The E-Myth Revisited, is a book written by Michael E. Gerber with the goal of helping small business owners achieve success, and to help beginners in the necessary start-up phase. The book in its entirety highlights the process and procedures small business owners should follow, as well as the state of mind and mental grit it takes to own said business. The central theme of the book relates to the “E-Myth”, or as the author defines it, the entrepreneurial myth and in-depth lessons that come with it.
Summary of The E-Myth Revisited
The central theme of the book revolves around the lessons surrounding the “E-Myth”. The E-Myth, as defined by the author, is the entrepreneurial myth. This is further explained by explaining to the reader that every business person has “three sides”. These three sides being; the entrepreneur, the technician, and the manager.
Most people enter a business with the technical side of their process down, not realizing that that is only one small portion of the necessary work to obtain success.
An excellent example is presented of a woman who is opening a pie shop. This woman is an experienced baker, who genuinely loves to make her pies and feels that knowledge is enough to start her business. Unfortunately, this is obviously not the case and often causes what the author refers to as an “entrepreneurial seizure”.
Essentially, the author describes this as when the initial excitement and euphoria of opening a new business has set in. This state of mind is largely caused by the technical skills the person possesses and doesn’t last long, as the owner usually becomes overwhelmed with the other portions of the business, realizing success is determined by those as well. He relates back to the woman with the pie shop to explain that because of this, she now reaches out for help.
Unfortunately, Gerber describes the hired help as not rooted in proper procedures and gives the owner a false sense of security. He does on to define this as “Management by Abdication”. The owner begins to abdicate responsibilities to the hired help until the business finds itself in the same precarious situation as before.
Gerber uses this as an opportunity to advocate for small business owners to always utilize the three sides of the business; the entrepreneur, the technician, and the manager.
He also highlights the importance of using the “Turnkey Revolution”, which is the concept of first building business processes and procedures, as opposed to just solely the product. Gerber explains that the most profitable and successful businesses are those whose procedures could be used by other companies and still wield similar results.
For Whom Was The E-Myth Revisited Written, and is it Worth Reading?
As stated previously, this book was written with a new or current small business owner in mind. It was written with the sole intention to help those in this position, to become successful. Gerber uses examples and personal experience to highlight the important lessons for those also setting out on the small business journey.
It is an incredibly insightful and well-written book. It is steeped with knowledge of small businesses and their procedures, problems, etc. The lessons that a small business owner could take away from this novel are countless – from learning how and when to reach out for help, marketing strategies, management do’s and don’ts, and more!
Who is Michael E. Gerber, the author of The E-Myth Revisited?
Michael E. Gerber is regarded as the “World’s #1 Small Business Guru”, for the fact that he has helped millions of business owners and companies achieve success over the last 40 years. He has made his personal mission in life to “transform the state of small business, worldwide”.
He’s not only the author of the book in review, he’s also written nine other worldwide best-selling E-Myth books. These books are all concerning small business entrepreneurship, leadership and management. Additionally, Gerber has written books on a wide range of topics such as; financial advisors. architects, and even dentists!
The E-Myth Revisited is a NY Times global mega-bestseller and has been for two decades. It’s rated 5/5 stars, and as a must-read for new or struggling small business owners. It is world-renowned for being the exact help that small business owners require!
Business Books Similiar to The E-Myth Revisited
- The Innovator’s Dilemma: The Revolutionary Book That Will Change the Way You Do Business
Written by Harvard Professor, Clayton M. Christensen, the book focuses on “disruptive technology” and how companies and businesses are missing “the next great wave”. Similar to The E-Myth Revisited in the sense of a goal to help business owners, however, a different approach is taken. This book is more technology-based but, still quite insightful.
- The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers
Written by Ben Horowitz, this book focuses on The difficulties of starting up your own business. Much like Gerber, Horowitz draws on personal experience and examples to outline proper procedures and steps to his audience. This book is filled with Horowitz’s personality and humor and makes it both intellectually and comedically stimulating for the reader.