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The E-Myth Revisited Summary
About The E-Myth Revisited Book
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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Entrepreneurship: the mature kind.
The Entrepreneurial Myth
Fatal Assumption: If you understand the technical work of a business, then you understand a business that does technical work. This is simply NOT true.
A technician who tries to start a business will take the work he loves to do and turn it into a job.
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The Entrepreneur, The Manager, and The Technician
We are all three people at the same time:
- The Entrepreneur is the visionary. The dreamer. The catalyst for change. To the Entrepreneur, most people are problems that get in the way of the dream.
- The Manager is pragmatic. He plans, organizes, and compulsively clings to the status quo. It is the tension between the Entrepreneur’s vision and the Manager’s pragmatism that creates the synthesis from which all great works are born.
- The Technician is the doer. He is happiest working in the current moment. He believes that thinking isn’t work; it gets in the way of work.
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Infancy: The Technician’s Phase
The owner and the business are one and the same thing. Without you, the business would not exist.
Infancy ends when the owner realizes that the business cannot continue to operate if you do it all yourself. At this point, you either close the doors or move on to adolescence.
Remember: The purpose of going into business is to get free of a job so you can create jobs for other people.
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Important for anyone in business already or wanting to start one
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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"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?"
MARCUS AURELIUS
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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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