E-Myth Revisited: Book Review, Part 2
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Hey guys! This is Bridgett here from TheRadiantMomPreneur.com and I am going to be doing part two of a book review for E-Myth Revisited: Why Most Small Businesses Fail and What To Do About It by Michael Gerber. You can click the link above or below I believe, if you want to see part one of the book review.
I did two sections because there is a lot in this book that I wanted to kind of highlight. Half way through it, I had a lot of thoughts about what did not get covered and so definitely you want to check that out if you have not seen that yet. This is part two into the second half of the book. I wanted to give you my thoughts on it and to also really encourage you to read the book.
If you are in small business, if you are a mompreneur, if there is any chance you are going to be getting into small business whether it is brick and mortar, online (whatever you are doing), this is the book that has become essential reading for a business owner and it’s really already a classic book.
The book, E-Myth Revisited, is talking about the entrepreneurial myth that most entrepreneurs or people with deep pockets who are investors, who start out and grew these enormous companies, where in truth (what most businesses, most entrepreneurs are doing, most business owners), are people who are following a passion.
People who are setting up shop in a local town or something like that; someone who maybe as family-oriented or someone who has a strong desire to put something that they love into action. The example that they used in the book, someone who loves cooking, who specializes in making pies and has been told by friends and family that, “The pies are so good! You should really sell these.”
That is what makes up a large percentage of entrepreneurs.
Someone who has that kind of passion and skill suddenly goes into business. And he kind of breaks it up into the different roles of business. You got a technician, you’ve got a manager, and you’ve got an entrepreneur or visionary kind of role. If you are making pies and you are really good at that, then you are a technician. That is a technical skill that you’ve got. But when you own a business, you’ve got to do all.
You’ve got to do more than that because what happens with a lot of people that go into small business is that they take on all the roles themselves. The person who is making the pies is also doing the accounting. The person making the pies is also cleaning the store and is also doing the new hire training, and is also doing the advertising, and the marketing.
So what happens is, if you take on all those roles yourself, you can get burn out really quickly. And this is what happens to a lot of people who start small businesses. You are working seven days a week. You can never leave your business. You are the business.
And if you ever heard the saying, “You should work ON your business, not IN your business.” This kind of has its same teaching, that same mindset.
What he recommends and this is the bulk of the second part of the book is that you need to, from the beginning, set up your business as though it were going to be a franchise. It does not mean that you need to go that route (you need to become a franchise establishment). But, the reason he says that is because franchises have systems in place.
If you have a business that you are going to sell as a franchise, what you will need to have a place is basically imagine like a book that you created, a three ring binder, and this is your business and you can hand it to someone and they can follow it and do exactly what you are doing.
You need a system in place and you need roles separated out for the different things. So let’s say for pie making, there is a system in place for how to create the perfect pie. I mean, there is a way to do it. And anybody that comes in and reads this or follows your video training or whatever there is that you set in place, they can then create and replicate your results.
So that is kind of that franchise mentality. You can apply this to all the aspects of your business.
For the rest of the transcript, join me here:
Find the book here: http://amzn.to/1kQabWs
Visit me here: http://www.theradiantmompreneur.com
Find me on Facebook: / radiantmompreneur
Tags: emyth, e-myth, e myth, mompreneur, mom entrepreneur, work at home mom