Michael Gerber on Entrepreneurship
E-Myth Author Offers Advice to Budding Entrepreneurs
Michael Gerber, author of The E-Myth series and, most recently, Awakening the Entrepreneur Within, internationally renowned speaker on entrepreneurship, and head of E-Myth Worldwide, a company designed to help entrepreneurs succeed in their businesses, recently talked to Suite101’s Business and Finance editor about the critical skills needed by today’s entrepreneurs.
Suite101: What are the key personality traits or skills that set the entrepreneur apart from other business roles?
Michael Gerber: I talk about the four dimensions of the Entrepreneurial Personality in my new book Awakening the Entrepreneur Within:
- The Dreamer holds the dream of the business.
- The Thinker develops the vision for the company.
- The Storyteller conveys the purpose of the enterprise.
- The Leader develops the mission of the company.
So the great idea had by the dreamer is converted to a vision by the thinker, who makes the dream a reality, then the storyteller differentiates the company from what’s already out there, and the leader turns the story into a mission. This is the context of entrepreneurship.
Now, obviously an entrepreneur has to be willing to take risks, and willing to work hard and persevere. But without the dream, vision, purpose and mission, these are simply characteristics of anyone working on anything. When the end-game is not conceptualized, you’re busting your butt for nothing.
That’s why I developed The Dreaming Room. We start with the blank piece of paper in the beginner’s mind and encourage them to play in this world in a way they’re unaccustomed to doing. It’s called intentional dreaming – not just fantasizing, but actually seeing something that calls to you in a really meaningful way.
Few people have a great result in mind when conceptualizing their business – most are thinking about money, or how they want to spend their time, or their personal dreams, but these are not intentional dreams and will not result in great businesses.
Suite101: You celebrated the 30th anniversary of the E-Myth concept last year. What has three decades of business writing and consultancy taught you about the evolution of “the entrepreneur” as we understand it today?
Michael Gerber: Well, unfortunately I have not seen an evolution. There are countless more people being moved by the entrepreneurial spirit today than there were 30 years ago. In fact, the Kauffman Foundation, in some of their research, stated that there are 500,000 new businesses started every month in the United States. Growth in the number of people going out on their own is bigger than ever before. However, most entrepreneurs struggle and fail to fulfill their potential.
My new focus in my new book, Awakening the Entrepreneur Within, is having an earnest conversation with people who want to be an entrepreneur about the process they need to go through to realize and to formulate their vision. Everyone has a vision, but for most entrepreneurs, what they want is to be their own boss. They want financial independence, as opposed to wanting to create something that will have a significant result.
A true entrepreneur is outwardly directed. They are interested in the creation of something palpable, something that will have an impact. The drive within is certainly essential, but a great result is critical. Most entrepreneurs simply do not spend enough time or imagination on creation.
Suite101: For people who haven’t read the E-Myth series, could you encapsulate the main message that runs through your books?
Michael Gerber: The E-Myth refers to the Entrepreneurial Myth – that people are not entrepreneurs, they are technicians suffering from an entrepreneurial seizure. They are so caught up in doing the work, that they lose sight of the actual business. The most extraordinary thing they can do is to study entrepreneurship – or the act of designing a business.
Read more from Michael Gerber:
Michael Gerber’s article The Age of the New Entrepreneur
Michael Gerber on Being a Writer
Michael Gerber
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