Entrepreneurship & The E-Myth with Marcus Garrett

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.

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:

"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".

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".

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.

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.

"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.

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

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.

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.