I read the ‘The E-Myth Revisited‘ by Michael E. Gerbe back in February 2015, it’s still a key book I look back on when needing business inspiration. So I thought it would be good to share my notes on the book.
There is often so much information in business books that can help in an entrepreneurs journey, so once I finish reading a book, I always flick through it a second time and write down the key point that were the most interesting or helpful for me.
So this isn’t really a review of the business book, but more of key notes of what I took away after reading the book.
The E-Myth Revisited by Michael E. Gerbe
- The Entrepreneur is the visionary / the dreamer and lives in thinking in the future.
- The Manager keeps order and is the planner, tends to live thinking in the past.
- The Technician is the doer and gets thing done, lives in the present.
Stages of a business
The Turn-Key Revolution
The franchise prototype – Create a business that any one can re-create.
Work ON your business – Not IN it!!!
- Innovation: Do new things, change the way you work and speak to your clients, change the way you look…
- Quantification: numbers related to the import of innovation. How many customers? How many phone calls?
- Orchestration: Once you have found a way thats works – keep doing it.
Business Development Program
- Your Primary Aim
What do I value most? What kind of life do I want? What do I want my life to look like? Who do I wish to be? How do I want to be remembered at my funeral?
- Your Strategic Object
Clear statement of what your business has to ultimately do for you, so you are able to achieve your Primary Aim.
Money: How big is your vision? What income do you want to achieve with your business?
Opportunity worth pursuing: Can your business fulfil the financial standards you’re created for your Primary Aim and your Strategic Objective?
- Your Organisational Strategy
Get organised, make a list of each position in your business. For each business, create a contract with tasks involved to achieve this position. Sign the contract and be accountable for that position. Or, employ someone to do these tasks so you have more time to work on other tasks in the business.
Each task should have documented information on how it should be done. So others can take over the task.
Each job position needs clear instructions on how the task is done. If I can’t follow this process myself, how can someone else follow it.
Create a process that is strict for each task ‘This is how it will be done’. Work to improve the process in the future.
- Your management strategy
A system that is a solution to the problem.
– Operation manual
– Check list – itemises the specific steps for each project. All automated.
The E-Myth Revisited offered lots of idea of how to put systems into place to make your business run more efficiently. You might think this would only apply for larger businesses, but if this process is taken on board earlier, then it will helps your business grow faster.
I would recommend this book if you have your own business and want to open your eyes as to how to make your business grow and learn how to replicate it.