Tag Archives: E-Myth

Creating a System for Success

If you are in business, or have ever attempted operating your own venture, you’ll probably be very aware of the unique challenges that are faced by most small business owners. Running a business can sometimes be a lonely and laborious task, instead of the pleasing and profitable experience that many entrepreneurs dream of.

If you’re seeking a route to business success, one book that should be required reading isĀ The E-Myth Revisited, by Michael E Gerber. This book reveals the secret lives of many struggling small business owners, as Gerber presents the realities that most of them would never dream of sharing, even with their close associates.

The truth is that many small operators are completely clueless about running a business.

They may be experts in their technical fields, but they have a difficult time carrying out basic business procedures such as managing people, controlling accounts, streamlining production, marketing effectively and delivering consistent customer service. Continue reading Creating a System for Success

Why Do Many Small Businesses Fail?

I often receive enquiries from persons who are looking for advice on how to be successful in starting and running their own small businesses. I also get feedback from disheartened business owners who have seen their entrepreneurial dreams transformed into financial nightmares.

A common complaint from local entrepreneurs is that it is extremely difficult to operate a business in Jamaica. However, business challenges are not limited to this country, as international statistics indicate that anywhere from one-third to one-half of new enterprises will fold within the first five years of operation.

While owning a business can be a route to achieve personal financial security, it is a reality that many people will experience a negative result from their entrepreneurial attempts.

There are many reasons why business success may be elusive, but I think they can be grouped into three categories – inadequate knowledge, insufficient capital and inappropriate opportunity. Continue reading Why Do Many Small Businesses Fail?