The E-Myth and You

1
The E-Myth and You How does the E-Myth and its
concepts fit with your plans for your life and
your practice?
2
Why do So Many Small Businesses Fail? They suffer
from the E-Myth - the Entrepreneurial Myth -
The Myth that a Technician can start a business
and be successful Technician suffering from
Entrepreneurial Seizure
3
Part 1 The Three Natures of the Business
Owner Technician technical part, doing it,
doing it, doing it Chiropractor as
Technician Why do chiropractors start practices?
4
Manager overseer, keeps things running
efficiently, deals with issues, worries about
paying the bills Entrepreneur dreamer,
visionary, makes the plans, sets things in
motion, takes the business plan to the bank
5
Challenge of the Technician Learn how to grow a
business beyond where the business is dependent
on the technician If your business depends on
you, you dont own the business, you have a job
6
Purpose of going into business To get free of a
job so you can create jobs for other people. What
does this mean?
7
What if you just want to be a technician?
Work ON your business so you can work IN your
business OR ...
Get rid of the business and go work for someone
else
8
When do most small businesses fail? Why do they
fail at this point? Technician cant do it
all What can you do to prevent failure? 1 - get
small again 2 - go for broke 3 - continue until
you explode/implode
Adolescence

9
Innovation - find new ways of doing things that
work for YOU. Quantification - what are the
numbers? Is this business succeeding?
Orchestration - Create turn-key system that
works the same way every time.
10
IBM Business Model 1. Clear picture of business
2. How you would have to act to get to this
picture 3. Realize that you have to act that way
from the beginning
11
Entrepreneur looks at business as if it were a
product / A money machine Ray Kroc and
McDonalds The true product of a business is the
business itself Create a franchise prototype
as if you were going to replicate it
12
If you havent franchised it, you dont own it If
you dont own it, you cant depend on it If you
cant depend on it, you dont have a
franchise Without a franchise, no business can
hope to succeed
13
Natures of the Owner in the Franchise
Prototype Entrepreneur - vision, takes
form Manager - creates order, predictability,
system Technician - place where free to do
things he/she loves to do
14
Working ON your business instead of IN your
business 1. Consistent value for customers 2.
Operated by people with lowest possible skill
level 3. Place of impeccable order

15
Working ON your business instead of IN your
business 4. All work documented in operations
manuals 5. Uniformly predictable service to the
customer every time 6. Uniform color, dress,
facilities, everything systematized

16
Create a turn-key business that you could
franchise if you wanted to You dont have to
work as hard, because the system works, so you
dont have to You can sell it for more value
if you want Your heirs have something of value
to sell
17
The Business Development Process 1. Your
Primary Aim - what you want from your life How
and where do you see yourself 5, 10, 30 years
from now? What do you want to do? What makes
you happy? What about family? Hobbies?
18
The Business Development Process 2. Your
strategic objective - What your business has to
do for you to achieve your Primary Aim How much
money? What gross revenues? How much do you need
to live the way you want to? Set standards for
your business
19
The Business Development Process 3.
Organizational Strategy Create an organization
chart (of business as you see it at the
end) Insert yourself as an employee Who is
doing what? Functions, not people
20
The Business Development Process 4 Management
Strategy - The system becomes your management
strategy - how to assure that things happen the
same way Every Single Time / Every Single
Patient Create an Operations Manual
21
The Business Development Process 5. People
strategy Make sure employees understand the
big idea behind the work they are asked to
do. Delegation rather than abdication.
22
The Business Development Process 6. Marketing
Strategy Understand who buys and why they
buy Find a perceived need and fill
it Marketing everything you do to get and keep
patients
23
The Business Development Process 7. Systems
Strategy The true work of the small business
owner is strategic rather than tactical 1 - hard
systems - colors, clothing, music, smell (5
senses)
24
The Business Development Process 7. Systems
Strategy 2/ Soft systems - benchmarks,
scripts 3/information systems - measurement
(marketing audit)
25
The System is the Solution OR, The purpose of a
system is to free you to do the things you want
to do.
26
Text
27
Text
28
Text
29
Text
30
Text
31
(No Transcript)
32
(No Transcript)
33
First Create your Primary Aim What do you want
your life to look like? How do you wish your life
to be on a day-to-day basis?
34
What would you like to be doing two years from
now? ten years from now? twenty years from
now? when my life comes to a close?
35
Second, Your strategic objective A clear
statement of what your business has to ultimately
do for you to achieve your Primary Aim.
36
Its the vision of the finished product that is
and will be your business. Its a TEMPLATE for
your business, to make certain that the time you
invest in it produces exactly what you want from
it.
37
The first standard Money Gross Revenues BUT
ALSO Gross Profits Remember, your first question
must always be What will serve my Primary Aim?
38
The Second Standard An Opportunity Worth
Pursuing Include your USP, your most probable
patient
39
Standards 3 through? Specific questions that
need to be answered
40
Your Strategies Your Organizational Strategy
Organize around functions, not people Set up
accountabilities Prototype the position replace
yourself with a system
41
Management Strategy Set up a prototype for
management systems EVERYTHING and EVERYONE must
contribute to the experience
42
Your People Strategy Create an environment in
which people want to work - consider them as
volunteers LISTEN to them! Integrity,
intention, commitment, vision, excellence
43
Your Marketing Strategy Try to visualize the
customer and his decision making process
44
Your systems strategy Hard systems colors,
design, appearance Soft systems words, sound,
communication
45
Information Systems QUANTIFY results How
many? customers per hour in sales per month
in receivables collected of minutes spent
waiting
46
Will the model of the franchise prototype work
for you? When you hear something, you will forget
it. When you see something, you will remember
it. But not until you do something, will you
understand it.