The E-Myth Revisited
Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber
The E-Myth Revisited should be at the top of your reading list if you own a small business or are thinking of starting one.
The odds are stacked against the small business owner. . . according to the Department of Commerce, over one million people in the U.S. start some sort of business each year. Statistics show less than 60% last one year, less than 20% last five years, and less than 4% last ten years!
In this book, Gerber makes the distinction between the technical work of a business and a business that does technical work. In addition, the small business owner needs to play three different roles to build a business that works:
- The Technician
- The Manager
- The Entrepreneur
To increase your business’s chance of success, Gerber recommends the Franchise Prototype model with six different standards which will satisfy the Entrepreneur, Manager, and Technician. The basis is that the system runs the business and people run the system, which allows you to work on your business rather than in it.
For an 8-page summary of The E-Myth Revisited and summaries of many other popular business and self-help books, I recommend and use Business Summaries.
Ideas for Your Goals
Based on my personal notes from this book, I share the following steps which have been included in my own goal-setting. Obviously, there is much more detail and some examples in the book, however, I hope this is helpful to you as you consider your own goals or action plans:
- Determine your Primary Aim - what you really wish, need and want for your life.
- Determine your Strategic Objectives – a list of standards that will serve your Primary Aim and achieve your goals for the business.
- Develop your Organizational Strategy and structure around functions and responsibilities, not personalities.
- Develop Position Contracts to document the expected results, accountabilities, responsibilities, and standards for each position in the organizational structure.
- Develop a Management System (such as checklists or procedures) to confirm each accountability was performed according to the established standards.
- Develop a People Strategy that helps people understand the idea behind each task assignment and helps provide a sense of community.
- Develop your Marketing Strategy - if you know who your customer is, then you can determine why he buys.
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