An instant classic, this revised and updated edition of the phenomenal bestseller dispels the myths about starting your own business.
The E Myth Revisited Summary
The E-Myth Revisited dispels the myths about starting your own business. Michael E. Gerber points out how common assumptions, expectations, and even technical expertise can get in the way of running a successful business. The E Myth Revisited!
The E-Myth Revisited walks you through the steps in the life of a business. It also shows you how to apply franchising lessons to any business. Gerber draws the vital, often overlooked distinction between working on your business and working in your business.
Everybody who goes into business is a combination of three people: the entrepreneur, the manager, and the technician. Issues can arise with these three roles, as they are continually in contact with each other.
Every business person will have a combination of these three personalities. They will not show up in equal proportions. So, sometimes certain personalities can dominate to the detriment of others. The E Myth Revisited!
Most businesses are run according to what the owner wants rather than what the business needs. Your business is destined to doom if you run a company doing what you want rather than doing what your business needs. This error is often associated with entering the technician personality phase.
A business has three phases of growth: infancy, adolescence, and maturity.
In the Infancy Stage, the business owner must be a master juggler. They are running all parts of the business. This stage ends as soon as the owner realizes the business must transition and evolve to survive. This transition is often extremely dangerous, if important, for the business. The E Myth Revisited!
The business adolescence phase starts when you decide to obtain technical help. You have decided you are out of your depth in a specific area and need the experience or skills somebody else possesses. The most common issue associated with this stage is management by abdication.
In this position, the owner hands off tasks to employees and then neglects to oversee these projects. So, once the employee has become overwhelmed, the business owner must then take over and start juggling tasks again. Gerber explains that the solution to this problem is to engage your manager’s personality.
Your comfort zone is the boundary in which you feel secure in your abilities as your business owner. These boundaries can vary depending on your mix of the three personalities.
If you are a technician, then your boundary relates to how much you can do yourself. If you are a manager, then your boundary relates to how many technicians you can effectively supervise. Finally, if you are an entrepreneur, your boundary relates to how many managers you can engage with to pursue your vision.
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About the Author
Michael E. Gerber is an American author and founder of Michael E. Gerber Companies, a business skills training company based in Carlsbad, California.