The E-Myth, summarized in under 300 words:
In his book ‘The E-Myth’, Michael Gerber brings up the following statistic: “80% of businesses fail within 5 years of starting out.” With the amount of information and tools available at our disposal, in today’s world, this seems a bit surprising, doesn’t it?
Nevertheless, it’s true. Let’s find out why.
1.What is the myth that Michael talks about?
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The mistake that most people make, is believing the e-myth, and making the fatal assumption.
2.People-dependent vs. Systems-dependent businesses:
The Turnkey Revolution: More and more businesses in today’s time are heading towards automation and system-dependency, which turns out to be a lot more efficient in the long run, as opposed to people-dependent systems.
Extended Reading: The future of Entrepreneurship: Automation and System dependancy
3.What roles do you have to play, starting a business?
Here are three roles that every business owner has to play. As a start-up, you might have to play all three.
There’s a lot more to the book. The central idea, however, has been covered in this article. To learn more , I’d highly recommend you get hold of a copy.
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