Launching and maintaining a thriving small business is one of the most difficult professional ventures to embark upon. Luckily, in the “information age”, many professionals have taken to offering tips, tricks, and information based on their own personal experiences. In his e-book, “The E-Myth Revisited: Why Most Businesses Don’t Work and What to Do About It,” Michael Gerber, heralded as a small business guru, offers a great deal of knowledge. This book covers virtually every element of running a small business, from the things that don’t work, to the things that do, along with possible ways to correct and improve your small business. The following is an overview of the information presented in his book
Starting a Business Does Not an Entrepreneur Make
One of the biggest issues with small businesses is that many people believe that as long as they have the capital, it’s acceptable to jump in head first, without the proper knowledge or guidance.
“Death by Freedom”
One of the main points emphasized in this book is the concept of “death by freedom”, which refers to the fact that oftentimes we have so much freedom as small business owners, that it actually has an adverse effect on and causes us to do nothing. Especially in cases in which new entrepreneurs are used to working for others, they lose the sense of urgency that was created by having to answer to someone else, which can cause their business to become unproductive. Although many small business owners are driven by the need for personal freedom to begin with, it is often this very same freedom that causes their business to go under.
The “Dream House Trap”
Similar to the notion of “death by freedom”, the “dream house trap” explains that once we have the proper resources to begin to build bigger, better businesses, we often become stagnant due to a plethora of choices and no true direction.
The “Common Sense Trap”
All great wisdom sounds like common sense after hearing it. “The common sense myth” asserts that we often dismiss great advice by simply nodding in agreement and taking no further action. This factors into small businesses as many entrepreneurs get great advice, but fail to take heed fast enough to achieve the desired results.
We’re All 3-in-1
Gerber asserts that inherent within each individual are 3 separate people. These are the “technician” –the person that does the most tedious work, “the manager”— the person who makes sure the work gets done, and “the entrepreneur”— the person who has the ideas. Gerber argues that if each person could learn to utilize each of these elements, many businesses would be more successful.
Gerber asserts that the key to remedying the many pitfalls and hurdles associated with owning a small business are swift decisions and well thought out actions. While many small business owners are often bombarded with a plethora of possibilities, doing something in the interest of advancing your business, is almost always better than doing nothing.
This book has a vast amount of knowledge and tips to help small business owners. Gerber’s most important point seems to be that many entrepreneurs are too caught up in the dream of owning a thriving business to ever make it a reality. However, by heeding Gerber’s advice, small business owners can avoid roadblocks to success and reach heights they never dreamed of.