The E-Myth: Is being an Entrepreneur what you imagined?

[Pesso]

Hey Square Readers,

Welcome to another round of the Square Readers Book Club! Today we’re starting our next book, The E-Myth Revisited by Michael E. Gerber!

Thanks @ChocoRee for letting us know that there's also a podcast episode by the author called ‘Beyond The E-Myth’ Framework Explained with Michael E. Gerber, that goes into a lot of the high level concepts of the book.

This book is all about the E-Myth, how it leads to business closures, and how to overcome it. 

The E-Myth, or Entrepreneur Myth, is the idea that in our society entrepreneurship and starting a business is seen as this glory-filled, magical, noble thing. That running a business leads to nothing but freedom, happiness, and profit. It’s the idea that anyone who loves or is good at doing something, can and should open their own business. That it’s easy. But in reality, none of that is necessarily true, and that mindset is what leads to the majority of businesses failing. 

The author writes, of someone starting a business, “The business that was supposed to free him from the limitations of working for somebody else actually enslaves him. Suddenly the job he knew how to do so well becomes one job he knows how to do plus a dozen others he doesn’t know how to do at all… The work that was born out of love becomes a chore, among a welter of other less familiar and less pleasant chores… [Everyone] experiences exactly the same thing. First, exhilaration; second, terror; third, exhaustion; and, finally, despair. A terrible sense of loss—not only the loss of what was closest to them, their special relationship with their work, but the loss of purpose, the loss of self.”

As we start reading the book, let’s kick off our conversations with a baseline of how you perceived entrepreneurship before opening your business, and what the reality of it has been like for you.

So let’s talk:

• What inspired you to first open your business?
• Has owning and running your business been like you imagined? What’s the same and what’s different?
• What are the biggest challenges you’ve faced when running your business?

For some extra fun, share a selfie of you with the book here in the comments! 

Don’t forget to:

• View and Subscribe to all threads about this book
• RSVP to our Live Discussion 

Happy reading,

Pesso

[Pesso]

Thanks for jumping in and getting on the book waitlist, @BrianaJo - I'll be posting discussion and summary posts every week, so you could either follow along and get a taste for the book, or come back to them once you've read those sections. Either way!

Wow, that is such an incredible story! Congrats on making the jump and making it through & finding success in almost the first year! That's a huge accomplishment. I'm so glad it's been even better than how you imagined, and that your hard work is going towards building your own thing -- that's such a fulfilling feeling! It sounds like a really great business with so much potential to bring it to where you want it to be. The first year is absolutely the hardest, and like you said, once you can spot trends and prep, things definitely get better. 

Oh gosh, that sounds like such a difficult experience! It is so hard to be able to trust other folks with your business, and even harder when things go wrong as a result. 

Absolutely! Every day is a new one, every experience is a new one, and each time you learn and things can get better!

Rooting for y'all so hard, and so happy to have you here!

[mksavage]

Wow! Even just the synopsis of this gives me so much to think about. This puts my lived experience to words, and it's actually really validating to know that it's a universal enough experience that someone wrote a book about it! Reading this before you open a business is probably incredibly worthwhile, but I'm so curious what the author has to say if you're in that position... guess I'll have to get a copy! This book club has had so many good recommendations, @Pesso !

[Pesso]

Thanks for jumping in, @mksavage , and I'm glad the Book Club can help serve as some inspiration!

It absolutely is a universal experience. Next week's post about the 3 Roles and 3 Phases that the author lays out in the first section of the book hit deep, and I've been seeing it come up in basically every conversation I've been having with business owners. 

Section 3 starts to get into solutions, so I can't wait to read that too and see what practical tips the author recommends for existing businesses. I think you've been on track with it though with your journey to implement systems and processes so you can focus more on the big picture things!

Great to have you read along with us-

[CareyJo]

What inspired you to first open your business?

My parents became self-employed when I was in 7th grade... my dad made his first million two years later.  I've been around it my whole life.  At the age of 19, I was working full time and knew that not only did I need extra money, but I wanted to be my own boss.  I've owned nine different businesses since then.  What I thought I wanted at such a young age was a status to attain.  What I've realized as I've aged is that I want the freedom that comes with it.  We set our own hours.  We close our doors for two weeks every February.  We unabashedly and unapologetically take time off when we need it.  I'm not chained to my desk.  When my husband was employed by others, I wanted him to be paid what he's worth and actually get time off.  Now he is.

Has owning and running your business been like you imagined?  What's the same and what's different?

The first eight times... no.  This time, yes.  Although there was one time that I was really close.  This time what's the same is that we set up our current business the way we wanted it before we opened the doors, we didn't just fly by the seat of our pants out of necessity.  What's different is that we hoped for more commercial and bigger clients that we haven't gotten yet.

What are the biggest challenges you've faced when running your business?

When we aren't getting along personally, it's hard to get along at work.  Not always getting paid timely and having to deal with a few bad apples.

[CareyJo]

[tranguyen]

I'm always so inspired by you @CareyJo and I really love what you said about what you thought was important when you were young vs now that you have experienced what it is like running your own business. Being paid what you are worth and having the freedome to set your own hours and taking time off are really key!

[CareyJo]

So kind of you!  Thank you!  I'm always so surprised when someone comments on one of my posts and says they're inspired or learn something from me.  I never expect to see that.  I just always hope that what I put out there helps someone.

[Pesso]

Wow, I absolutely love your story, @CareyJo ! Thanks for sharing-

It's so wonderful how it was instilled in you from such a young age, and that your priorities and goals from it have shifted to being more internal and fulfillment based. I love all of the self awareness throughout the process! Hooray for time off!

That's such a great point about setting up your business the way you want before even opening. That's definitely in line with the E-Myth concept of a "Franchise Prototype Model" that we'll get into in a couple of weeks! 

Interesting point about not hitting the commercial & bigger clients -- what do you think caused that?

Rooting for ya and fewer bad apples-

And thanks for sharing the book selfie!

[CareyJo]

I think that one reason we haven't had as many commercial/bigger clients as we've hoped for is because we haven't known them to market to... I'm A L W A Y S networking and trying to gain those clients.  I didn't used to have that habit.  1)  It's hard to actually connect with some of these owners, a lot of them won't talk to people 2) It's hard to gain their business because they've already got someone in place.  But I don't give up!  My husband and I both are always looking for those people, asking for recommendations when we find a friend/client in common and just letting them know what we have to offer.

We didn't go after as many in the beginning as we should have for two reasons.  1)  We needed money right away when we opened.  His skill is in high demand but only about 10-20% of our area knows him as commercial.  2)  We were so busy serving those residential clients that it left little time to get those commercial ones in.

When I joined the professional networking group that I was in, in 2018, that helped change our focus but I've still gained so much more knowledge and connection in the business community here since then.  Now that we're working towards retirement, we're strongly seeking those commercial clients to get away from residential.

I've given trainings in front of 200 people.  I was in direct sales for decades, in people's home and giving presentations.  I'm a trainer and an educator (on things, not school).  It's what I do.  Yet, in the last 5 years I have learned so much and come so much farther than I have ever before.  My belief is that we learn something new everyday, if we just keep our mind open to the possibilities.  Never stop learning.  Never stop growing.  Not even if you're 92. 🙂

Thanks @Pesso 

[Pesso]

That's a really good point, @CareyJo -- if you're not already in those circles it's hard to break in for all of those reasons. I'm so glad you're still fighting for it and trying, but not letting it hold you back and still chasing the other clienteles that have become your bread & butter. 

I always love hearing about your experiences and strategies, and to your point I learn something new from you every time you share!

Thank you for all that you do here to help others-

[CareyJo]

😁

[Michael_L]

First, love that book.  I have the 'revisited' version but it's so accurate in so many areas of what I do.

One of my biggest realizations was that being a good photographer doesn't mean I'll have a good photography business.  Thankfully things have worked out well over time and I do have a growing business, but it's been a journey and many blessings along the way that I certainly didn't earn.

Having said that, I am following a passion - I enjoy photography and working with people so portraits are a perfect career.  As I age and as the business grows, I'm doing less of the photography which is a bit sad, but I am enjoying the challenges of growth so that's exciting and interesting.

To any new entrepreneurs, especially in a creative or "passion" type of business, READ THAT BOOK!

[Pesso]

Yes! We're using the Revisited version too, @Michael_L ! I'm glad you've found it accurate to your experience, and I hope that you got some good learnings out of it. 

That's absolutely a great point. That's absolutely the titular E-Myth that the author talks about in Section 1 of the book. Being good at a thing does not necessarily mean that someone will be good at running a business, and there's so much more to running a business than doing the service work. 

I'm so glad things have worked out for you in following that passion, and I hope the lessons weren't too tough to learn! 

We'd love to keep hearing your thoughts and experiences in our discussion threads as we read-

[CareyJo]

I'm in chapter 9 y'all!  Finally got to some of the good stuff!! 🙂

[Pesso]

I love the progress you're making, @CareyJo -- so glad that you're digging it and getting something out of it!