Welcome to the business buffet side dish.

This is a quick snack on a specific area of business.

Today, we will present a concise element you need to run your business.

Remember to visit business buffet.page. page or listen to wherever you get your podcasts.

It's snack time.

Hello, I'm Phil Anderson.

And in today's side dish, we are going to dive into the E-myth by Michael Gerber, a book that both Ed and I strongly advise.

All business owners read.

This is part one of a two-part side dish miniseries on this book.

And today I will talk about the maturity levels of a business.

And in part two, I will explain the personalities of every business

and how each play a vital role. Did you know that one million small businesses are founded

in America each year, but 40% of them fail in the first year and 80% in the first five years?

That's 800,000 failed businesses, and most of these failures are due to the e-myth

or the entrepreneurial myth. The e-myth is a fundamental misunderstanding in American business.

It's the notion that skillful, technical work and a good idea from a sufficient basis for business success.

It is the romantic belief that small businesses are started by entrepreneurs when, in fact,

most or not. Small businesses are started by technicians who decided to quit their job and

create their own business. People often start their own business merely because they excel at work

in a certain field, such as a machinist, barber, or a computer programmer. Then one day,

the entrepreneurial seizure strikes. They realize they don't want to do technical work for someone

else. They want to work for themselves as a part as per their own ideas for their own business.

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