When I'm at networking events and I hear myself speaking with entrepreneurs and business owners, it always seems like this questions come up. It never fails especially when I hear the struggles that some business owners have and I think automatically about the E-Myth.
Here's some takeaways:
- 80% of businesses fail within the first 5 years
- Make a business that is systems dependent but not people dependent aka Turn-key.
- Build your business into a Franchise.
- Everything must be documented in your manual
- 3 roles you will play–(1) Entrepreneur (2) Manager (3) Technician
- 3 stages–(1) Infancy (2) Expansion (3) Maturity
- The person is never the problem. The system is.