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.

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The National Book Critics Circle announced the winners of its 2017 awards tonight:

Poetry: Layli Long Soldier, Whereas (Graywolf)

Criticism: Carina Chocano, You Play The Girl: On Playboy Bunnies, Stepford Wives, Trainwrecks, & Other Mixed Messages (Mariner)

Autobiography: Xiaolu Guo, Nine Continents: A Memoir In and Out of China (Grove)

Biography: Caroline Fraser, Prairie Fires: The American Dreams of Laura Ingalls Wilder (Metropolitan Books)

Nonfiction: Frances FitzGerald, The Evangelicals: The Struggle to Shape America (Simon & Schuster)

Fiction: Joan Silber, Improvement (Counterpoint)

The John Leonard Prize: Carmen Maria Machado, Her Body and Other Parties (Graywolf)

The Nona Balakian Citation for Excellence in Reviewing: Charles Finch

The Ivan Sandrof Lifetime Achievement Award: John McPhee

About three-quarters (74%) of Americans have read a book in the past 12 months in any format, a figure that has remained largely unchanged since 2012, according to a Pew Research Center survey conducted in January. Print books remain the most popular format for reading, with 67% of Americans having read a print book in the past year.

And while shares of print and e-book readers are similar to those from a survey conducted in 2016, there has been a modest but statistically significant increase in the share of Americans who read audiobooks, from 14% to 18%.

Overall, Americans read an average (mean) of 12 books per year, while the typical (median) American has read four books in the past 12 months. Each of these figures is largely unchanged since 2011, when the Center first began conducting the surveys of Americans' book reading habits.

Netflix will begin streaming the movie adaptation of The Guernsey Literary & Potato Peel Pie Society in North America, Latin America, Italy, Eastern Europe and Southeast Asia on April 20. Studiocanal will release the film in the U.K. on the same day, followed by Australia, New Zealand, France and Germany.

Accused by at least 10 women of sexual harassment, author Sherman Alexie has decided not to accept the Andrew Carnegie Medal for Excellence in Nonfiction that he won for You Don't Have to Say You Love Me: A Memoir (Little, Brown). His publisher has also delayed the release of the paperback edition.

The Guardian reports on the quandary facing romance authors--in the wake of #MeToo and Time's Up, how 'bad' should the bad boy be?

Introducing what will be an ongoing project, The New York Times writes, "Since 1851, obituaries in the New York Times have been dominated by white men. Now we're adding the stories of 15 remarkable women."

The obituaries published today include Sylvia Plath, Charlotte Bronte and Qui Jin (a feminist poet and revolutionary who became a martyr known as China's 'Joan of Arc.')

Reese Witherspoon and Kerry Washington will star in and executive produce the TV series Little Fires Everywhere, based on Celeste Ng's book.

Three women have gone on the record with NPR's All Things Considered--and at least seven others have spoken off the record with the show--about author Sherman Alexie's abusive treatment of them, confirming the anonymous and somewhat vague allegations that have been made recently online.

New York Times critics chose 15 remarkable books by women that are shaping the way we read and write fiction in the 21st century...

Although many movies based on books were nominated for Oscars this year, only three won with a total of five awards between them:

Darkest Hour, based on the book Darkest Hour: How Churchill Brought England Back from the Brink by Anthony McCarten: Two wins: Best Actor (Gary Oldman) and Best Makeup & Hairstyling.

Call Me by Your Name, adapted from André Aciman's novel: Best Writing Adapted Screenplay (James Ivory).

Blade Runner 2049, based on characters from the novel Do Androids Dream of Electric Sheep? by Philip K. Dick: Two wins: Best Cinematography & Best Visual Effects. ©