We will embark upon a journey through the world of e-myths and debunk them to help you avoid falling into the e-myth trap.
First, let’s take a minute to talk about what an e-myth is. An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:
- Passion
- Startup funds
- Projected a targeted profit
This sounds great, but it just not realistic. The truth is 80% of businesses will fail in the first year. Think of starting a business as a marathon. Sure, everyone starts out of the gate at a record pace, but people start slowing after a few miles, 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 an entrepreneurial seizure. This defines the roller coaster of emotions that comes with starting, nurturing, and the business’s potential failure.
The emotions that occur, in order, are:
- Exhilaration
- Exhaustion
- Despair
- Sense of self-loss
- Regret
- Fear
This is usually caused by the e-myths and assumptions we talked about. You can get your hopes so high on the instant success that even the smallest lag and you are sent into an emotional tailspin. This is also brought on by the stark realization that you can’t do it all and will need help in the areas where you don’t have the knowledge. Now, faced with limited choices, you may feel like you need to back out and hide, but don’t do this.
Instead, use it as your wake-up call. You can’t go on doing it alone; the fear will cause you to destroy everything good about your business. Instead, get help. Here are my top tips for conquering your E-myth.
- Be vulnerable with your staff & customers. Explain your challenges and how you feel about them. People want to help.
- Invest in your personal development, read, take courses, etc.
- My not-so-biased opinion, but get a coach. The advantage of a coach is they create a pathway to your success by telling you what to do and what not to do. They make an outlet for your vulnerability.
Get the Business Coaching you need to avoid feeling overwhelmed and defeated. Let’s get you on the path to Freedom, where your business work for you and you don’t work for your business.
