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E myth revisited

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Requirement in Entrep Course. Ateneo Graduate School fo Buisness

Requirement in Entrep Course. Ateneo Graduate School fo Buisness

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E myth revisited E myth revisited Presentation Transcript

  • E-myth Revisited by Michael Gerber Special Report by Jan Vincent Sollesta
  • E-myth The entrepreneurial myth: the myth that most people who start a small business are entrepreneurs
  • E-myth The fatal assumption that an individual who understands the technical work of a business can successfully run a business that does that technical work.
  • Most small businesses fail because they are run by Technicians that do the technical works of the business. Small business owners should learn also how to be Managers and Entrepreneurs .
  • Technician Are people who know the technical works. They are expert in their skills while ignoring the rest. The Doer. Masseuse, Cashier, Computer Programmer, Clerk Reason why most small business owners fail
  • Entrepreneur The visionary, the Dreamer, The strategist, The Energy behind the every human activity It lives in the future and happiest when he construct images of “what-if” and “if when”
  • Manager The organizer, The manager lives in the past and calls for order. The managers makes order and cleans the Entrepreneur’s mess
  • To successfully run a small business one should constant change responsibility as Technician, Entrepreneur and Manger. Failure comes in when we are too focused being one especially being a Technician and disregarding other roles.
  • Phases of the Business • Infancy • Adolescent • Mature
  • Phases of the Business • The infancy phase of the business is easy to spot as owner and the business are one an the same thing. The Business is often time named after the owner. The Technician’s Phase • Adolescent phase – time that owners ask for help. Usually someone with experience. • Mature Phase – The Entrepreneurial perspective. Mature business has clear vision, mission and set of values.
  • Franchise Prototype Once the small business thrives, the scope of the business owner increases. To continue that business and further expand it should go for franchise. Franchising provides the franchisee with an entire system of doing the business
  • Franchise Prototype This time the business owner doesn’t only sell the products, he is actually selling a copy of his business. Enables an entrepreneur to work on his business rather than in it.
  • The Model • It provides consistent value to your customers • It should not require brilliant people to work. The system is what takes ordinary people and enables them to consistently do high quality work. • Everything should be in the operations manuals. • Uniformly predictable service to the customer. • Utilize a uniform color, dress and facilities code.
  • Business Development Process Innovation Creativity thinks up new things while innovation does new things. Innovation is the heart of the every exceptional business. A business should continuously innovate to stay ahead of competition.
  • Business Development Process Quantification Begin by quantifying everything related to how you do business This will enable a business to determine its effectiveness in every strategy it takes
  • Business Development Process Orchestration Orchestration is doing small things consistently within standard and looking its effects as part of the whole picture of the company. Is the elimination of discretion or choice at the operating level of your business.
  • Business Development Program Is the vehicle through which you can create your Franchise Prototype.
  • Business Development Program • Your Primary Aim • Your Strategic Objective • Your Organizational Strategy • Your Management Strategy • Your People Strategy • Your Marketing Strategy • Your Systems Strategy
  • Primary Aim Primary is the vision necessary to bring your business to life and your life to your business. It answers the questions: What do I value most, What kind of life do I want? What do I want my life to look like, to feel like? It is not your business, but your life.
  • Strategic Objective • Is a statement of what you want your business do for you to achieve you Primary Aim. • The first standard is Money. It is the quantity you need so that you can live the life you want to have. • Second Standard is Opportunity Worth pursuing. It is the business you want to set up that will generate the money and in the long run will give you your primary aim.
  • Organizational Strategy • Small start up businesses are encouraged to formulate an organizational chart. • It would be much easier for a company if duties and responsibilities are defined. • If in case in the future, it would be much easier to determine where they need additional man power.
  • Management Strategy • Setting up a system wherein people believes is more important than having the highly sophisticated people in the company. • It would serve as the solution to the problem of the unpredictability of your people. • Aka Operations Manual of the company or SOPs
  • People Strategy • Give enough reason for employees to accept by “doing it” is more important by “not doing it”. • Formulate a game wherein it would motivate the employees to perform their best. Everyone should agree with the game. Ex. Incentive schemes, Employee of the month, etc.
  • Marketing Strategy • What a company thinks or know doesn’t matter to the customers. • People buy feelings rather than the commodity. • Determine Primary Target Market their characteristics and attitude.
  • Systems Strategy A system is a set of things, action, ideas and information that interact with each other, and in so doing, alter other systems. Includes Hard Systems, Soft systems, and Information System
  • Systems Strategy • Hard Systems – the physical things that will make work easier. Ex. Machines, car, etc • Soft systems – People systems. These are framework that would guide people how are they going to work with excellence. Ex. SOPs • Information systems – systems to gather information and interpret it to aid decision making and performance evaluation. Ex. MYOB
  • Thank you