Do you want to start a business? Are you attracted to the excitement of using your passion to make money and the freedom to work whenever you want? Thousands of people feel this way and want to start their own businesses. Just like any other activity, the first few months of running your own business are difficult and challenging. This is often due to a lack of knowledge in how to run your own enterprise. To make the process easier, Michael Gerber has written a book known as the E-Myth Revisited. It is a revision of the first edition and contains all the information that entrepreneurs need to start their own businesses. Having sold more than 150,000 copies, this book is highly popular and many businesspeople regard it as their daily guide for business activities. It equips you with the skills and knowledge that you need to start and grow your business in a way that is predictable and productive. Are you interested in discovering more? Here are some lessons we learned from the book E-Myth Revisited.
An entrepreneur should be ready to wear many hats at the same time
Unlike in employment where a person focuses on only one activity and wears one hat, running a business requires that you wear many hats at the same time. You have to be the entrepreneur, technician and manager simultaneously. The entrepreneur has the vision for the business, the technician applies a variety of skills to build the business while the manager ensures that everything is running properly. According to Michael, the entrepreneur lives in the future with their ambitions, the technician lives in the present by applying the necessary skills and the manager lives in the past by focusing on the activities which have worked before and maintaining their presence in the business. As a new business owner, you have to perform all these activities all at the same time. This is an important lesson to learn so that you can prepare yourself to multitask in your new business.
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Learn how to work on and in your business at the same time
In the first few stages of your business, it is very likely that you have your eye firmly set on the strategy and growth plan since you are the founder and CEO (Chief Executive Officer). Once you begin to get some clients, you are bound to spend more time servicing them instead of focusing on your business. This is where you begin to work in your business more than working on it. Michael Gerber indicates in his book that you should never forget the CEO role too. This is where you work on a vision as well as direction for your business. Always make some time to focus on this responsibility so that you can have a direction of positive growth even as you service your clients.
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Strive to develop a lasting brand as you build your business
The most important factor is not the product or service which you are selling but how you present it to the consumer. This method of presentation is the foundation of your brand. To establish a brand, you need to come up with a logo, a storefront style, customer service method as well as packaging that communicates to your consumers. The author teaches that you should present these items to the customer in the way you would like to be remembered. This is known as the customer experience.
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Construct your business based on systems and not individual people
To achieve success with your business, it is important to know that you should build it on systems and not individual employees. A system is a defined process that can be duplicated in another business site whenever required. Business systems are the DNA of franchising. The author indicates that as you build your business, you need to establish workflows, processes and systems which an employee with the most basic skills can duplicate whenever needed. The main reason why small businesses do not survive is that the founder maintains the opinion that they will always be the main technician. However, over the growth process of the business, other sectors of the enterprise will need attention. In this case, the founder has to go and deal with them and delegate the technical responsibilities. Business systems need to be created for this purpose.
You can achieve tremendous success by being an ordinary person doing extraordinary things
One of the most well known sayings today is that the greatest businesses are built by ordinary people engaging in extraordinary things. Many entrepreneurs spend a lot of time going to talk to high achievers so as to copy how they live. They go to the extent of copying daily routines, schedules of sleeping, diets, working patterns and recreational activities. Such entrepreneurs end up being copies of these high achievers in the hope that they too will achieve the same level of success. Getting a mentor and mimicking them is alright. However, Michael poses this question to budding entrepreneurs, "Would you want to be a copy of someone else or a true original?"
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Play an active role in your life
The author makes a poignant observation in this book. He says that the different between great people and everyone else is that the great ones take the time to create their lives actively. They take the initiative of improving themselves and their circumstances so as to make progress and reach the goals which they have. As such, they take the time to create their success. On the other hand, average people wait for life to happen to them. They make only a moderate effort towards their lives. Overall, great people live their lives intentionally while average people live life by accident. As an entrepreneur, you should always try your best to take the initiative and live your life intentionally. Not only is this more rewarding, it motivates you too.
The Important Take Away
Many new businesses are started every day all around the world. However, very few survive the stage of infancy. In most cases, it is due to lack of knowledge. As the owner of a young business you can increase the chances of success for your enterprise by following the lessons in the E-Myth Revisited. They are tailor made for entrepreneurs starting out in the business industry. Some of the words of wisdom shared by Michael are indicated above. You can read and apply them in your efforts to build a business so as to achieve lasting success.
You can get the E-Myth Revisited here.