The E-Myth Revisited Summary - Michael E. Gerber

The E-Myth Book Summary

      

Within the first 5 years, 80% of businesses fail, why is it even we are living in an information age with almost all the information needed to succeed available for free. But still, 80% of businesses are failing.

The E-Myth Revisited Book Summary

In the book, The E-myth we are going to learn How to create a Business that won't Fail Immediately? 

E-myth in business is that, the people who start businesses are entrepreneurs by taking risks and capital to make a profit.

But in reality, most people who start a business are technician’s people who are good at an excerpt of their job and after some period they decide to start their own business.

Fatal Assumption: If you understand the technical work of a business you understand a business that does that technical work this is not true there’s a lot that goes on with a business that the technology will not understand the issue is that most people set up their businesses as people dependent.

When they need to be systems dependent which means setting up systems and procedures that require people with the minimum amount of skill to keep it operating at a high level in this summary we’re going to cover how the turnkey.

Revolution is changing business forever the three roles you have to play just receive in business in the three stages of a business.

Turn-key business is the act of setting up your business so that you have a system to process it set up for a consistently effective and orderly way of doing business stay in there so that the business is system dependent.

And not people dependent on the real product you’re selling is your business, not the product that your business sells to consumers.

When setting up a turnkey operation make sure you’re documenting all the steps and processes that go into marketing creating new products sales bookkeeping everything the goal of the.

Turnkey operation is to build your business into a franchise the importance of creating a franchisee business is that you won’t be forced to stay in it forever at some.

The point you’re going to die and if you’re not system dependent eventually what you built will collapse when creating a franchise you need to have begun.

To end the system set up for what to do at every stage of the business and solutions to all problems that will crop up the model must provide consistent value to your customer's employees and lenders it must be operated by people.

With the lowest necessary level of skill sound heartless you have to make people expendable including yourself everything you do in your business must be able to be documented in the operation.

Manual everyone who goes into business has to play the role of three people the entrepreneur manager and the technician the Etta pruner is the visionary.

Who think ahead and makes plans for the future the manager establishes the order in the workplace trying to create consistency and the technician.

The worker and the doer is the person who does all the technical work most people are technicians turn business owners.

This means they were really good at their job and they decided they would be better off owning their own shop everyone’s more suited to one aspect of the.

 Other and each has its own advantages and disadvantages but in order to be a good business owner you need all three in the same amount you need.

To be able to do the technical work in the beginning to cut costs are able to manage and train other employees to be able to take risks and have a plan for the future in order to run a successful business.

Sometimes you have to give up your main skill to someone else and allow yourself the time you’ll take to plan for the future you can control the goings-on by managing others and not so much doing all the work on your own.

There are three stages of a business infancy adolescence and maturity infancy stage is where the business operates on what the owner wants rather than business needs.

To grow and succeed this stage ends when the owner wants rather than what the business needs to grow and succeed this stage ends when the owner can’t keep up with the main can.

A supply or quality drop at the end of the stage is where businesses either fail or succeed in infancy and the boss realizes things cannot continue the way they happen if you’re still only a technician.

This is where many people decide to walk away from adolescence the stage is where you’re decided to let your business grow and it begins to reach outside of your comfort zone.

The technician is more work than you’re comfortable doing on your own for the manager is more subordinates than you’re comfortable managing and for the entrepreneur how many managers can.

I keep motivated to heading towards the vision when you’re in this stage be careful not to fall into the management by abdication track we start to hire people who work on them.

Business for you we take yourself out and don’t pay attention on what their struggles are often the people you hire don’t do the work to the level you want them.

To and you end up regretting back to the impotency stage doing everything on your own if you can expand your comfort zone to increase your ability to handle.

The expansion you’ll enter into the maturity stage maturity stage your business has a clear vision and purpose the owner must handle the entrepreneurial aspect of running a business by hiring managers.

To follow the vision of the company demand is the technicians there doing the work you’re not supposed to work in your business but on it here figuring out exactly.

With the customer you serve are and how you can add more value to their lives and you have a mature business you can really focus on creating an impact in order to run a successful business.

You can’t remain just a technician you can’t hire people to build business for you and hope they get a rate you need to focus on making the business everything you want it to become you need to take.

The time to make it systems dependent so you aren’t relying on any one person including yourself the equal parts technician manager and entrepreneur realize that you’ll be in the mature.

Stage of a business when you have a clear vision of the future in place and operations manual built around every aspect of your business this business can be applied to any business in any industry and can absolutely.

Take the load off you being the main salesperson marketer bookkeeper designer product developer and so on you don’t want to be doing everything you may need to do these needs to start to focus on finding.

 

"If your Business Depends on you, you don't own a Business - You Have a Job.

And it's the worst job in the world because you're Working for Lunatic!" - Michael E. Gerber

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