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On Board: Michael E. Gerber
Mission: Beyond The E-Myth-From a Company of One to a Company of 1000
In this episode, I have the honor of having a conversation with the renowned Michael Gerber, who you probably recognize as the mega-bestselling author of 28 ‘E-Myth’ books, in The New York Times™, Business Week, Inc. Magazine, FORTUNE, Forbes and Wired. Perhaps his most famous book is his original: The E-Myth, which has sold over 5 million copies. Luckily for all of us, he just released another book, Beyond the E-Myth. Better yet, you can download the first chapter of Beyond the E-Myth for free by clicking here.
Michael’s emphasis on creating duplicatable business systems has caught on over the years. In 1995, the Wall Street Journal named The E-Myth the #1 business book of all time, and it’s been voted the #1 business book by Inc. 500 CEOs. Michael’s work is available in 145 countries and 29 languages, so it’s no wonder Inc Magazine calls Michael “The World’s #1 Small Business Guru.” In our conversation, Michael shares wonderful insights into how to turn just about anything into a business that’s both meaningful and profitable.
Connect With Michael:
The Mission Log:
- [03:33] – Michael launches things off by talking a bit about himself. We learn that he’s spent decades specializing in working with small business owners.
- [05:30] – In his early days, Michael was a jazz saxophone player, then an encyclopedia salesman, then filled a handful of other unexpected roles. He also shares the role his mother played in his life. He also elaborates on how he got involved in the world of small business.
- [11:11] – Michael discusses his discovery that most small business owners didn’t understand business, and explains how stopping at a McDonald’s made everything click for him.
- [13:07] – What is the E-myth? Michael talks about the difference between true entrepreneurs and “technicians suffering from an entrepreneurial seizure.”
- [14:40] – What are these technicians missing? In his answer, Michael talks about how to take a company of one to a company of one thousand, which is the subject of his new book.
- [16:45] – Michael talks about the eight steps that form the system in Beyond the E-Myth. The first four steps are these: 1. Developing a dream. 2. Developing a vision. 3. Developing a purpose. 4. Developing a mission.
- [18:41] – Why those four? Because those are the four products of the four personalities of an entrepreneur, Michael explains.
- [21:33] – Orion steps in for a moment to rephrase and clarify what Michael has been saying. He agrees with what she says, then elaborates on it.
- [22:56] – How do you find the right story? Michael answers, and clarifies what he means about finding a story.
- [24:46] – Michael talks about NewCo (as opposed to OldCo). He then talks about the next four steps, as follows: 1. The job. 2. The practice. 3. The business. 4. The enterprise. This is the “hierarchy of growth,” he says.
- [28:48] – The job, practice, business, and enterprise system is also a process of a series of steps, Michael explains. He talks us through how this might work for a hypothetical case of helping women with relationships.
- [31:07] – What do you do once you have the client fulfillment system completed and written out? Next, Michael tells us, you build a turnkey client acquisition system. Lead generation, lead conversion, and client fulfillment should all be addressed in this turnkey system.
- [32:30] – Michael walks us through an exercise that involves better defining your business by drawing circles with spokes representing various parts of your business.
- [34:34] – By creating a business in the way Michael describes, you’re creating something you’ll be able to sell, Michael explains.
- [34:57] – How do you create a manual for every system? “It’s simple, you just learn how to do it,” Michael answers. He recommends going to his site at www.beyondemyth.com to learn more.
- [36:13] – What makes a good business owner? The abilities to focus your attention and to persevere are the most critical; everything else can be learned.
- [36:42] – Michael clarifies what he means by focusing on equity over income.
- [37:42] – What are Michael’s three steps to living a stellar life? What makes him happy? “What makes me happy is when my life is happy,” he shares. Creating also makes him happy, at least most of the time.
Your Pre-Flight Checklist:
- Reassess where you are in life. Michael spent years finding himself before his inner entrepreneur woke, so be gentle with yourself if you haven’t found your purpose yet.
- Make a list of skills you have that might not be immediately obvious. Think about how these skills might apply to your current (or desired) work.
- Assess honestly whether you’re an entrepreneur or a technician. Have you created a business, or have you just created a job for yourself?