Entrepreneurship In Michael E. Gerber's The E-Myth Revisited

Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. Sounds complicated, right? Well, it can be. As a teenager I dreamed of working for myself, changing the world, giving people jobs and being my own boss. It all sounded so easy, but the reality is it isn’t. In The E-Myth Revisited, Michael E. Gerber explains why people have confused what being an entrepreneur consist of and he guides you can be a successful business owner. Gerber does this by giving us an in depth understanding of the what, whys and how’s. In this paper I will give a short but informative summary on Gerber’s points.

Being your own boss, believing you can do a better job than

During the infancy stage according to Gerber, “the owner and the business are one and the same thing” (Gerber, 35). In infancy the owner is the business therefore without him or her there would be no business. In this stage the owner takes on more than he or she can handle and because of this business starts to fall off. The customers aren’t getting what they need from you and you are exhausted, you have once again as stated before giving yourself a job. In the adolescence stage you finally start to realize you need help and not just any help, help from someone has experience in whatever your business is. In the adolescence stage there comes a time when things do not go as planned and because of this, the owner may back track to the infancy stage. Lastly, there is the maturity stage in this stage the business knows its place in the world, it has figured out the results it wants to see in the future. In the maturity stage the entrepreneurial perspective is formed. The business starts to work to produce results, the vision is formed and now that vision has to become a

The first step which is developing your Primary Aim. What do you want your business to be? What kind of life do you want? After your primary aim, the focus is on the strategic objective of your company. The Strategic Objective stands on your primary aim, it helps you to understand what has to be done in order to achieve that primary aim. When running a business there has to be some form of organization, your company will not survive without it and that is where your organizational strategy comes in. One person can’t run the whole business, so who will do what? That is the objective of the organizational strategy. In the Management Strategy phase, Gerber specifically points out how you want to acquire those people who can be managed. That does not need to be a person who has a degree. It should be a person with the willingness to learn. The People Strategy gives meaning to why the people who work for you are there. Hiring employees who want more than just a job, those who understand the idea behind the work that they are doing. One of the most important strategy, the strategy that helps keep your business afloat is the Marketing Strategy. Nothing you want matters it’s all about the wants of your customer and to find out what the customer wants you have to do your research through demographics(who your customer is) and psychographics(why your customer buys). Lastly, the Systems Strategy which includes three