The E-Myth Enterprise: How to Turn A Great Idea Into a Thriving Business

Michael Gerber

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Description

The E-Myth Enterprise explores the requirement that any new business must meet: the satisfaction of its four primary influencers – employees, customers, suppliers and investors.

Key words: Business

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My Notes

Businesses exist only because people want them too.

A business can only succeed only to the degree that it gives each and every one of its four primary influencers MORE than they can expect from any competitors;

1. Customers

2. Employees

3. Suppliers

4. Lenders

Changing needs and wants MUST change the way you do business.

The business owner must possess five essential skills

1. Concentration – Small concentration of people. A great business owns a place in the world.

2. Discrimination – Prioritise clients, say no to others.

3. Organisation – Organise time, space, work

4. Innovation

5. Communication

4 Categories of preference

Every business must satisfy 4 categories of preference to each of the 4 primary influencers;

Visual – The visual impression.

1. Colour – the first thing people see

2. Form – logo, style of dress

3. Scale – who it’s built for. Does it say serious?

4. Order – its cleanliness, its impeccability, control

5. Detail – the care you put into it, so when people look closer, they are surprised by what they find

6. Information – A visual way to transmit meaningful information

Emotional – 7 rules to build an emotionally vital business

1. People need order – structure, logic and clear standards

2. People need to feel heard – Their contribution is important

3. Feel connected - to something bigger than themselves

4. People need to have a purpose – Need to have a plan, they need to be going someplace

5. What they are doing has moral weight – Connected to what is right, operate with conscience.

6. What they personally do is important – they need to feel that without them the business would not run.

7. People need to feel loved – that no matter what people care.

Functional

1. The best way to operate is the way that eliminates the primary frustration experienced by your Client.

2. What is the primary frustration with coaches? Don’t deliver, don’t see change, don’t do the work.

3. Make a promise to deliver the opposite of the primary aim and to accept full responsibility of that promise. To deliver, make change and do the work.

4. Make a promise that no one else would dare to commit to, then work your arse off to keep it. Pull off those guarantees!!!

Financial

1. Be good with your money. Take care of money.