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11 The E-myth Workbook Northfield Enterprise Center Formatted in conjunction with “The E-Myth Revisited”by Michael Gerber.
Introduction Why is it that with all the information available today on how to be successful in small business, so few people really are? “The E-myth Revisited” by Michael E. Gerberis a phenomenal tool to help answer that question, as well as allow you to determine if you are suited to take on the challenge of starting your own business. This workbook is constructed to help you navigate through the book, fully understand the key points from each chapter, and decide what course of action you should apply to your own business. This workbook is a supplemental resource for “The E-myth Revisited” and we encourage the use of this workbook for those who have already read the book. This workbook will highlight key ideas from each chapter of the book, some reflection questions for you to consider, as well as courses of action that you can take to create a successful franchise. “Contrary 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.”-Michael E. Gerber
Part I: The E-Myth and American Small Business - Chapter 1: The Entrepreneurial Myth I.Key Ideas:The E-Myth,or the entrepreneurial myth, is the idea that most people who start small business are entrepreneurs, risking capital to make a profit. This idea leads to the Entrepreneurial Seizure, a misconception that lures people to start a business to gain freedom and independence from their existing jobs. The Fatal Assumption: An individual who understands the technical work of a business can successfully run a business in that industry. The work which used to be love and joy for the technician will turn into forced chores, and eventually the business will be too much for the technician to handle. II.Questions to Ask Yourself:Questions Yes No Do I want to start a business because I want to be my own boss? Do I want to start a business just because I am good at and enjoy doing the technical work? Do I want to start a business to have the job I want with higher pay? Do I feel lost in identifying my business’s purpose?III.Action:If you answer “Yes” to any of the questions above, you’re a Technician.If you’re only a technician, starting your own business may not be desirable. If you cannot name a purpose to why you want to open your own business beside that you love to do the work or you’re good at doing the technician work, you should find a job in somebody’s business (E.g. if you’re good at cooking,do not open a restaurant. You should find a job as a chef in a restaurant).