The E-Myth Revisited – an Interview with Michael E. Gerber
Many small businesses needlessly fail in this country every year. I recently interviewed bestselling author Michael E. Gerber about how this outcome can be prevented. A small business guru who has impacted the lives of millions of entrepreneurs worldwide for over 40 years, Michael outlined what he calls the Eightfold Path – a series of eight consecutive steps that every small business owner must undertake in order to build a long-lasting and successful enterprise.
Your Dream
In the beginning, you have to fuel your company with a Dream. A Dream is the result you intend to produce by forming your Company of One and then growing it. It’s about the market you intend to serve. For example, at the outset of Michael E. Gerber Companies in 1977, Michael’s Dream was to transform the state of small business worldwide.
Your Vision
Your Vision is the form your new company will take in order to realize its Dream. Michael’s Vision was to create the McDonald’s of small business consulting.
Your Purpose
Your Purpose is the profound impact your company intends to have on your most important customers. Michael’s Purpose was to enable every small business owner to become as successful in their business as a McDonald’s franchisee.
Your Mission
Your Mission is to invent an effective Operating System at the heart of your growing enterprise.
Your Job
Your job is to work on your Company of One to create your Client Fulfillment System. This is what you deliver to your customers.
Your Practice
Once your Client Fulfillment System is documented and scalable, you must start attracting and securing new clients to deliver it to. This is your Client Acquisition System, Your Practice. See it as your Three-Legged Stool: Lead Generation. Lead Conversion. Client Fulfillment. This is Your Franchise Prototype and The Core Operating System of your ready-to-scale growing company.
Your Business
Your business is a Practice times seven. Seven Three Legged Stools, plus a Turn-key Management System!
Your Enterprise
Your Enterprise is a Business times seven. That equals 49 Three Legged Stools, plus a Turn-key Management System plus a Turn-key Leadership System!
In order to grow a small company, you need passion, determination and a process. To learn more about the Eightfold Path, listen to the latest episode of “It’s a Good Life”.
Eric
