“There’s lots of bad reasons to start a company. But there’s only one good, legitimate reason, and I think you know what it is: it’s to change the world.” — Phil Libin, CEO of Evernote
This is an index of my book nuggets from The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It, by Michael E. Gerber.
Starting a business takes more than guts. It takes strategy. It takes smarts. Gerber shares his philosophy on how to start and run a small business the smart way.
Apply the Lessons of Franchising
The E-Myth Revisited shows you how to grow your small business in a predictable and productive way. Gerber shows you how to apply the lessons of franchising to work on your business rather than in your business.
The Entrepreneur, the Manager, and the Technician
You’ll also learn how to effectively manage your inner Entrepreneur, Manager and Technician, as well as understand and leverage the stages of your business.
The E-Myth Book Nuggets at a Glance
Here are my nuggets so far ..
- The Entrepreneur, The Manager, and The Technician – This metaphor helps explain the how the different roles change our focus, and how the different roles can get in the way of each other. For example, when you play the role of the Manager, you are figuring out ways to optimize policies, processes, and procedures and build a stable operating environment for your business. When you are playing the role of the Entrepreneur, you are finding new ways to do things, or dreaming up new ideas to make happen. When you are playing the role of the Technician, you are focused on the techniques and technical implementation.
- The Fat Guy and The Skinny Guy – How you see yourself makes a difference who wins in the long run. For example, do you see yourself as The Skinny Guy trapped in The Fat Guy’s body. If you see yourself as The Skinny Guy, you’ll work harder to be consistent with your identity.
- The Fatal Assumption of Small Business Startups – A technician starting a small business can make a fatal assumption and turn their dream business into a nightmare scenario. Just because you’re a master of your craft, does not mean that you know how to run or operate a successful business, or play multiple roles. And you might not like some of the roles. And similarly, don’t assume that if you are your own boss, that you will be a good one.
- Work on Your Business Rather Than In It – Your business is not your life. Your business should work for you, not the other way around. One of the worst mistakes a technician can make is to start a business to work in. They become slaves to their own machine.
- Why Some Small Businesses Fail – An individual starting a small business can fail, if they don’t balance The Enterpreneur, The Manager, and The Technician inside them.
Build your business as a system and balance your inner Entrepreneur, Manager, and Technician.
