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:
In what has become an annual rite under the Trump administration, the president's fiscal year 2020 budget proposal calls for the elimination of the National Endowment for the Arts. Trump's initial budgets for both fiscal 2018 and 2019 also called for cutting the NEA, but each time the House restored funds for the organization and last year gave the NEA a $3 million increase.

According to researchers, the English language might never have enjoyed a richness of F-words had it not been for early farmers and the food processing they favored. Dairy products and other soft foods, such as gruel, porridge, soup and stews, helped shape our faces, the researchers claim, and allowed us to form the sounds "f" and "v", known as labiodental fricatives...

After skipping 2018's announcement due to scandal, the Nobel Foundation has announced that the Nobel Prize in Literature will be awarded in 2019 - and that Laureates will be announced for both 2018 and 2019.

According to the press release: "During the past year, the Nobel Foundation has had a close dialogue with the Swedish Academy about the problems that arose in late 2017 and early 2018. Several important changes have been implemented since then. The Academy's regulations have been amended, making it possible for members to resign. The statutes have been clarified. Several new members have been elected. The Academy also no longer includes any members who are subject to conflict of interest or criminal investigations."

The longlist for The Women's Prize for Fiction 2019 have been announced. The winner will be declared in June.

The Silence of the Girls by Pat Barker
Remembered by Yvonne Battle-Felton
My Sister, the Serial Killer Oyinkan Braithwaite
The Pisces Melissa Broder
Milkman Anna Burns
Freshwater Akwaeke Emezi
Ordinary People Diana Evans
Swan Song Kelleigh Greenberg-Jephcott
An American Marriage Tayari Jones
Number One Chinese Restaurant Lillian Li
Bottled Goods Sophie van Llewyn
Lost Children Archive Valeria Luiselli
Praise Song for the Butterflies Bernice L. McFadden
Circe Madeline Miller
Ghost Wall Sarah Moss
Normal People by Sally Rooney

Across America, small theaters are canceling productions of Harper Lee's "To Kill a Mockingbird," citing a threat of litigation from a powerful, sharp-elbowed Broadway producer related to a contract that dates back half a century.

The theaters were planning to stage an adaptation of the novel by the playwright Christopher Sergel, which has been widely staged by adults and students for decades. Lawyers for the producer Scott Rudin, backed by the Lee estate, are telling the theaters that their productions are no longer permissible because there is a new adaptation, by the screenwriter Aaron Sorkin, which opened on Broadway in December...

The Guardian has a fun article on Susan Rennie's book, Roald Dahl's Rotsome and Repulsant Words, which is worth a read for all Dahl fans, and particularly lovers of his 1982 classic, The BFG:

If a small child were to walk up to the lexicographer Susan Rennie in the street and call her a slopgroggled grobsquiffler, she would know exactly how to reply. "You squinky squiddler!" she would shout. "You piffling little swishfiggler! You troggy little twit! Don't you dare talk pigsquiffle to me, you prunty old pogswizzler!" ...

Silicon Valley billionaire, philanthropist and author Michael Moritz and his wife Harriet Heyman's charitable foundation has been announced as the new sponsor of the Booker prize, a month after the Man Group revealed it was ending its 18-year sponsorship of the prestigious award for literary fiction.

Moritz and Heyman's foundation, Crankstart, has committed to an initial five-year exclusive funding term for the Booker, with an option to renew for a further five years. It will not give its name to the award, which will revert to its old name of the Booker prize from 1 June, when the Man Group's sponsorship ends.

We are pleased to announce the publication of The Inner Lives of Book Clubs!

This fascinating report is the first to really get to the heart of the book club experience. It's the result of two surveys of more than 5,500 people, combined with BookBrowse's more than 15 years of book club experience and research.

Its 56-pages are packed with interesting and usable information that is relevant to librarians, authors, publishers, booksellers and, of course, book clubs.

Among much else, you will discover:

  • The attributes most successful book groups share.
  • The demographics of public book clubs compared to private groups.
  • What people want from their book club.
  • The elements book clubs look for when picking books.
  • The 12 most common book club challenges, and how groups resolve them.
  • The link between discussion length and happiness.
  • The percentage of book clubs that use library book bags.
  • What people interested in a book club but not in one want from a group
  • What causes people to leave book clubs.

Prolific author William E. Butterworth III, who wrote under the name W.E.B. Griffin, has died aged 89.

The writer Andrea Levy, who explored the experience of Jamaican British people in a series of novels over 20 years has died, aged 62, from cancer.

After starting to write as a hobby in her early 30s, Levy published three novels in the 1990s that brought her positive reviews and steady sales. But her fourth novel, Small Island, launched her into the literary big league, winning the 2004 Orange prize, the Whitbread book of the year and the Commonwealth Writers' prize, selling more than 1m copies around the world and inspiring a 2009 BBC adaptation.

thatware.org ©