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The E-Myth
by Michael E. Gerber, $15
Harper Business
©Money Magic, Inc.2/7/98
Saturday Daybreak KATV, Chn. 7
Mary Ann Campbell, CFP

This book is important because:

Most businesses don't work, and this book tells you what to do about it.
It gives you a model for building a small business that works. Check this book out at your local library, purchase it at your local bookstore, or call 800-221-0266 to order it along with other products by the EMyth Academy.

What you can learn from The E Myth is the Entrepreneurial Myth that businesses are started risking capital to make a profit.

There is a 3-way tension between the entrepreneur, manager, and technician. Change your point of view about your business, and it can change your life. Most people simply go to work. A business that works gives you more life. Four main ideas:

There is a myth
There is a turn-key revolution
Create a Business Development Process, and
Systematically apply that process always.

You can find independence and security. The reason most businesses don't work is because the people who own them do, and they're doing the wrong kind -of work. Go to work ON your business with a picture of a business that works without you. Construct it, manufacture it, engineer it, systematize it, and can it. See your business as apart from you, not you; and your life will change. (You'll have one.)

Build a money machine that will run whether you're there are not. If you build a business on your own personal skill, you're out of business the minute you can't do it any more.

The system is the solution:
Ray Kroc/McDonald, Tom Watson /IBM, Walt Disney Go to work on your business as though you're going to replicate it 5,000 times. You do not need to hire experts if you've created an expert system that leverages ordinary people to produce extraordinary results. This is the key to extraordinary business. Think of the end product of your business. Create a Turn-Key Operation. A turn-key operation is a system of integrated components that works in an absolutely predictable fashion. There are four levels of components:

The Foundational Level: "How we do it here."
System to recruit, hire, and train people to use the first system.
System to manage the first two systems, to discover flaws.

The Business Development system is to continually innovate (find a better way), quantify (making sure how well it works), and orchestrate (making sure it works that way every single time by eliminating choice at the operating level)

7 Steps to Building a Business that Works:

Primary aim...what do I want?
The business as a means to an end to give you more life
An organization chart think of your business functionally
Management system create picture and teach it
People development create feeling of belonging
Marketing development psychographics
Systems development hard and soft such as information systems

Your product is CONTROL. Give the customer what they want the first time and replicate it consistently. Do it every time in identical ways in a clean, organized, shinning, colorful environment that differentiates your business from all others. What needs to be done to create a business that works: Learn to start working ON your business, not IN your business. The future can be yours.