Michael E. Gerber
15 minute read Audio Available
E-Myth provides business coaching and strategies to small business entrepreneurs.
Who is this book for?
- Readers who are interested in persuasive and leadership oriented books.
- People who need to use persuasion to generate sales or inspire change.
- Anyone interested to learn how to use why to get desired results.
Meet the author
Michael E. Gerber (born June 20, 1936) is an American author and founder of Michael E. Gerber Companies, a business skills training company based in Carlsbad, California.
The E-Myth Summary
A business owner should be three-dimensional
The entrepreneur: He is future-oriented anticipates what will happen. Innovative, key strategist, and designs new ways of penetrating new markets. An entrepreneur’s focus on his vision requires to control people and occurrences to realize his dream. He views the world as full of abundant opportunities and slow feet to explore the possibilities. To the entrepreneur, most people are the obstacles in the way of achieving his dream.
The manager: He is realistic, and without him, there will be no planning in the business, no order, and no identity. He cleans the mess created by the entrepreneur. The existence of the company and society mostly depends on him. The balance between the entrepreneur’s vision and the manager’s practicability creates the synergy that gives birth to many works.
The technician: He does the practical work on the ground. He does not trust his employers as they continue assigning him more than he can deal with. He has no interest in generating the ideas. His sole objective is the methodology of doing the work.
The stages of business growth of any typical startup
Any business grows in three stages: inception, juvenility, and maturity. The mainspring of venturing into business is creating jobs for other people and liberating yourself. Documenting the routines on how things are done limits the capability of people turning into exceptions. Invention, evaluation, and integration should be continuous processes in the business.
Have a program for developing your startup business
For developing a business program, Michael outlines a systematic procedure of ensuring a successful business is achieved. Defining business aims is the most significant step. Know what you want to practice in the business. Outline your vision of your business, where you want your business to be in the long-term.
Have a comprehensive strategic objective statement. Set objectives that will help in attaining your aim. Moreover, draw the structure of your organization. It will help in defining the roles of each person working in your business. It helps in having a chain of command and channel of communication within the business.
Besides, have a management strategy that will help in controlling the activities of the business. Have a management structure that includes ideas, data actions to execute the management structure. Design people structure and communicate to them what you require them to do.
Another step is designing the marketing strategy by defining the demographic or the customers and their product preferences. Finally, have systems structures that include the ideas and machines.
Your business is not your life that you spend all your time working on it. Get the right people to drive your aim and vision. Let the company serve you. The most critical time one experience in the business is hiring the first staff, not knowing what to do. The business takes time to develop to be persistent in driving your goals to make the business exist for as long as you want.
“Contrary to popular belief, my experience has shown me that the people who are exceptionally good in business aren’t so because of what they know but because of their insatiable need to know more.”― Michael E. Gerber, The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It
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