Are You Aiding & Abetting E-Myths?
Let me start out todays lesson with a true story.
I attended a networking event a few weeks ago. This event included business owners and soon to be business owners of various industries. There were about 120 people in the room.
Among the speakers was a guy who had owned a business for about 4 years. He proudly told the crowd “In just 4 years, my company’s revenue has grown to $55 Million.” The crowed cheered.
When the cheering died down, he admitted, almost as proudly, “But I’m still just as broke as I was when I opened the doors.” He went on to say, “Be prepared, because as business owners, that’s your fate as well.”
I call Bull-Shit.
What I mean is, that is the fate of most businesses. But that does not have to be your fate. Some, like this business owner, believe you can grow or you can profit. But you can’t do both. Again, BS.
You can grow and profit at the same time.
We are going to embark upon a journey through the world of e-myths and debunk them to help you avoid falling into the e-myth trap.
First, let’s take a minute to talk about what an e-myth is. An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:
- A plan
- Some capital
- Projected a targeted profit
This sounds great, but it just is not realistic. Think of starting a business as a marathon. Sure, everyone starts out of the gate at record pace, but after a few miles people start slowing and some drop out entirely. Building a successful business takes stamina, agility and resilience.
The reality is that there are many different facets to a successful business and none of them can be ignored if you plan to find success. And by success I mean profits, not just revenue.
“Revenue feeds your ego. Profits feed your family.”
Let’s take a minute to talk about entrepreneurial seizure. This defines the roller coaster of emotions that comes with starting, nurturing and the potential failure of a business.
The emotions that occur, in order, are:
- Sense of self-loss
This is usually caused by the e-myths and assumptions we talked about. You can get your hopes so high on instant success that even the smallest lag and you are sent into an emotional tailspin. This is also brought on by the stark realization that you can’t do it all and will need help in the areas where you don’t have the knowledge. Now, faced with limited choices you may feel like you need to back out and hide, but don’t do this.
You are not alone. Rather your a Broke Multi-Million Dollar Business or a Broke $100k business, it’s not your fault. Regardless of your amazing technical skills in your craft, chances are, you know very little about actually running a profitable business.
That’s where we come in. We can help.
Use our FREE test drive to get the business coaching you need to avoid feeling overwhelmed and defeated.