalization.
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