Chapter 01 / Summary
1. The E-Myth: Most small businesses fail due to the Entrepreneurial Myth
The E-Myth is the myth of the entrepreneur. It runs deep in this country and rings of the heroic.
The Entrepreneurial Mythis the mistaken belief that most businesses are started by entrepreneurs with business knowledge. In reality, most are started by technicians who know how to do the work but lack business skills. This leads to failure because:
The E-Myth explains why 40% of new businesses fail within the first year, and 80% fail within five years. To succeed, business owners must shift their focus from working in the business to working on the business.
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