E-MYTH

Michael Gerber, author of the E-Myth said:

“Just because you can do the technical work, doesn’t mean you can run a business that does that technical work!”

The E-Myth, or Entrepreneurial Myth, says that most new businesses are not started by entrepreneurs who set out to build a strong business, but by technicians who enjoy the hands-on work themselves. Because of that natural bias, most business owners focus on working in their business when really they should be working on their business.

Instead of looking at your business as a one-off operation, the owner should consider the business to be a prototype for a large number (5,000) of franchises that will be added later.

By adopting that mindset, the business owner will not only participate in the business as a technician but will also act as a manager (putting systems in place and controls) and as an entrepreneur (having a vision of how the business can create sustainable added-value for all key stakeholders).

A business that is built and managed by someone who combines the approach of the technician, the manager and the entrepreneur will have a far greater chance of future success than one guided by someone thinking like a technician alone.

Key foundation principles for the E-Myth:

  1. Most new businesses are started by technicians — people who are skilled at what they enjoy doing.
  2. Technicians assume they understand how a technical business works. In reality, they never do..
  3. Building a business takes three skill sets: (1) The entrepreneur (2) The manager (3) The technician.
  4. Businesses generally go through three phases of growth:
    1. Infancy — when the technician is to the fore.
    2. Expansion — when better management skills are required.
    3. Maturity — where an entrepreneurial perspective is needed.

The challenge is to maximise the amount of time you spend working ON your business rather than IN your business.

You start off working 100% IN and basically 0% ON! This needs to go to 20% IN and 80% ON and later to 0% IN and 100% ON.

The business development process has;

emythA foundation of 3 key activities.

And 7 process steps.

We take you
through all
these steps
to create
an automated
business that
doesn’t rely
on YOU!

 

 Book in a 10 minute velocity (speed & focus) session and experience some magic…

“the difficult we do straight away, the impossible just takes a little longer!” -JT