A good real estate education is a solid foundation for real estate success. It is important to have on your bookshelves more than just technical real estate investing books. Inspirational, motivational, and leadership books should also be part of that mix. One such book is the E-Myth by Michael Gerber. Gerber is the phenomenally successful small business consultant and author of the entrepreneurial series of books, the E-Myth.
E-Myth is all about the myth of the entrepreneur. There is the ill conceived notion that if you start a small business, you are an entrepreneur. Romantic notions that could not be further from the truth. Gerber’s main premise is that most small business owners have difficulties operating their business successfully because they think and work like technicians, not entrepreneurs. These small business owners try to do all the work of the businesses themselves, micromanage the business in all of its facets, and never learn how to run the business. Most folks have no clue how to operate their business and become prisoners of the business, not the master.
Running a business is very tough indeed. Very effort and time intensive. All consuming for many small business owners. It grinds them down, wears them out. What those business owners never understand is the most basic Gerber principle: “to create a business which doesn’t need you, to create a systems dependent business not a people dependent business”.
Gerber recounts the entrepreneurial myth and does so noting that here in the U.S. over one million new businesses are started each year, some 40% never make it past the first year, some 80% never last the second five years of operation even if they make it past year five. The math is disheartening to be sure. Only 4% of new businesses will be in business by year ten according to these statistics. You need to work these bleak odds into your favor and that means you need to know what it takes to make the business soar.
What Gerber emphasizes is the need to install systems in the businesses so anyone can run it. Make it a business not a job.
Gerber speaks of a turn key methodology, a new view of business. You turn the key, you introduce an entire system of doing business, it is predicated upon the belief that the true product of the business is not what it sells but how you sell it. By selling the business instead of the product, it becomes a systems dependent business not a people dependent business. A system that can operate without you. The key is working on your business not working in your business. Never allow your business to become your life. It will consume you if you do.
The Gerber books all provide details, case studies and principled analysis that is far beyond the brief words here. What Gerber does accomplish is to provide a practical road map that can be implemented into your real estate business. Why the entrepreneur is so critical for the business success, why the entrepreneurial mindset is so key, so integral, to the business success. Know the difference between being an entrepreneur versus doing a job, Use systems to turn your business into a real estate turn key money machine.
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