Isaac Morris-Perrott's Key Ideas from The E-Myth Revisited
by Michael E. Gerber

• Most small businesses fail because they believe that if they understand the technical work of a business then they understand a business that does technical work (e.g. just because you are a good carpenter, doesn't mean you understand how to start a carpentry business)
• The key here is to ensure that you understand the inner workings of business before attempting to start one. If you have already started a business, you still have a chance to learn but that will require change!

Every person who goes into business is made up of three different people

These are

1. The Technician,
2. The Manager, and
3. The Entrepreneur.

• Each of us has different aspects of these personalities inside of us which we need to understand so we can make better decisions.
• Balancing all three of these personality types is ideal and would allow us to be incredibly competent.

These personalities are as follows:

• The Entrepreneur is always thinking forward and about the future.
• This personality is the part of us that is constantly making strategies, innovating, thinking creatively, looking for opportunities (and occasionally wrecking havoc).
• This also comes with the need for control of the things around them
• CREATES THE VISION

• The Manager is the planner/ organiser. Always creating order and living in the past. Where the Entrepreneur sees opportunity and possibilities, the Manager sees the problems that will invariably occur.
• Constantly chasing the Entrepreneur and cleaning up the mess left behind, the Manager is tactical and focuses on achieving results through others.
• TURNS THE VISION INTO ACTION

• The Technician is the doer. Loving the hands-on work within the business
• Not caring about thinking or ideas or multitasking, the Technician just wants to tinker and work, always living in the present
• The Technician believes that all things need to be reduced to a method if they are to be of value
• Ruminating is common of this personality type
• DELIVERS ON THE VISION THROUGH VARIOUS SYSTEMS

SYSTEMS?

• Systems are one of the most important aspects of your business.
• Systems are a series of specific and explained processes showing how to carry out a task in detail

WHY ?

Systems are important for:

• Creating consistency
• Increasing your business's value
• Improving quality of work
• Increasing efficiency

RULES

1. Always give consistent value to your customers and partners
2. The system should be able to be operated by low skilled workers
3. Order is required in all aspects
4. Document using an Operations manual
5. Provide predicable service to customers
6. Use colour schemes specific to your business