16 Lessons from The E Myth by Michael E. Gerber - Lesson 3 Infancy: The Technician’s Phase Infancy state of #smallbusinesses is the period when the business operates based on what the owner wants rather than what the #businessneeds. In this state, the owner and the #business are one and the same thing. Do you feel like no matter how hard you work, there is always more work waiting for you? Do you only see the work that has to get done rather than learning how to grow your business?
16 Lessons from The E Myth by Michael E. Gerber - Lesson 2 : Everybody who goes into business has to play the role of 3 people: The #Entrepreneur thinks ahead and makes plans for the future, the #Manager establishes order in the workplace, and the #Technician does the technical work. Conflicts of interest and priority between these three roles leads to an inevitable battle. A successful owner of a business will find a way to balance and please all. #purpose #strategy
The difference between great people and everyone else is that great people create their lives actively, while everyone else is created by their lives, passively waiting to see where life takes them next. The difference between the two is living fully and just existing.” #MichaelEGerber #TheEMyth #mindset #goals #purpose #entrepreneur
Firstly state pensions – and any other state benefits aren’t going to change – so don’t panic if that’s you because nothing will change there. But private pensions and corporate pensions MIGHT reduce (IF YOU TOOK THEM OUT TODAY!) and that’s because most pension funds are invested in the stock market and the European stock markets have taken a bit of a tumble. How much your fund is affected will depend on whether the investments are UK only or European wide or global. #brexit #euro #pensions
These are the FOUR things #GillFielding has pulled out of the BREXIT vote to be aware of: Holidays The value of the pound has dropped. This means that holidays are going to be more expensive and ‘staycations’ will be in and more people will holiday in the UK! That’s great for business in many of our areas: Brighton, Eastbourne etc #brexit #uk #wealth #euro #staycation
After over 30 years as a property investor the purchasing choice has become almost instinctive to me, but I started by always having the following criteria in mind, and you may want to print these off and have them as part of a property review and purchasing process, or check list. Firstly look for as many of the following 14 criteria to be yes! Read #GillFielding's #GemOfTheDay on her #InvestmentProperty Purchase Checklist! #property #wealth #entrepreneur #income #location #goals #freedom
The final strategy for starting or maintaining a business during a tough economy is to always look at the potential knock on affects of current changes. Read more on my final tip for businesses in boom or bust!
Strategy no.8 which is about moving your business direction towards maintenance rather than creation – so rather than being a web designer become a web hoster: rather than a shoe shop become a shoe repairer, or a clothes repairer. The idea is to help the customer maintain what is already there rather than starting something new because the customer psyche is to repair rather than replace, and rent rather than buy, when times get tough. #entrepreneur #wealth #business #customer #profits #diy
Strategy seven is escapism! And that’s because we have evidence that when people are down hearted because the economy is poor they cheer themselves up with escapist products which take two main forms! Read my #GemOfTheDay on the two forms of escapism you should be taking advantage of during a harsh economy! #MondayMotivation #CustomerRetention #BusinessStrategy #entrepreneur #wealth #money #profit
Strategy six is to look at market research and discover what customers want at any time and then provide it. So a challenging economy period provides very strong evidence of changes in customer mood and purchasing requirements which is wonderful. The customer reacts much more clearly in extreme economic times and that is helpful for business management. Read more on why market research is important! #money #wealth #business #customerservice #entrepreneur #strategicmanagement
The fifth strategy to consider is reducing or lowering the barriers of entry for your product or service if there are any of course, and specifically having a low priced version of what you normally do. Read #GillFielding's #GemOftheDay on why you should consider lowering the barriers of entry for your product or service. #business #entrepreneur #wealth #customerretention #startup #businessstrategy #strategy #goals #growth #profit #future
The loss of a competitor from the market place immediately provides a potential boost to your business and you need to be ready to capture that potential market as soon as you can – and if you don’t capture any of the extra business from a closing competitor then you have to question your own business position and flexibility. Read my #GemOfTheDay on the 2nd tip for a business in bloom or bust. #entrepreneur #business #wealth #startups #money #thursdaythought #finance #goals
There are people who become wealthy in boom times and those who become wealthy in recessionary times, but the successful person will be successful whatever is happening outside their environment. It is important to consider what types of business work best and when. Read Gill Fielding's #GemOfTheDay on some of my tips for your business whether it's in boom or bust! #entrepreneur #wealth #money #smallbusiness #startup #business #wealthy #success #time #goals #hardwork