WORK LESS PROFIT MORE BUSINESS - THE E-MYTH REVISITED by MICHAEL GERBER
Hello Friends, IMRAN was a great chef, he was fond of cooking
his made food or dishes was liked by many hence his dream was to become a huge
chef to fulfill his dream, he thought to work as a chef first while searching
for jobs, he got an awesome opportunity to give an interview to world's biggest
franchise Mac Donald he was immediately selected after an interview IMRAN never eaten a single thing from Mac Donald
so for the first time he order a burger he thought price is high for such a
small burger and after eating that burger he felt more bad, because he didn't
like the taste as well compare to price while eating, he started thinking that
he can make better burger compare to this big restaurant burgers, and that too
with high profit margin then why not i should sell my own burgers instead of
working here, with this thinking, he took a big decision and didn't joined Mac Donald
and started his own restaurant with the help of a loan at first the biggest
difficulty which he faced was less
Customers even after having such an awesome
burger with high quality and less price. people were not aware about his
restaurant at that time he came to know how important and useful marketing is, hence
he increased his hard work and efforts and started doing marketing by himself,
in various social media sites with various offers doing marketing for few
months, finally more people started coming to his restaurant. but as more
people started coming to his restaurant again new problem arises, handling
everything single handedly become very difficult for IMRAN like handling money, making burgers,
doing cleanliness etc become very difficult so finally after analyzing and
understanding everything about profit expenses he hired another person for his
help or support he thought that doing this can be the best step and everything
will be smooth and perfect but instead of things becoming simple it became more
complicated the person whom IMRAN hired
was very lazy and even after teaching him everything with lot of efforts and
hard work, he was very bad at his work, he used to make and serve bad burgers
to customer and also was not at all good in maintaining cleanliness IMRAN was busy handling counter, customer,
marketing and various other work hence he wasn't able to give attention to that
employee as a result of this, customer started complaining to IMRAN about low quality burgers and not proper
hygiene and after understanding everything IMRAN fired that employee and again started
handling everything by himself after some time he again realized that he can't
handle everything by his own so again he hired another person for his support fortunately
that employee was good, after few months IMRAN realized that both of them IMRAN and his employee wasn't able to handle
things properly so he hired another person but after doing so much his profit
margin was declining he wasn't able to handle employees salary, rent and other
expenses hence instead of earning profit he started getting into loss and lot
of debts which finally made him shut down his Restaurant.
Similarly various
other problem arises at the time of creating or building a successful business because
of which most of the businesses fails. in fact as per a research even after
having so much of information and knowledge, 8 out of 10 businesses shuts down that
too just in the starting of 18 months, and this failure happen because of various
reasons, myth and misunderstandings the very first myth is if you understand
business technical things then you can make that business work which isn't true
at all, Because the fact is, there is a major difference between Running a
business and to be a good technician author says to make any business
successful an owner must have three qualities or a business must have three
people
1st An Entrepreneur,
2nd A Manager And
3rd A Technician
An Entrepreneur
is someone who gives vision to a company and decides a goal, makes plan and
think about company's Future and always make company or company's people
energetic and full charged all these things are very important for sales,
Entrepreneur basically thinks and focus on company's future.
2nd Manager is a
Quality or a person who runs business in proper order manages employee and
customers and takes the responsibility to manage everything in proper order because
of which company get consistent and effective outcome a manager or manager's
quality understands company past and as per takes actions.
And Last Quality or
person is Technician, a technician is someone who handles the most important
work example, In IMRAN's Business Burger
Making was a technician's work suppose if there is an app developing company so
the person who will do coding and develop app, that person will be the
Technician etc IMRAN knew how to make
good burgers at lesser price, so this quality in him was good, but the
misunderstanding which IMRAN had, like
knowing how to make burgers, means technician quality is good hence running a
business would be a easy task There is a huge difference between making and
selling Hence to create a successful business , its really important to have an
Entrepreneur, a manager and technician quality at least or a business must have
an owner who have all three qualities in them just like IMRAN, these qualities are not seen in many
people Just like IMRAN, many people make
the same mistake they feel technician skill is the only and the most important
thing. If we talk as per percentage, then most of the owners failure will be
seen like 70 percent Technician 20 percent manager quality and only 10 percent
Entrepreneur quality, instead for big success this no. of percentage should be
33 percentage for all three.
Now another important thing you must understand
very carefully for big successes is 3 phase of business. Business able to
become big due to three phases, the first stage amongst three is INFACY STAGE Most
of the business starts with this stage only where everything works as per
owners plan and permission, nor as per what will be beneficial for business in
this stage usually owner do most of the work by himself, example, when IMRAN started a business at that time, he was
the only manager, technician and entrepreneur and this how most of the people
work. and if everything goes well then comes the second stage, Adolescences
stage this stage comes when business starts growing and when owner understands that
working single handedly is not possible, hence owner hire other people or make
partners to grow business example, when IMRAN hired one person, he was in this stage.
Everything was good till this stage problem started after this, because usually
people get three outcome after reaching this stage first: back to stage one
when owner starts giving his work to others at that time they usually had to
come out from their comfort zone, the work they feel only they can do nicely
they have to give to others most of the people can't handle it or can't take it
and many a times people don't like the outcome of it, hence they come to
previous stage that is to stage 1 again, and start working single handedly
again which isn't a nice option second outcome: when company starts growing
fast or rapidly, because of this growth owner and employees can't handle things
properly and things become out of control which eventually make business fall. and
last 3rd Outcome, where entire business becomes the big or huge war where they
used to work daily by putting lot more efforts to make it stable, because of
which they doesn't enjoy anything and not even able to bring their business to
the next level. all three outcomes doesn't grow any business, hence till the
time such outcome comes, business can never reach to the 3rd level which is
Maturity Level Maturity Level is the Ultimate level for any business, where
every big business or company reaches if you want to create Multi-millionaire
or billionaire company then you have to bring your business to this level and
to bring your business to this Maturity level you have to follow some points
such as,
No.1) Think as a Franchise Mostly
when people start as a Technician business, they think for short term and start
their business, they usually don't have any idea where exactly they want to
take their business after 2 to 3 years they only think about maximum customers
through which they can earn lot of money which doesn't allow them to grow, hence
if you want to create a big business then you must think since start how you
can make your business into franchise you must think your business as Franchise
Prototype which can easily scale in your future
No.2) system Dependent Mc Donald
didn't become famous and so big because it makes an awesome and tasty burgers instead
they have made their system so simple and easy so that even a college student
or any person without any experience can work and can maintain their store and
there is no need of an expert or smart intelligent people always in Mc donald this
is the best outcome of creating such an awesome system which is really very
important for creating a Franchise The biggest mistake created by many people
at the start of business is that they make their business People Dependent
instead of making is System Dependent, meaning their business totally depends
on some special and loyal people example when business reaches to infancy
stage, at that time owner was the special person on whom entire things get
dependent, if owner stop's working entire business will stop, at adolescene
stage their partners or employees become those special people now many people
world think that making system at start isn't possible so for this author says,
business becomes big because they understand that having a system at any stage
is really very important, Mc Donald created system from very start and then
they able to create such business which can get scale easily hence even you
must start thinking from the start and should try for making your business as a
franchise model like system dependent, yes you need to be dependent on some
people but aim to make your business system dependent not people dependent.
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