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.

By: Regine P. Azurin and Yvette Pantilla 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.com (c) Copyright 2001- 2005, BusinessSummaries.com">BusinessSummaries.com - Wisdom In A Nutshell

Regine Azurin is the President of BusinessSummaries.com, a company that provides business book summaries of the latest bestsellers for busy executives and entrepreneurs.


MORE RESOURCES:
According to Barnes & Noble's survey, 77% of Americans read at least one book, newspaper or magazine during Thanksgiving or other holiday travel, while 60% of travelers usually bring, buy or borrow reading material specifically for travel on Thanksgiving Eve. Some 73% of respondents said they felt that traveling on the day before Thanksgiving is a "good time to bring a book they would enjoy and be able to read," and just over a quarter of Americans feel that "bringing a book along for Thanksgiving could give them a way to get out of an uncomfortable or awkward conversation with a relative or other guest."

Anuk Arudpragasam has won the prestigious ?DSC Prize for South Asian Literature 2017 for his novel, "?The Story of a Brief Marriage", published by Granta in the UK, and by Flatiron in the USA

Arudpragasam was awarded the $25,000 (£18,830) prize along with a unique trophy by Hon'ble Abul Maal Abdul Muhith, minister of finance of Bangladesh ?at the Dhaka Literature Festival in Bangladesh.

Little House on the Prairie Fans will likely enjoy Publishers Weekly's article, "10 Things You Probably Didn't Know about Laura Ingalls Wilder."

The national book awards for 2017 have been announced.
The winners are:
Fiction: Jesmyn Ward, Sing, Unburied, Sing
Nonfiction: Masha Gessen, The Future Is History: How Totalitarianism Reclaimed Russia
Poetry: Frank Bidart, Half-light: Collected Poems 1965-2016
Young People's Literature: Robin Benway, Far from the Tree

Annie Proulx received the Medal for Distinguished Contribution to American Letters.

Indies First/Small Business Saturday 2017 and the start of the holiday shopping season are just a week and a half away (Nov 25), and more independent bookstores around the United States are finalizing their plans for the annual celebration of bookselling and small businesses. Shelf Awareness rounds up some of the planned activities...

Bookstore sales declined 6.5% this September, compared to September 2016, according to preliminary figures released by the U.S. Census Bureau Wednesday morning. Sales in September were $1.01 billion, down from $1.8 billion a year ago.

The Observer newspaper continues its 2+ year project to review what it deems to be the top 100 nonfiction books of all time. The series began in February 2016 with their No. 1 pick, Elizabeth Kolbert's The Sixth Extinction and is on track to complete by the turn of the year. The most recent review is for The Diary of Samuel Pepys coming in at No. 92.

The Observer is the sister newspaper to the better known British newspaper, The Guardian. The Observer publishes on Sundays, The Guardian publishes on all other days of the week. Both newspapers combine their content into theguardian.com website.

With 4 million or 17% of all online ebooks being pirated, novelists including Maggie Stiefvater and Samantha Shannon say theft by fans puts their books at risk.

The playwright Tom Stoppard has won the David Cohen prize for a lifetime's achievement in literature, hailed as a "giant of 20th-century British drama" with an "outstanding and enduring body of unfailingly creative, innovative and brilliant work."

Howard Jacobson in the Guardian asks how many of us still read a book in bed?

thatware.org ©