We are going to embark upon a journey through the world of e-myths and debunk them to help you avoid falling into the e-myth trap.
First, let’s take a minute to talk about what an e-myth is. An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:
- Some capital
- Projected a targeted profit
This sounds great, but it is just not realistic. Think of starting a business as a marathon. Sure, everyone starts out of the gate at record pace, but after a few miles people start slowing and some drop out entirely. Building a successful business takes stamina and agility. This is proven by the fact that 84% of businesses fail within 5 years.
The reality is that there are many different facets to a successful business and none of them can be ignored if you plan to find success. A business owner needs to continue learning everything they can about business. This learning can be through seminars, courses, books, video lessons, coaches, mentors, etc.
Let’s take a minute to talk about entrepreneurial seizure. Most people work for a big part of their lives before they come to the realisation that they wanted more. The then buy or start a business with the limited knowledge that they have. They go through a roller coaster of emotions that comes with starting, nurturing and the potential failure of a business.
The emotions that occur, in order, are:
- Sense of self-loss
This is usually caused by the e-myths and assumptions we talked about. You can get your hopes so high on instant success that even the smallest lag and you are sent into an emotional tailspin. This is also brought on by the stark realization that you can’t do it all and will need help in the areas where you don’t have the knowledge. Now, faced with limited choices you may feel like you need to back out and hide, but don’t do this.
Use our GUIDED TOUR to get the business coaching you need to avoid feeling overwhelmed and defeated.