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yvesval
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Post subject: Batch 42 E-Myth Response by: Jeziel P Bacus  Posted: Tue May 06, 2008 7:14 pm |
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Joined: Wed Dec 05, 2007 1:23 am
Posts: 45
Location: Banilad Cebu
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[align=center]E-MYTH RESPONSE[/align]
[align=center]by: Jeziel P. Bacus, Dauis Bohol Philippines[/align]
[hr]
I. INTRODUCTION
“The E-Myth Revisited. What Every Successful Entrepreneur Knows. Why Most Small Businesses Don’t Work and What to Do About It”
These are the few powerful sentences that caught my attention when I first saw Michael Gerber’s book. “Sounds interesting, these are exactly what I needed to know”, were my thoughts then.
However being a novice in the business arena, I felt overwhelmed with Gerber’s great ideas. At first, I had difficulty in getting into his mind but with persistence and diligence, I was able to understand every concept that he taught. Not only did I understand his insights but have also found great treasures in his wisdom and expertise.
The E-Myth has enriched my mind with many business ideas and principles that will surely help me succeed as an entrepreneur. I am grateful that great books such as this are written. E-Myth helps business neophytes learn important concepts to reduce if not avoid the pitfalls that have caused many companies to fall apart.
Gerber’s book offers a message of hope and inspiration to all. Entrepreneurship is challenging, exciting and rewarding yet only a few takes this career path. As Robert Frost’s famous poem entitled “The Road Not Taken” puts it– Two roads diverged in a wood and I – I took the one less traveled by, and that has made all the difference.” The two roads for me are entrepreneurship and employment. Entrepreneurship is the path that is less traveled by yet it is grassy and abundant far ahead.
E-Myth is truly great. It is a must-read book for all entrepreneurs and entrepreneurs-to be. Indeed Gerber proved his name and fame of being the world’s # 1 small business guru! II. WHY MOST SMALL BUSINESSES DON’T WORKEndowed with many years of rich experiences, Gerber has pointed out some reasons why most small businesses don’t work. Among these are:
A. The entrepreneurial myths that are in the business world today such as the fatal assumption that most people that start businesses are entrepreneurs and that when a person knows a certain technical work, he can successfully run a business that does the same technical work. True enough, the ability to run a business successfully doesn’t follow after one’s knowledge or expertise in a certain trade. Business requires much more than skill or experience. It requires much more than being able to fund the start-up costs as most people believe. Rather business requires wisdom, expertise, the right motivation, the correct attitudes, etc.
B. The business owner has no Primary Aim and Strategic Objective in life. Indeed, goal setting is very vital to entrepreneurs as it creates in him the inner drive to persist amidst challenges. Gerber added that one’s business should not enslave an entrepreneur. Rather, it must be the means to achieve his dreams
C. The absence or lack of efficient systems/strategies. True enough, systems and strategies are very important in a business entity. Without these, a business won’t be able to function effectively and will be beset with various problems and consequently won’t yield positive results.
D. The business owner fails to balance the three personalities which are in him – the entrepreneur, the manager and the technician. Most owners just play the technician side but neglect his entrepreneurial and managerial aspects. These three aspects are equally important – they determine the growth of the entity.
Gerber mentioned a lot more but the above were just the few major ones. III. BUILDING A SMALL BUSINESS THAT WORKSIn the book, Gerber mentioned of a question that is often asked of him – “What do the owners of extraordinary businesses know that the rest don’t? He then explained that contrary to popular belief, experience has shown him 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. He shared of the following important things that a every successful business should have:
A. The owner should have a Primary Aim and a Strategic Objective. His business should be his means in achieving this Aim.
B. The owner should learn relevant principles and concepts before engaging into business
C. The owner should have a clear vision of where his business is going and should prepare for growth and anticipate problems.
D. The business should have an effective system to guide its operations. It should have the business franchise format.
E. The business should have strategies in place especially in People, Management and Marketing areas.
Gerber closed his book with an old Chinese proverb that says:
When you hear something, you will forget it.
When you see something, you will remember it.
But until you do something, you will understand it.
With optimism, Gerber reverberated that in business there will be resounding success if important principles and concepts are applied. Business will work out for anyone. It will work if the people involved in it will not do it half-heartedly but with full engagement. A successful business can only work out if done INTELLIGENTLY, SYSTEMATICALLY AND COMPASSIONATELY.
_________________
ACE Administrator
www.creatingenterprise.com
Cebu City Philippines
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