Don’t Be Duped By The E-Myth Trap
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:
- Some capital
- A projected target profit
This sounds great, but it’s just 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 and agility. For the record, I’ve run the Chicago Marathon before and beat my older brother (ha!) so I’m entitled to use this running analogy.
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.
Let’s take a minute to talk about “entrepreneurial seizure.” Per Michael Gerber, author of The E-Myth Revisited, this defines the roller coaster of emotions that comes with starting, nurturing, and potential failing and folding 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.
Use our GUIDED TOUR to get the business coaching you need to avoid feeling overwhelmed and defeated.