29 May Book Review: Michael Gerber’s The E Myth Revisited
This is a great book for anyone to read before they open their own business. Gerber writes about a woman who opened her own pie shop. The woman baked pies from her grandmother’s recipe book. The business owner did all of the work and stretched herself out too thin. Gerber writes how he helped her by creating processes that her employees could do when she was not at the bakery.
The woman was a “control freak” and could not allow others to do the work. Gerber writes how the entrepreneur was doing the morning pre-opening ingredient mix and late night clean ups. The woman’s spirit and energy was depleted, taking her focus off the purpose of her business. Her purpose was to share her grandmother’s recipe with the community and open other profitable shops throughout the city.
Gerber opened her eyes to how others can free up her time. The woman came up with a process for each task and assigned them to employees. Then she went on to pursue her dreams of expansion and freeing up her time.
Anthony’s main takeaway is there will be growing pains where the business owner will have to do technical work before he can hire someone to fill that role. It is good to save money and avoid bank loan interest rates to help hire someone to do administrative work to free up time. Develop a budget beforehand and have enough funds to survive without income for six months both in your personal and business life. It is important to look at a business from a bird’s eye view. Write out duties that you will assign to each employee before opening your business. Develop your own purpose with whatever venture you pursue.
Gerber defines E-Myth \ ‘e-,’mith\ n : 1: the entrepreneurial myth: the myth that most people who start small businesses are entrepreneurs 2: the fatal assumption that an individual who understands the technical work of a business can successfully run a business that does technical work. When you open your own business, you have to everything! Our community needs more entrepreneurs, so get out there and get your feet wet!
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