Book Summary: The E-Myth Revisited

Ever wonder why most small businesses-- no matter how huge effort they put in their endeavor--still fail? Micheal Gerber reveals the answers in this book. Accordingly, the future of small businesses revolve in only three philosophies: the e-myth (entrepreneurial myth), the turn-key revolution, and the business development process.

The E-myth

The e-myth, or the entrepreneurial myth, evolved from one very fatal assumption-- that the success of every business is simply achieved by summing up the following: an entrepreneur's desire to own a business plus the certain amount of capital he puts in plus the knowing the amount of targeted profit.

Little did the entrepreneurs know that this assumption spell DISASTER rather than SUCCESS. Entrepreneurs need to learn to focus more on the business-the people involved in it and the phases it normally undergoes. Knowledge on these can save small businesses from experiencing entrepreneurial seizure-a stage wherein an entrepreneur goes through feeling of exhilaration, exhaustion, and despair.

Small businesses basically consist of three main characters namely: the technician (the doer and builder), the manager (the planner), and the entrepreneur (the dreamer, visionary). Moreover, small businesses have different life phases. These are: infancy (the technician's phase); adolescence (getting some help phase); beyond the comfort zone; and, maturity and the entrepreneurial perspective.

The Turn-key Revolution

As implied by the term itself, Turn-key Revolution speaks of the distinct transformations on the way businesses are managed and should be managed. One very prominent example is the introduction of McDonalds the idea of business format franchise to the business world.

The business format franchise has set dramatic turn around on the future of small businesses. Here, the franchisor entitles the franchisee to owning rights to his entire business system. This format is anchored on the belief that the real product of a business is its sales technique rather than what it sells.

The Business Development Process

The business development process is the response to the unending dynamism of the business world. It equips the entrepreneur with the necessary tools to preempt the continuous changes happening around. The process is comprised of three elemental stages: innovation, quantification and orchestration.

The business development program requires the following aspects to be defined:

Your Primary Aim. The owner's primary aim should center on what he really wishes, needs and wants for his life. Defining this will push the owner to pursue his defined entrepreneurial dreams.

Your Strategic Objectives. This contains standards that help the owner achieve his goals for his business. This should answer the question: What purpose will this serve my primary aim?

Your Organizational Strategy. Business owners should learn how to appreciate the value of organizational structures. Some points to consider are organizing around personalities, organizing your company, and position contract.

Your Management Strategy. As the owner you should recognize the truth that the successful implementation of a management strategy is not dependent on the people who could implement it but on the system instead.

Your People Strategy. This refers to the approach you take towards your people and their work. To make people appreciate the work they do, you should make them understand the idea behind each of their task assignments.

Your Marketing Strategy. Here is the stage where all attention suddenly shifts from owner to the customer. You set aside your personal goals first and start focusing on the customer's needs.

Your Systems Strategy. There are three kinds of systems in a business: the hard systems, the soft systems and the information systems. The hard systems refer to all those in your business that are inanimate and has no life. The soft systems refer to all those that could be living or inanimate. The information systems are everything else in the business that provides you with data relating to how the two earlier systems interact.

About The Author

Summary By: Regine P. Azurin http://www.bizsum.com

"A Lot Of Great Books....Too Little Time To Read"

Free Book Summaries Of Latest Bestsellers for Busy Executives and Entrepreneurs, Mailto:freearticle@bizsum.com

BusinessSummaries is a BusinessSummaries.com service.

(c) Copyright 2001-2002, BusinessSummaries.com - Wisdom In A Nutshellsamantha@bizsum.com

More Resources

Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting

More Book Reviews Information:

Related Articles

Rat Race Blues E-book Review
RAT RACE BLUES: How To Break The StrangleholdDarlene ArechederraDAR N-Centives25 Della, Fenton, MO 63026, 636-343-5495October 2002, ISBN: None, Format: E-book92 pages, $16.95http://www.
The Servant - A Book Summary
This article is based on the following book:
The Servant
"A Simple Story About the True Essence of Leadership"
By James C. Hunter
Published by Crown Business, 1998
ISBN 0-7615-1369-8
187 pages
Atlantis Rises Book
Chapter one: Baby on the doorstep.It was one of those cold and dark winter nights of England when someone knocks on Dr.
King Bartholomew and the Jesters Riddle - Review
King Bartholomew and the Jester's Riddle by Pina Mastromonaco is a wonderful, fun book with a humor level perfect for children aged four to eight. Entertaining riddles entice readers to try to guess the answer while enjoying the tale.
Amazing Holy Grail Discovery
In a profound and provocative work of scholarly detection, best-selling UK author Philip Gardiner shakes the foundations of modern belief by at last revealing the true origins of The Holy Grail, Elixir of Life and Philosopher's Stone. Shrouded in mystery, these highly enigmatic symbols have long been revered and The Serpent Grail proves, without doubt, that all three are inextricably linked, originating from the same ancient source.
Book Summary: First, Break All The Rules
Based on a mammoth research study conducted by the Gallup Organization involving 80,000 managers across different industries, this book explores the challenge of many companies - attaining, keeping and measuring employee satisfaction. Discover how great managers attract, hire, focus, and keep their most talented employees!Key Ideas:1.
Book Summary: Secrets of Word Of Mouth Marketing
Spread the word about your hot new product or company!Word-of-mouth marketing is the most powerful and persuasive weapon you can use, and it won't cost you anything! Based onGeorge Silverman's years of consulting with successful word-of-mouth campaigns of his own clients, here is one of the first resources on how to harness the often underestimated power of word-of-mouth, and be heard above the media noise.1.
The Rich Jerk - A Study in Anti-Marketing
I've always been fascinated by "anti-marketing", and how powerful its effect can be if done properly, so when I stumbled upon The Rich Jerk salesletter, I was immediately intrigued.I'll admit, I'm one of those people who *never* reads a salesletter when I am considering buying something (I do read them when researching techniques, but that's another story), but from the moment I read The Rich Jerk's headline, I couldn't keep from reading the entire thing.
Men of Extreme Action - Book Review
"Action, thriller and humor - this book has it all! Men of Extreme Action by Joseph Kochanoff is one of the better books I have reviewed this year. Based in the action movie making industry, Joseph incorporates murder, excellent fight scenes and sabotage.
The Bubblegum Babes Guide to Sixth Grade - Review
This is one book that I would have cherished as a little girl. The Bubblegum Babes' Guide to Sixth Grade is the first in a series designed for young people growing up in today's fast-paced and high-pressure world.
Review: Profit From The Author Inside You
I've reviewed a number of eBooks recently, and none of themexcited me, but this one definitely did. If you've ever hadthe slightest desire to write a 'How To' book, I urge youto read 'Profit From The Author Inside You'.
Book Summary: The 17 Indisputable Laws Of Teamwork
To achieve great things, you need a team. Building a winning team requires understanding of these principles.
Your Flight Questions Answered
Whether you are an experienced air traveler or a novice, John Cronin's book, "Your Flight Questions Answered," has a little bit of something for everyone.Written more as a reference guide, Cronin's book covers the many questions the flying public can have before, during, and after flight.
What Color Is Your Parachute? - A Book Summary
The best-selling job-hunter's bible for decades, this indispensable resource is a complete handbook for peoplewho are on a quest to find their mission in life, or at the very least, the next good job that will put food on the table. Whether you are a fresh graduate, never finished a degree, or are searching for your deeper calling after many years of work, this is the book for you.
Metaphorically Selling
The Big IdeaA lot of people consider selling a very difficult task. Unfortunately for them, selling is an activity that forms part of everyone's daily routine.
Book Summary : The E-Myth Revisited
Ever wonder why most small businesses-- no matter how huge effort they put in their endeavor--still fail? Micheal Gerber reveals the answers in this book. Accordingly, the future of small businesses revolve in only three philosophies: the e-myth (entrepreneurial myth), the turn-key revolution, and the business development process.
Humor Just Got A Whole Lot Funnier With Juggin Joe
Author Joseph Yakel presents his own blend of humor and melodrama in this country boy comedy. Offered as a light-hearted, fun adventure with a feel-good edge, Yakel said he was looking to amuse his audience with something a little different.
Be the Captain of Your Lifes Ship
In his book, "Crossing the Unknown Sea: Work as a Pilgrimage of Identity," author David Whyte explores the concept of work from an internal perspective and how work allows us to become the individuals that we are. He refers to the works of the well-known poet and engraver, William Blake.
Harry Potter and the Half Blood Prince - A Review
If writing was a religion, it shall be easy to deem 'Harry Potter and the half-blood prince' as the penultimate blasphemy, an utmost sacrilege. A book that discredits its own magnitude, it is a joke in the Queens' English that bravely illustrates the argument for its painful ineptitude.
Pariah - Book Review
"Pariah, written by multi-talented artist and author Timothy Goodwin, is a science fiction, fantasy novel that incorporates some very clear ideas to what is wrong with today's world. The characters are colorfully portrayed and the battles were very well written.