July Book Review – The E-Myth Revisited

 

If you run a search on Amazon.co.uk for books that claim to help entrepreneurs to run their business, it’ll come up with well over 50,000 titles.

Yet, in my opinion, The E-myth is the absolute crème de la crème of reading matter. So much so that if I was CEO of Companies House, I’d make it mandatory reading for every single person who sets up in business.

The focus of The E-myth Revisited.

First published in 1986 and then revitalised in 2009, by world-renowned business author Michael Gerber, the E-Myth Revisited is a terrific go-to handbook that looks to challenge two entrepreneurial myths. Firstly, the myth that most people who set up a business are indeed entrepreneurs. The second myth – the (fatal) assumption that anyone who understands the technical workings of a business, can successfully run that said business.

The things that get in the way.

We live in an economy where more and more people are looking to achieve maximum independence and freedom when it comes to generating income, and setting up their own business and franchises is a great way of going about that. You’re in control right?

However most people set off only considering the technical aspects of their business; what they’re going to do, who they’re going to do it for and how much it’s going to cost them.

But that’s only the starting point. And if this remains their sole focus, once their customer base grows – they eventually end up with a multitude of bosses. Dozens of customers, all with their own particular wants and needs, putting pressure on them to perform. Now that’s no way to achieve the freedom, independence and job satisfaction you set out for, is it?

In this book, Gerber points out how common assumptions, expectations, and even technical expertise can get in the way of running a successful business.

He walks the reader through all the steps in a business lifecycle – from start-up immaturity, through the growing pains of business development and expansion as well as looking at things from a mature entrepreneurial perspective. He also shows how business owners can apply the lessons of franchising to any business, whether or not it is a franchise; simply because the methodology works!

Working ‘on’ your business versus working ‘in’ your business.

One of the main areas that Gerber focuses on in The E-myth, is the distinct differences between working ‘on’ a business and ‘in’ a business and the power that having that knowledge can generate. They are in fact two very different activities and gaining an understanding of the distinction between them is a massive step in achieving commercial success.

Helping us to help you.

Every new client that signs up with Price Manchester is automatically given a copy of this book with their welcome pack. And we strongly encourage them to read it. Ensuring our clients truly understand their businesses and can get themselves in the right mindset is crucial to a successful business journey. It allows us to better assist those clients in understanding and putting into practice the ethos of the topics Gerber covers and ultimately helps us to help them achieve the business and lifestyle that they truly desire.