In the world of business, there are two main factors, the inner keys to success (the way you think, how confident you are in your decisions, how optimistic you are, and so on), and the outer keys to success. An extremely informative book to recommend to anyone that has the inner keys down, but is not business savvy, is The E-Myth which is written by Michael E Gerber. This book explains some of the most crucial elements to operating a business and making it self-sufficient.
The E-Myth: A Book To Help Business Prosper
The E-Myth is one of the top business books every small business owner should read. It is a book that explains how to run a successful business so that you not only achieve financial freedom, but also gain the time to do what you want in your spare time and your life. This book explains the fundamental principals that 80% of small business owners don’t do, and as a result, fail. Its main focus is on how most people end up getting so caught up in their own business, they do not become what they strive to be, entrepreneurs, but rather workers working in their own business. They become like a slave in the very business that they created, and as a result, they achieve the very opposite of what they wanted. Instead of gaining time and achieving financial freedom, they are now busier than ever working in their own business. The business book for wanna-be entrepreneurs explains the details of why most businesses fail, and a solution on how to make sure it never occurs again in the future. The solution, in simple turns is outlined below, but to really understand the full principles, you must read it for yourself.
The Turn-Key Revolution
According to The E-Myth, The key to running a successful business is through “Turn Key Revolution”. The Turn Key Revolution is basically a theory which states that in order to run a successful business, you must think of your business as a franchise. Whether you want to franchise your company or not is irrelevant, but thinking of your business as a franchise is key. When you start a business, you need to think of the entire business as a product, and not the services in your business as the product. When you do this, you begin to notice that the organization and structure of your business will define how successful your business will be. You learn that when you can create a business that is very organized and structured to the point where even a dummy can do some of the positions in your business, it will be very self-sufficient. The whole point of this is that it will allow you to hire people, put them in your place so you free up your time. The other, more important reason is to keep everything CONSISTENT! Consumers hate consistency, and if things aren’t consistent there is a good chance they will not come back.
E-Myth Explains McDonald’s As The Prime Example
McDonald’s is the perfect example of this, Ray Kroc created their business in such a way that entry-level job seekers can work there and still produce consistent food. Why? Because they have everything systemized to the tee, for example each of their patties are prepped to be the exact same size, each employee must wear the exact same outfit, and each cheeseburger must have the exact same amount of ketchup, pickles, onions and mustard. They’ve created a system that doesn’t need a cook, or doesn’t rely on anyone with an extreme amount of expertise to run the business. This is why any teenager with minimum or no experience at all can work efficiently at McDonalds, everything is so systematic. Even the fries are automatically timed to perfection, leaving the cooked potatoes golden and crispy every single time. McDonald’s even has courses that managers must take called “Hamburgerology” to further their goal of operating with pure consistency.
“We provide food that customers love, day after day after day. People just want more of it.” – Ray Kroc
To excel and maximize your business you need to put some required attention on implementing structure, consistency and making it self-sufficient. When you do this, you can build a successful business that doesn’t require you to run it or be there often. This will help you become financially free as you gain more free time to do other things including other business ventures. So remember, if you want to let your business run its course, make sure you do all the little systematic things right which will contribute to a huge impact in your overall operations.
Why You Must Read E-Myth:
If you’re a small business owner, and don’t fully understand the whole concept of making things turn-key, or systemized, you’re most likely doomed to failure (unless you want your business to depend on you for the rest of your life). Michael Gerber did an absolute amazing job in writing The E-Myth that it has sold over 1,000,000 copies because it has helped thousands of people create a self-sufficient business. Most people, and you may be one of them, who want to live their dream life and become the entrepreneur they aspire to be, end up working theirselves into exhaustian, spending 12 hour days, 7 days a week on their business and what once seemed to be a dream that would prosper, slowly became a grind that’s barely surviving. E-Myth is the one book that will help you transfer your business so that you can set it up in such a way that you do not need to spend much time on your passion, whilst still having it achieve better results. The book will take you through 3 major stages: The Employee —> The Manager —> The Entrepreneur, if you’re currently anything but the entrepreneur, this book is worth reading.
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