“If they don’t fail outright, most businesses fail to fully achieve their potential. That’s because the person who owns the business doesn’t truly know how to build a company that works without him or her.. which is the key.” – Michael Gerber
Michael Gerber is the founder and CEO of E-Myth Worldwide, and best selling author of The E-Myth Revisited, and E-Myth Mastery. He defines E-Myth as:
1: The entrepreneurial myth: the myth that most people who start a small business are entrepreneurs,
2: the fatal assumption that an individual who understands the technical work of a business can successfully run a business that does technical work.
Since its publication in 1995, this business classic has sold over one million copies, and is published in 16 languages. Michael observes that most small businesses are started by “technicians”, that is, people who are skilled at something and who enjoy doing that thing.
When these technicians strike out on their own, they tend to continue doing the work they are skilled at, and ignore the overarching aspects of business.
Without clear goals and quantification benchmarks, they soon find themselves overworked, understaffed, and eventually broke. They come to hate the work they do. Rather than owning a business, Gerber writes, “they own a job.” Click here for the interview.
David Teten is a Partner with ff Venture Capital and Founder and Chairman of Harvard Business School Alumni Angels of Greater New York. He is a serial entrepreneur, author, and frequent keynote speaker. [more information]