Entrepreneurship is about stepping out of one’s comfort zone and starting one’s own business. You could even say it’s arousing the entrepreneurial spirit, converging on the positive aspects of entrepreneurship. In such manner that talking about negative matters, topic like the “entrepreneurial myth,” would be a sin. True entrepreneurs strive with their business opportunities for a variety of reasons. However, aside from my own entrepreneurial experience and knowledge of others, there are major reasons individuals fail in entrepreneurial ventures. They neglect to set realistic goals and plans for themselves and their business. They are not prepared to pay the price of success. These also represents entrepreneurial myth. The “myth” that most people who start small business are “entrepreneurs” or “the fatal assumption that an individual who understands the technical work of a business can successfully run a business that does that technical work.” These are the definitions of entrepreneurial myth in the book E-Myth by Mr. Gerber that attributes the root cause of most small business failures.
Why is this so? Michael Gerber unfolded the answers in his book E-Myth Revisited. The discussions revolve around the philosophies that could make or break the future of small businesses. These philosophies are: entrepreneurial myth (e-myth), the turn-key revolution and the business development process. The assumption is that successful business is simply acquired by summing up the following: an appetite to own a business plus the ability to lay out amount for capital he puts in and the knowledge of the of targeted profit. This mediocre formula does not spell SUCCESS but DISASTER ahead. Moreover, the success of a business whether small scale or large scale is clearly dependent on multitude of factors that are all interrelated and reliant on each other. It is essential then that all these intertwining factors are anatomized and connected so that the entrepreneur gets the whole context before venturing on the thought of owning a business.
Being “technician” is important but it cannot guarantee success in business. The challenge for most technicians is that they need to learn two new roles in order to be a successful. These roles are the “entrepreneur”, the visionary and risk taker, and “manager,” the person that systematizes and keeps everything running effectively. The role they know from their experience is about getting the actual work done, but it represents only one third of what they need to be good at. This answers why most technicians gets disappointed in their businesses and later drain their energy. Most technicians that start a business have little entrepreneurial or managerial experience. Starting a business of your own can be compared to joining a marathon race. You inevitably dream big while on the starting line but as the race progresses you see a lot of fellow racers fall behind. Many are not able to endure the test of stamina and agility of the race. The same goes with small businesses worldwide. Only a few are really able to reach the big dream. Majority of them simply fail no matter how extensive the efforts might be. The E-Myth revisited will help you understand thoroughly why your business works well in the areas that it does. The book will make you see why you get so frustrated with your business at times. Another advantage is that it is not only an easy book to read, but it is very interesting too as it presented the real life story of an entrepreneur.
Entrepreneurship is about stepping out of one’s comfort zone and starting one’s own business. You could even say it’s arousing the entrepreneurial spirit, converging on the positive aspects of entrepreneurship. In such manner that talking about negative matters, topic like the “entrepreneurial myth,” would be a sin. True entrepreneurs strive with their business opportunities for a variety of reasons. However, aside from my own entrepreneurial experience and knowledge of others, there are major reasons individuals fail in entrepreneurial ventures. They neglect to set realistic goals and plans for themselves and their business. They are not prepared to pay the price of success. These also represents entrepreneurial myth. The “myth” that most people who start small business are “entrepreneurs” or “the fatal assumption that an individual who understands the technical work of a business can successfully run a business that does that technical work.” These are the definitions of entrepreneurial myth in the book E-Myth by Mr. Gerber that attributes the root cause of most small business failures.
Why is this so? Michael Gerber unfolded the answers in his book E-Myth Revisited. The discussions revolve around the philosophies that could make or break the future of small businesses. These philosophies are: entrepreneurial myth (e-myth), the turn-key revolution and the business development process. The assumption is that successful business is simply acquired by summing up the following: an appetite to own a business plus the ability to lay out amount for capital he puts in and the knowledge of the of targeted profit. This mediocre formula does not spell SUCCESS but DISASTER ahead. Moreover, the success of a business whether small scale or large scale is clearly dependent on multitude of factors that are all interrelated and reliant on each other. It is essential then that all these intertwining factors are anatomized and connected so that the entrepreneur gets the whole context before venturing on the thought of owning a business.
Being “technician” is important but it cannot guarantee success in business. The challenge for most technicians is that they need to learn two new roles in order to be a successful. These roles are the “entrepreneur”, the visionary and risk taker, and “manager,” the person that systematizes and keeps everything running effectively. The role they know from their experience is about getting the actual work done, but it represents only one third of what they need to be good at. This answers why most technicians gets disappointed in their businesses and later drain their energy. Most technicians that start a business have little entrepreneurial or managerial experience. Starting a business of your own can be compared to joining a marathon race. You inevitably dream big while on the starting line but as the race progresses you see a lot of fellow racers fall behind. Many are not able to endure the test of stamina and agility of the race. The same goes with small businesses worldwide. Only a few are really able to reach the big dream. Majority of them simply fail no matter how extensive the efforts might be. The E-Myth revisited will help you understand thoroughly why your business works well in the areas that it does. The book will make you see why you get so frustrated with your business at times. Another advantage is that it is not only an easy book to read, but it is very interesting too as it presented the real life story of an entrepreneur.
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