The E-Myth Revisited By Michael E. Gerber | Animated Video Summary | Between The Lines
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- čas přidán 10. 03. 2016
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The E-Myth Revisited By Michael E. Gerber | Animated Video Summary | Between The Lines
Within the first 5 years, 80% of businesses fail. Why is it that when we live in the information age, with almost all of the information needed to succeed available for free, 80% of businesses are still failing?
The E-myth is that most people who start businesses are entrepreneurs risking capital to make a profit. When in reality most people who start businesses are technicians, people who were good at an aspect of their job and decided to start their own show. The Fatal Assumption is that if you understand the technical work of a business, you understand a business that does that technical work. This is not true.
There’s a lot that goes on with a business that a technician will not understand.
The issue is that most people set up their businesses as people dependent when they need to be systems dependent. Which means setting up systems and procedures that require people with the minimum amount of skills to keep it operating at a high level.
In this E-Myth Revisited Review, we will cover how the turn key revolution is changing business forever, the 3 roles you have to play to succeed in business, and the three stages of a business.
This book covers why you should not rely on people, including yourself for building a business. And you should instead make your business Systems Dependent. So set up your business so you are relying on pre-set systems to turn to whenever anything goes wrong. You need to have a game plan for any issue that can occur.
There are three stages to a business:
Infancy: The infancy stage is where the business operates on what the owner wants rather than what the business needs to grow and succeed. This stage ends when the owner can’t keep up with demand and supply or quality drops. The end of this stage is where businesses either fail or succeed. Infancy ends when the boss realizes things cannot continue the way they have been. If you’re still only a technician, this is where many people decide to walk away.
Adolescence: The adolescence stage is where you’ve decided to let your business grow and it begins to reach outside of your comfort zone. For the Technician it’s more work then you’re comfortable doing on your own, for the manager it’s more subordinates than you’re comfortable managing and for the entrepreneur how many managers he can keep motivated to heading towards the vision. When you’re in this stage be careful not to fall into the management by abdication trap, where you have people working under you and you start to remove yourself from the business. Often, the people you hired don’t do the work to the level you want them to and you end up reverting back to infancy stage,
If you can expand your comfort zone to increase your ability to handle the expansion, you will enter into the maturity stage.
Maturity: The maturity phase means your business has a clear vision and purpose. The owner must handle the entrepreneurial aspect of running a business by hiring managers to follow the vision of the company and to manage the technicians who are doing the work.
You are not supposed to work in your business, but work on it. Figure out exactly who your customers you serve are and how you can add more value to their lives.
In order to run a successful business, you can’t remain just a technician. You can’t hire people to build your business for you and hope they get it right. You need to focus on making the business everything you want it to become. You need to take the time to make it systems dependent so you don't rely on any one person, including yourself.
Be equal parts technician, manager and entrepreneur
Realize that you will be in the mature stage of a business when you have a clear vision of the future in place and an operations manual built around every aspect of your business. This business development process can be applied to any business in any industry and can absolutely take the load off of you being the main salesperson, marketer, book keeper, designer, product developer, and so on. You may need to be these things to start, but focus on finding the right people for the jobs that can be delegated and fire yourself from those positions.
Did you find our E-Myth Revisited summary helpful? Let us know in the comments!
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your videos are great bro but make your voice clear and louder. Music is overpowering your voice but nice review.
I though you were Fight mediocrity lol both of you provide the same good value
@@taufikahmedniloy5621 Thanks bro he's a legend.
The whole idea of this book is create a operating system, using other people's time specialized knowledge to get the job done. Remember the rich own systems. To make your time your ally not your enemy.
Jean Alexandre great way of putting it. Using systems is key. I’m actually learning a lot about communism right now and they talk about those who own the means of production are bad but really all it is is setting up systems to improve productivity and efficiency.
thanks for this summary, very well done. If I may give a suggestion, the background music is e little bit loud. please lower the volume or change the music to lower tone one. Keep up the good work
+Gentian Tutulaku I appreciate the feedback. I will try and keep the music lower next time around. Tune in tomorrow to catch the next video :) have a great night Gentian
Thank you for the kind suggestion!
Christ on a bike!!! 100-percent turn down the music.
You can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something - your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life. --Steve Jobs;';'
Trust God guys, give your max and rely on him. I know it sounds cliche, but it truly works.
Rest in peace Jeffery Marr... your contribution on helping others was appreciated
What u mean fam, I’m still here helping lol
@@JeffreyMarr sorry it was a poor attempt at humor and but i succeeded to get your attention...we have not seen any new content.. your fans would like to see more from you..
@@brianclass1988 I appreciate that my friend. I am posting non-stop, just no longer on this channel. New channel is called Project Stoic, I hope you like the videos there :)
Comment on one so I know you’ve made it safely
Awesome E-myth summary. This info is key if you want to live the beach side millionaire lifestyle as opposed to the 80 hours a week technician-turned-business-owner race to exhaustion. Thanks!
+Richard Hopkins Entrepreneurs are the only people who will work 80 hours a week to avoid working 40 hours a week haha. Glad you enjoyed the video mate.
I really enjoyed your summary. So glad I watched.
Happy to hear :)
concise, informative. I loved it. thank you
My pleasure. Hope it's something you can go back to over and over and reinforce the ideas from the book
Very good video. Nicely summarised.
If you liked this video and want to see more, follow this link and make sure to subscribe! czcams.com/channels/OQVrTkfOXvowfeS1-qZ4nA.html
I love reading books. I watch ur videos to get the basic information to decide which book I should buy to get a detailed information of ur points. Thank u
Be positive glad it’s helpful for you. This is a great book to get :)
Well done. Thanks.
Cool backing track - Sounds like something from a Quentin Tarantino movie :)
Great video. Where does the sales part comes into it - without the sales component none of the other 3 have a business or a job.
Thank you!
Great job briefly explaining the E-Myth philosophy. The music is fine by the way. People are clearly focused on the wrong things.
Thanks for the support Mike! Glad you liked the video contents :)
Best Video I've watched today, and ever!
Happy to hear! I would highly recommend never watching anything again.
Thank you for the Summary. Please reduce the speed of the video.
Thanks for making this
My pleasure
Perfect video, tx
Great presentation! Checked Amazon for the "Emyth" book and saw several choices. Any help on which one to get?
Michael Panday E Myth Revisited is great, but they just released a new one last year that I've heard is good. Maybe pick that one up too
Thank you. Well done. Would prefer background music to be 3-5db lower.
What software did you use for your video? Great video btw... you should look into making an online course on how to make these videos.
John Scotland hey John, thanks! The software for these early videos are made using VideoScribe. Pretty easy software to use
your music is very "SCARY" man, please change it :D
Nicely written
tank u
This is one of the best books I read! Thanks 💪❤
No problem!
Does this book teaches how to build a system or is it just about the idea?
João Paulo da Silva good question ... I believe it teaches how to build a system but I’m not certain as it’s been a while. For sure also read Built to Sell in terms of system building. Although both just give guidelines not specific systems
Video lags behind the audio commentary. Audio is not very clear
your music is louder than your voice.
shavnore No. His voice is lower than the music
Music too loud.
This music gave me The X File vibes
Building systems (for everything) doesn't work if your business operations involve complex problem solving. I've tried to teach and formulate systems but it just doesn't work. Certain tasks require a certain level of experience that is the result of many years experience doing that process, and can not easily be given to a chump with no experience.
I agree with you and I think a lot of other companies would. There's a reason that rocket scientists are in high demand, what they do is hard to duplicate. I think the best thing to take from this book is to create SOPs in everything you do and everything you can. Remember that a lot can be systematized but not everything. you're still going to be people dependent at the top of the food chain.
The emyth is a must for EVERYONE starting out in business, mainly because it has predictable mistakes / fallacies and is your guide to shortcutting around them and rapidly accelerating your growth. Pick it up on amazon.
GbZaid absolutely. This is one of the books that will change your approach to running a business
THIS. WAS. VERY. GOOD. Thank You Man.... Seriously... #SleepisForTheRich #YourThoughtsCreateLife
Haha thank you bruvv. Glad you liked it! Got a new one based on a similar concept coming soon!
I'm Waiting. Thanks Again...
I can't understand the audio.
Sorry to hear
Could the technicians work together to make the entrepreneur and managerial decisions? Basically, the technicians would also own the business and decide together how to organize the daily workings and what directions to take the business overall. Effectively eliminating the need for and waste of the entrepreneur and managerial offices.Thus allowing the business to be more healthy and better able to grow and prosper. Do you think that could work better and more efficiently for the business? Thanks for your help and time :)
Andrew Warfield yes, the idea is that one person can have all of these tendencies. But the trap that people fall in to is that if they are good at baking cakes, and open up a cake shop, they neglect the managerial and entrepreneurial aspects of running a business and run themselves into the ground.
Thanks for the reply. I did not at all mean for one person to be doing everything. My question was that way couldn't a large group of technicians also take care of the manager and entrepreneur duties. Thus, eliminating the waste of having this top heavy bureaucracy. In this way, the technicians own and operate the company fully, they get paid more, and have way more invested in the business. I am just being too much of an idealist here? is this utopian thinking outside of human possibility?
No it's absolutely possible. Provided that they think like managers and entrepreneurs and not just technicians it's very possible, and the way many businesses work today. If a technician or a group of technicians can't think like entrepreneurs though, then you need people in those departments who can.
I would choose different music. Would also reccomend talking a bit louder and enunciating your words.
Nice video but it's distracting with the background.
It was said below, but the BG music has to go - it's terrible and too loud. :) thanks for the vid.
Wats with your voice man, it really sounds like u don't wanna do this but just for sake of doinging u doing
Damn some people are cold out here on CZcams
@@JeffreyMarr It is true. I'm not saying it as in insult but as a constructive criticism. I think you should work on your voice because everything else about the video is great. Great research, great explanations, everything.
@@Baddy67110 Thank you. Please refer to the latest videos and let me know if the problem has been solved. I would appreciate the feedback
@@JeffreyMarr You improved it but it lacks energy/enthusiasm. Look how high in energy the guy from charisma on command is : czcams.com/video/wHHwE8Y-pqk/video.html
My voice is a lot like yours and funny as it is, if I take alcohol, my voice is way better or after exercise. lol
by god turn down the volume of the music bro
It’s a little late on this vid, but noted for next one ;) happy new year my guy
Please decrease music volume
I'm afraid the video is too old to make any changes
Background music is VERY VERY ANNOYING, IT IS NOT IN SYNC. try to think it once
Wait till you hear my voice
?I want that book Arabic can we help me
عبدالله محمد للاسف عليك تعلم اللغة و لا تفقد الامن
Man. I wish you can speak louder and the music wasn’t there… what a shame
one of the biggest disasters of the 21st century
The music is kinna distracting
Sorry you don't like it mate. Will have it lower on future videos.
Sir just improve your voice quality.
Sanjay Kumar Sharma thanks for the feedback please check out the more recent videos to let me know if I’ve fixed it.
The problem with this idea is you can fail by success. This is great advice for making a resturaunt. Because you need your manager to be twice as effective, at his job, as the restaurant manager. But if you are starting a company that you hope will be worth 50 million dollars one day, or more, this is useless advice. The question for entrepreneurs is do you want to sell a product that is superior or do you want to sell a process that is superior(business) There is nothing wrong with being a product company. In fact most billion dollar companies are product companies. And this advice is worthless if you want to start a product company.(at least when starting out) When you are medium sized then sure learn this stuff but when starting a product business just focus on the product and if that works out then work on the business to make it even more productive. In short product businesses need a good product and want good management. Take care of needs first then worry about wants.
Fair points here for sure. But once you have your product you need to be developing your systems and processes to be able to deliver it as efficiently as possible. Seeing where you can cut down waste.
Obviously at the start you will be ineffective with your resources, but it's always good to be steering your mind in to "How can I systematize this process so that I can hire someone else to do it or have it completely automated". Leaving you to work on the more important things, ie. sales, getting customers, marketing or innovation, coming up with new products.
That music is so DISTRACTING. WTF
Damn sorry it hurt your feelings man
Are you sleepy sir?
Honestly I have a client call in 14 minutes and I am so excited for it to end so I can sleep
Why the stupid background music?
Martin Vestergaard Portraits lol it adds to the vibe. It sounds like you don’t like it, from my estimations
Between The Lines Ok, but turn the volume down if the main focus is on the words .. thx
Dude I can only watch for 10 seconds and then realize that the entire video is going to be this damn finger scribbling out all the notes that is so 2010 not cool very annoying
Improve voice
A R hey thanks for the feedback. This is an older video, check out my voiceover on more recent videos and let me know if I’ve improved. If not feel free to talk shit on those videos as well
@@JeffreyMarr where??
Still the same, appreciate your quick reply very good
Can you arrange audiobook??
A R arrange how? Give you audiobook? I can’t do that I’m afraid haha
A R if you want to listen to my horrible voice in audio, check our “the goodlife handbook” the enchiridion by Epictetus
learn to speak slowly
ok sry
next time open your mouth
Music is bit louder than your voice.. and you talk very lazy
It's a reflection of my life in general
Loved the video. BUT, why every time you mentioned the technician you showed a black character and the manager and entrepreneurs are white? You should have just kept them all white 😒. 2:07
Quinz Hoffman hey man, these characters are premade in the software I used. There was nothing meant by that, I was just using the characters that were provided. All the business people in this software were white at the time I guess