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Entrepreneurship & The E-Myth with Marcus Garrett

Jul 18, 2021 Ā· 2 mins read

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The E-Myth by Michael Gerber explains that only 1 in 5 small businesses are still operational after 5 years. The main reason - many entrepreneurs are "Technicians" who specialize in a particular service/product and believe that passion and skill in that 1 area is enough.

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Marcus Garret is a successful entrepreneur in the auditing and personal finance space. On the Book Insights Podcast, while discussing The E- Myth, he shared lessons he's learned throughout his own entrepreneurial journey:

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"How do you overcome failure? The answer is by failing. Having failed more times than I've succeeded - what I've learned is failure is the price I pay for success".

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The Dreamer's vision is the Architect's nightmare. The balance is finding successful systems that work. Start with the "why" and then work backward to find the "how".

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Passion is important, but you need to round yourself out with strong hires and don't hire yourself or additional people just like you. Learn all the components necessary for a successful business and fill the gaps.

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For a business to succeed, you need someone on your team with a "system mindset" who can break down the business into its most simple format so that it's replicable and franchise-able.

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"If you could - you would. And if you can - you should". Pay no attention to those onlookers or trolls with no skin in the game who only offer criticism and negativity.

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If you're going to be an entrepreneur you must get comfortable with being uncomfortable.

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School encourages minimal risk taking - emphasizing education followed by becoming an employee. However entrepreneurs are overrepresented amongst millionaires. This is because there's demonstrably reward in risk.

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Most people don't have a "Plan B". Most hardly have a "Plan A". Contingency plans are a key component of building a sustainable, "turn-key", replicable and successful business.

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