In his book, “The E-Myth Revisited,” Michael E. Gerber defines E-Myth as, (1) the myth that most people who start small businesses are entrepreneurs (2) the fatal assumption that an individual who understands the technical work of a business can successfully run a business that does that technical work.
We are going to embark upon a journey through the world of those and other e-myths and debunk them to help you avoid falling into the e-myth trap.
In addition to Gerber’s definition, another predominate entrepreneurial myth, or e-myth, is the assumption that anyone can succeed at business with:
- Some capital
- Projected, targeted profit
While this sounds great, it just not realistic. Think of starting a business as a marathon. Most start out of the gate at record pace, but after a few miles people start slowing and others drop out entirely. Building a successful business is akin to running a marathon. It requires stamina and determination.
The reality is there are many different facets to a successful business and none of them can be ignored if you plan to achieve that success.
The emotions that come with starting, nurturing and the potential failure of a business are like the ups, downs, twists and turns of a roller coaster.
The emotions that occur (often in this order) are:
- Sense of self-loss
This is usually cause by the e-myths and assumptions we talked about. You can get your hopes so high on instant success that even the smallest set back can send you into an emotional tailspin. Too often, this leads to entrepreneurial paralysis brought on by the stark realization you can’t do it all and will need help in the areas where you don’t have the knowledge or expertise. Now, faced with limited choices you may feel like you need to back out and hide, but don’t do that. Embrace the realization that you can’t do it alone and that there are professionals out there who can assist you in your entrepreneurial endeavors.
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