The E-Myth Revisited

Lesson 1. Introduction.

It has been a trend for youngsters to start their own businesses in the past few decades. This sounds tempting to anyone who wants to make money. However, people often jump into the business market without thoroughly understanding it.

In this book by Michael Gerber, we’ll learn what makes most businesses fail and how to avoid it. There are certain measures we can take, to make our business stand out, and make it successful in the coming years. We’ll break the E-Myths.

It is not enough to be skilled, you have to be business-minded to make the most out of it. We’ll learn how to become business-minded. We’ll learn how to plan ahead, and how to organize the little things. We’ll see what makes franchises so successful, and also learn how to start one. We’ll learn what different functional systems are, and how to manage them well.

This will take us one step closer to starting a profitable business.

Lesson 2. Myths About Business.

The business world is full of entrepreneurial myths, or E-Myths, as the author likes to call them.

The first myth is that being good at something will make your business successful. This is the biggest and worst myth of all. People usually try to start their business because they are good at their job. This has led to the starting of about a million businesses each year in the US. Out of these, more than 400,000 fail in their first year, and more than 800,000 fail in their first five years. This rate of failure may seem insane, but it is true.

The E-Myth is a notion that skill is enough for creating a business. People get good at certain jobs, and then, are tired of working for someone else. This motivates them to give a shot to business. Well, they are good at it, so what could possibly go wrong? For starters, there are thousands of things that could! 

You’ve to understand that technical skills and the skill set required for running a business, are not the same at all. If a barista is good at making coffee, it doesn’t necessarily mean that she can run her own cafe. There are a lot of things to be thought of, which may come to the light later on. 

So, what can be done to start a business with the right knowledge? Well, keep on reading further.

Lesson 3. End in Adolescence.

There are three major stages of a business, generally termed as the infant stage, the adolescent stage, and the mature stage. Many