When it comes to business development we’re going to take a look at the world of e-myths and debunk them to help you avoid falling into the e-myth trap.
First, what is an e-myth? 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 just isn’t realistic. Think of starting a business as a marathon. Sure, everyone starts from 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.
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.
Let’s take a minute to talk about entrepreneurial seizure. This defines the 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 realisation that you can’t do it all, and that you will need help in the areas where you don’t have the knowledge. That’s where the successful entrepreneurs succeed – they surround themselves with experts in the areas that they’re not expert in.