One sentence summary
This book explores why most small businesses fail and provides practical advice and strategies to help entrepreneurs create successful and sustainable businesses.
Book genre
Business/Entrepreneurship
Main topic of the book
The main topic of this book is how to create a successful small business by understanding and implementing the principles of the “entrepreneurial myth” or E-Myth.
Key ideas
- Businesses are not just about the technical skills of the owner, but also about the systems and processes that drive the business.
- Small business owners often fall into the “entrepreneurial trap” by trying to do everything themselves and not delegating tasks.
- Successful businesses have standard operating procedures and systems in place to ensure consistency and efficiency.
- The importance of creating a business that can operate without the owner’s presence.
- The three roles of business ownership: the technician (doing the work), the manager (overseeing the work), and the entrepreneur (strategic planning and development).
Main parts of the book and a short summary
- Part One: The E-Myth and American Small Business – introduces the “entrepreneurial myth” and explains why it is the major cause of small business failure.
- Part Two: The Turn-Key Revolution – discusses the importance of creating systems and procedures to make the business less reliant on the owner’s presence.
- Part Three: Beyond the Job – explains the importance of understanding the different roles of business ownership and how to shift from being a technician to an entrepreneur.
- Part Four: Infancy: The Phase of Creative, Strategic Thinking – explores the initial stages of business development and the importance of creating a business plan.
- Part Five: Adolescence: The Phase of Quantification – discusses how to standardize and measure processes to ensure consistency and growth.
- Part Six: Maturity: The Phase of Integration – explains the importance of delegation and creating a team to support the business.
- Part Seven: Beyond the Comfort Zone – explores the challenges of growing a business and how to overcome them.
- Part Eight: The E-Myth Enterprise – discusses how to create a scalable and sustainable business that can thrive without the owner’s constant involvement.
Key takeaways
- Small business owners must learn to work on the business, not just in the business.
- Creating systems and procedures is crucial for consistent and sustainable growth.
- Understanding the different roles of business ownership is essential for success.
- Delegation and building a team are crucial for long-term growth and sustainability.
Author’s background and qualifications
Michael E. Gerber is an American author, entrepreneur, and business consultant. He is best known for his book ‘The E-Myth Revisited’ and is considered a small business guru. Gerber has over four decades of experience in helping small businesses grow and has worked with companies of all sizes, from startups to Fortune 500 companies.
Target audience
Entrepreneurs and small business owners who are struggling to make their business successful or looking to grow and scale their business.
Publisher and first publication date
‘The E-Myth Revisited’ was published by HarperCollins in 1995.