If you are a business owner, aspiring entrepreneur, or want to start a business, then I want to introduce you to a summer reading book that has changed my perspective on running a business. It is inexpensive and you can find it on Amazon or any good book store:
“The E-Myth Revisited” by Michael Gerber.
I have read and re-read this book while I revamped my company over the past year. To keep things brief, the crux of this book is quite simple but hard to see when you are in the day to day operations of a business. Sometimes you need to stop working IN your business and take some time to work ON your business.
For example, a person in my field who has always been good with technology may get an idea to start a business. That person may be an excellent tech, but as soon as they start dealing with taxes, business law, P&L statements, breakeven analysis, and vendor management, things can get complicated. If you hire some employees, then you are a manager and no longer a tech. Suddenly, your business becomes this “thing” that starts to take over your life! Reality check… running a business is totally different than being a tech, or a pie baker, a mechanic, or an artist. The business needs to have policies, procedures, systems and a culture. Your business should be built to run without you. Your employees need to follow the “system” and the “system” becomes your business.
It is my pleasure to work with many businesses and organizations on a daily basis. Often we get into some detailed discussions about the three “P’s” as Marcus Lemonis states on his CNBC show “The Profit.” His mantra is People, Process, Product. While I deal primarily with technology solutions for business, we all have to keep our focus on the three P’s and think how we can use technology to improve each of them on a daily basis. Good qualified and trained People, following a proven and repeatable Process to produce an excellent Product.
I’ll admit that I am a geek that loves to build and engineer systems. Any business out there is just a system when you break it down to individual parts. The Entrepreneurial Myth slapped me in the face the day I hired my first employee years ago. Reading the book made me think about what I’ve been doing since, and provided some insight into my processes and services. I hope it does the same for you.