The E-Myth Revisited - Deepstash
The E-Myth Revisited

9 IDEAS

862 reads

The E-Myth Revisited

by Michael E. Gerber

Lesson 1: Change

  • Change in business (and life) is essential for growth. Everything changes
  • Without understanding the importance of change you won't be able to alter the things in your business that aren't working and require change to flourish
  • Change in any business is vital as without it no business can succeed. Don't get too stuck in your old ways/ habits
  • BE OPEN TO CHANGE

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MARCUS AURELIUS

"Frightened of change? But what can exist without it? What's closer to nature's heart? Can you take a hot bath and leave the firewood as it was? Eat food without transforming it? Can any vital process take place without something being changed?"

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Lesson 2: THINK DIFFERENTLY

  • 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!

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MICHAEL E. GERBER

"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 a lunatic!

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Lesson 3: The three personalities

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:

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The Entrepreneur

  • 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

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The Manager

  • 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

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The Technician

  • 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

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Lesson 4: SYSTEMS and Strategy

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

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CURATED BY

isaacthinks

"The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane" -Marcus Aurelius

CURATOR'S NOTE

Important for anyone in business already or wanting to start one