The E-Myth Revisited

I've been reading a book called the E-Myth revisited which came highly recommended to me by Virgil at our 10/10 meeting. He mentioned it would be difficult to apply to real estate, but with this in mind I find it applicable nonetheless.

Notes so far:

• The E-Myth is that everyone can start their own small business.
• There are three personalities in every small business owner:
• The technician -- a technician is a baker at a bakery or a mechanic at a car shop.
• The manager
• The entrepreneur
• There are different stages in a small business
• In the infancy stage, small business owners are on their own and the baker enjoys baking pies.
• As the business grows and more people want pies, the pie maker has to move on to the adolescent stage.
• The adolescent stage is where the pie maker manages by abdication. He does not wish to worry or know about the happenings with bookkeeping, hiring people, or other business related activities.
• The reason most small businesses fail is because too many technicians start businesses without thinking like an entrepreneur.
• Moreover, too many business owners think too much like a manager without thinking like an entrepreneur.
• You must have a vision for the future -- a direction for the company and a creative attitude to go along with it.