Why Most Small Businesses Don’t Work and What to do About it
Today’s world offers a lot more opportunities, which transform the sense of purpose into a life-goal – well, in most cases. The business community agrees that the emphasis falls on big companies, sometimes even totally neglecting the impact and importance of small enterprises.
Our book summary will introduce you to several new concepts, that can reshape your mindset and eliminate some of the unnecessary prejudices, and myths about small businesses.
Who Should Read “The E-Myth Revisited”? And Why?
“The E-Myth Revisited” book is not a straightforward university type of book. It is more like a personal journey of one very successful entrepreneur through life. The book includes economic difficulties, challenges, and pleasures that an average business person must embrace if the concept of success is his only option.
Why?- Here’s the kicker:
The process of Globalization is undoubtedly taking control over our lives. Whether we like it or not, one must quickly adapt to the environment and accept the fact that companies are now facing stronger competition. Michael E. Gerber has proven to be competent enough to talk about finance, economic collapses, and corporations who want to endure in these difficult times. It is no wonder why “The E-Myth Revisited” book is strongly recommended for students and owners of small businesses.
About Michael E. Gerber
Michael E. Gerber is an American-born author, nonfiction writer, chairman, CEO, and the founder of Michael E. Gerber Companies that are known worldwide. He was born on 20 June 1936 in the United States. Despite being the author of “The E-Myth Revisited” he is also the co-author of “The E-Myth Attorney, Accountant, Optometrist, Chiropractor, Financial Advisor, etc.” We must not neglect that fact the Gerber has also re-engineered many operational strategies for approximately 25,000 small businesses in the United States alone.
“The E-Myth Revisited Summary”
There are a lot of stubborn people; perhaps the businessmen are among those that learn everything the hard way- if we take into consideration the corporate pitfalls that occur along the way. If you are new in the business world, you are going to face challenges that the universities, schools and religious institutions didn’t warn you about.
The problem arises soon after a businessman falls into a real-world pit; entrepreneurs are forced to realize the tricky business of success and its harmful external influences.
Why is it so important?
Luckily, Michael E. Gerber, the author of “The E-Myth Revisited,” provides its readers with a well-written tutorial; explains to beginners matters that are an integral part of business plans, business growth, and human resource management. Michael expresses itself with a realistic dose of entrepreneurship, lots of personal examples, how can a company increase its net income, financial reports, and long-term marketing plans.
Here’s the deal:
A reader from time to time may find that some of the personal examples and business scenarios are a bit foolish and repetitive, but the main point is that the book has a good ranking. It is highly entertaining and realistic, despite those “Complexed financial Subjects” present in the book that may seem challenging to grasp when referring to an average reader.
In the modern era, almost every business it’s ruled by advanced technology, so the risk of using inappropriate systems to accomplish certain objectives is relatively high. Quite often, the owners of small companies use unfitting systems or technologies when performing some operational activities. The overall business suffers when this sort of a problem is present on an ongoing basis; however, this is not the worst case scenario- The worst scenario is when no one is even aware of the fact that the company is using inappropriate systems.
Are you eager to learn more about the best part?
The income that a firm receives would probably decrease over time as a result of inefficient operational management and a bad ratio between revenue and investment. You can look up at statistics: Each year in the United States alone, more than one million individuals launch new companies.
Unfortunately, in the first year, almost 40% of those startups end up in failure due to lack of expertise in the area and other personal reasons.
Key Lessons from “The E-Myth Revisited”
- Only a few entrepreneurs are capable of coping with crisis, frustration, and complications
- New companies must position themselves in the marketplace as quickly as possible
- Always strive for perfection
Only a few entrepreneurs are capable of coping with crisis, frustration, and complications
The new era started when the very first companies “invaded” Britain and its colonies. Since then, the corporate history is enriched with all sorts of ﬁctional, non-fictional and heroic tales and characters that are an integral part of the attributes that an average entrepreneur possess.
One legend says: When you face a challenging environment, only the bravest of all can defy all odds, fight for proﬁts, increase sales, and sometimes even pursue fame. According to many such tales are not always trustworthy. A more realistic story would sound like: A lots of difficulties, misunderstandings, a lack of motivation and moments of pain.
New companies must position themselves in the marketplace as quickly as possible
This early stage immediately ends when a business person becomes aware of his firm’s capabilities and resistance to endure long enough and position itself successfully as a brand. The initial signs of crisis just like any other health issue must be noticed quickly, or in this case, right after the company starts to experience a decrease in yearly income.
These common signs must be promptly recognized if you as an owner want for your business to become a brand shortly. In the digital era, businesses have a shorter lifespan as a result of an increased competition and specific requirements that they need to fulfill.
Always strive for perfection
Nike, Mercedes and McDonald’s are perfect examples of mature companies that have overcome challenges in different societies, eras, and cultures. These particular businesses have reached the top of the third and most critical stage of corporate progress. In order to do so, a company must always strive for one thing- Satisfy your customers better than the competitors. This vision earned them respect, status, and prestige worldwide.
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“The E-Myth Revisited” QuotesContrary to popular belief, my experience has shown me that the people who are exceptionally good in business aren't so because of what they know but because of their insatiable need to know more. Click To Tweet If your business depends on you, you don’t own a business—you have a job. And it’s the worst job in the world because you’re working for a lunatic! Click To Tweet Creativity thinks up new things. Innovation does new things. Click To Tweet The Entrepreneurial Model has less to do with what’s done in a business and more to do with how it’s done. The commodity isn’t what’s important—the way it’s delivered is Click To Tweet Most salespeople think that selling is “closing.” It isn’t. Selling is opening. Click To Tweet
Our Critical Review
This marks the beginning of success for small business, it offers insights on how you should build, and what techniques to use. Probably the biggest drawback is the beginners level of sophistication used by the author.