My favorite commercial right now is the Verizon small business spot with the little girl who starts her own lemonade stand and grows it into an empire. The tag line: The Small Business with the Best Technology Rules. I have to wonder if that little girl might have read 'The E-myth'.
See YouTube Video: http://www.youtube.com/watch?v=MUcpCB7Wls8
Staggering Failure Rate
My brother in law, a successful small business owner, recommended that I read the book 'The E-Myth'. In our conversation my first "a ha" moment came when he told me about the staggering statistics for the failure rate of small businesses: 40% fail in 1 year. Of those who survive 1year, 80% fail in 5 years, and of those who survive 5 years, another 80% fail. Now compare those dismal stats to those of franchises where at 5 years 75% are a success, and you begin to appreciate one of the main principles of 'The E-Myth' - discovering how to turn your business into a system.
Turning Your Business into a System
The author argues that one of the best ways to turn your small business into a system, is to create operating manuals that describe each function of the business. I did not choose to take it that far with my own business, but it gave me a whole new perspective on breaking down each part of my business and developing it into the most efficient and streamlined system possible. I began to look at every task or job within my business and started asking the questions: is there a better way to do this? how can I make this easier? what can I do to simplify this process?
Technicians, Entrepreneurs and Managers
Another key point discussed by the author was that most small businesses are started by 'Technicians' or people who are skilled at one job, i.e. a pie maker and decide to branch out on there own. While these 'Technicians' are great at the specific skill and job that had them start the new business in the first place, they tend to forget to put on those entrepreneurial and management hats that help to steer the business in the right direction and keep the finances and operations on track. Another important point by the author is that as the business matures, the owner will need to start stepping back from the 'Technician' and management roles and focus more on delegating.
In striving to make the most of your business and finding that perfect balance between work and your personal life, I encourage you to read 'The E-myth Revisited'. Your small business will never be the same.
Saturday, May 14, 2011
Saturday, May 7, 2011
BIN LADEN AND HIGH GAS PRICES
Our Leaders Need to Give Praise to Our Troops for a Job Well Done
The first time I met my wifes' uncle he was very confident, humorous, outgoing and extremely patriotic about his country. We started discussing the draft and my thoughts on war and national conflict. This was before the 9/11 attacks, but I remember being taken aback with how passionate he was for country and our duty to serve. He was in the military and would continue to have a successful career in the armed forces. After serving numerous tours in Iraq, he came back to the states a completely changed man.
About a month ago we got to spend the day with my wifes' uncle here in Charleston and showed him downtown. The sun was shining and the food and conversation were flowing on his fun filled visit here to the east coast. It was amazing to read his e-mail's during his time over in Iraq and how much it had changed him. He told us that he was acting like the uncle we use to know and love on the outside, but inside he was nothing like that person anymore.
How great an opportunity is this Bin Laden victory for our troops? Our sword and shield who have been battling so long and hard for all of us, only to come home to their loved ones broken and changed. The sacrifices they make are hard to imagine, but I think our leaders have a great opportunity to leverage the Bin Laden victory to boost our troops morale and begin bringing our loved ones home.
Gas Controls Everything
In business school I learned of what happened to our country after the gas spike in the 1970's. But it wasn't until the first gas spike, just prior to the great recession, that I began to appreciate how much gas drives everything in our economy. Just yesterday I went to fill up a 5 gallon container of gas for my yard work for the season and was literally floored at what I was getting for my money. Usually when I fill my car up I equate what I spend to getting 1.5 weeks of driving out of the fill up, but seeing my $20.37 buying this piddly 5 gallon jug was just depressing.
I have had many discussions with colleagues and friends on what we can do about being so dependent on gas for our current way of life. The private sector has known we have had a major lack of an energy policy since the 1970's and what has it accomplished?
US Government Needs to Invest Major Capital Into Alternative Energy
I'm a big believer in the free market and entrepreneurship, but the private sector has failed miserably when it comes to alternative energy. The US government needs to step up to the plate and spend some real capital on alternative energy and do it with complete transparency to win the hearts of the nation. The oil tycoons have all the power, but if our government can show the people what we are up against in pushing back on oil--maybe, just maybe that garbage powered flying DeLorean time machine that Dr. Emmet L. Brown was tooling around in might actually see the light of day.
The first time I met my wifes' uncle he was very confident, humorous, outgoing and extremely patriotic about his country. We started discussing the draft and my thoughts on war and national conflict. This was before the 9/11 attacks, but I remember being taken aback with how passionate he was for country and our duty to serve. He was in the military and would continue to have a successful career in the armed forces. After serving numerous tours in Iraq, he came back to the states a completely changed man.
About a month ago we got to spend the day with my wifes' uncle here in Charleston and showed him downtown. The sun was shining and the food and conversation were flowing on his fun filled visit here to the east coast. It was amazing to read his e-mail's during his time over in Iraq and how much it had changed him. He told us that he was acting like the uncle we use to know and love on the outside, but inside he was nothing like that person anymore.
How great an opportunity is this Bin Laden victory for our troops? Our sword and shield who have been battling so long and hard for all of us, only to come home to their loved ones broken and changed. The sacrifices they make are hard to imagine, but I think our leaders have a great opportunity to leverage the Bin Laden victory to boost our troops morale and begin bringing our loved ones home.
Gas Controls Everything
In business school I learned of what happened to our country after the gas spike in the 1970's. But it wasn't until the first gas spike, just prior to the great recession, that I began to appreciate how much gas drives everything in our economy. Just yesterday I went to fill up a 5 gallon container of gas for my yard work for the season and was literally floored at what I was getting for my money. Usually when I fill my car up I equate what I spend to getting 1.5 weeks of driving out of the fill up, but seeing my $20.37 buying this piddly 5 gallon jug was just depressing.
I have had many discussions with colleagues and friends on what we can do about being so dependent on gas for our current way of life. The private sector has known we have had a major lack of an energy policy since the 1970's and what has it accomplished?
US Government Needs to Invest Major Capital Into Alternative Energy
I'm a big believer in the free market and entrepreneurship, but the private sector has failed miserably when it comes to alternative energy. The US government needs to step up to the plate and spend some real capital on alternative energy and do it with complete transparency to win the hearts of the nation. The oil tycoons have all the power, but if our government can show the people what we are up against in pushing back on oil--maybe, just maybe that garbage powered flying DeLorean time machine that Dr. Emmet L. Brown was tooling around in might actually see the light of day.
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