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The E Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It

by Michael E. Gerber

Why I'm Reading This

I've always been fascinated by small businesses. In fact for much of my career I've worked for startups, which are small businesses with the hopes of being big ones. (Though I now challange that assumption I've always had).

When I experience a small business, it's obvious some "get it" and some don't. This is reflected in how many businesses fail in the first few years. Yet, what they "get" is sometimes elusive. From customer service, to good marketing, or even a proper "Open" sign, a lot can be missed. This has always fasscinated me. Why do some people seem to get it, why do others not, and what is "it"?

So when I first heard of this book it immediatly caught my eye with this statement, "E-Myth - the fatal assumption that an individual who understands the technical work of a business can successfully run a business does that technical work."

Notes & Interesting Quotes

Introduction

the people who own small businesses in this country work far more than they should for the return they're getting. Indeed, the problem is not the owners of small business in this country don't work; the problem is that they're doing the wrong work.

In the first 5 years a business is 80% likely to fail. And again in the 2nd. Given 100 new businesses only 4 will remain after 10 years.

Four Key Ideas in the Book:

  1. The E-Myth - Small businesses are started by entprenuers risking capital to make profit. This is false.

  2. The Turn-Key Revolution is changing the way we do business

  3. At the heard of the Turn-Key Revolution is a process called the Business Development Process. When systemitized it can trasnform a business.

  4. The Business Development Process can be systematically applied to any small business. This brings predictability to to results.

your business is a reflection of who you are. If your thinking is sloppy, your business will be sloppy. If you are disorganized, your business will be disorganized. If you are greedy, your employees will be greedy, giving you less and less of themselves and always asking for more. If your information about what needs to be done in your business is limited, your business will reflect that limitation.