The E-Myth Revisited Book Summary - The E-Myth Revisited Book explained in key points
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The E-Myth Revisited summary

Michael E. Gerber

Why Most Small Businesses Don’t Work and What to Do About It

4.5 (393 ratings)
26 mins

Brief summary

The E-Myth Revisited by Michael E. Gerber is a business book that dispels the myth of entrepreneurship and teaches how to build a successful business with systems and processes in place. It emphasizes working on the business, not just in it.

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    The E-Myth Revisited
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    A heroic entrepreneur with a great idea and technical know-how succeeding in business quickly? That’s a myth.

    Did you know that one million small businesses are founded in America each year, but 40 percent of them fail in the first year and 80 percent in the first five years? That’s 800,000 failed businesses, and most of these failures are due to the E-Myth.

    The E-Myth, or entrepreneurial myth, is a fundamental misunderstanding in American business. It’s the notion that skillful technical work and a good idea form a sufficient basis for business success.

    People often start their own business merely because they excel at work in a certain field, such as a machinist, barber or 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 per their own ideas for their own business.

    Let’s say you work as a barista. You’ve mastered coffee roasting, brewing and latte art and you have lots of ideas of how to run a cafe. Suddenly, you realize you’d rather open your own cafe.

    Such a realization is the reason behind the one million new businesses each year.

    But if you start a business from the basis that you have technical expertise and new ideas, you’ve already started on the wrong foot. Your business will probably fail.

    You’ve made the fatal assumption, the mistaken belief that knowing how to do technical work means you know how to run a business.

    In fact, technical work and the work required to run a business are two completely different things.

    Here’s an example. A barista opens her own cafe, and soon realizes that her coffee skills are not enough to make her business successful. She has to know how to hire more employees, organize tasks and grow her business.

    This is why so many small businesses fail!

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    What is The E-Myth Revisited about?

    In a revised and updated version of his famous book The E-Myth, author Michael Gerber cuts through various myths about what’s involved in starting a small business and how to make a business successful. Walking you through every stage of how to build a business, The E-Myth Revisited highlights the important difference between working in your business and working on your business.

    The E-Myth Revisited Review

    The E-Myth Revisited (1995) is an insightful book that delves into the world of entrepreneurship and dispels common myths surrounding it. Here's why this book is worth reading:

    • With its practical insights and actionable advice, it equips readers with the knowledge and tools to build successful businesses.
    • Blending real-life anecdotes and lessons, the book provides a relatable and engaging narrative that keeps readers hooked.
    • Through its exploration of the entrepreneurial mindset and the importance of systems, it offers a fresh perspective on running a business and achieving growth.

    Best quote from The E-Myth Revisited

    The problem isnt your business; it never has been. The problem is you!

    —Michael E. Gerber
    example alt text

    Who should read The E-Myth Revisited?

    • Anyone who owns or wants to own a small business
    • Business owners trying to turn their struggling business into a successful one
    • Anyone who thinks entrepreneurship is easy

    About the Author

    Michael E. Gerber is an entrepreneurial legend. He is the co-founder and chairman of Michael E. Gerber Companies, an organization that helps businesses and entrepreneurs succeed regardless of industry. He has written more than a dozen books on entrepreneurship.

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    The E-Myth Revisited FAQs 

    What is the main message of The E-Myth Revisited?

    The main message of The E-Myth Revisited is to work on your business, not just in it.

    How long does it take to read The E-Myth Revisited?

    The reading time for The E-Myth Revisited varies. But you can read the Blinkist summary in just a few minutes.

    Is The E-Myth Revisited a good book? Is it worth reading?

    The E-Myth Revisited is worth reading for entrepreneurs who want to understand how to create a successful business.

    Who is the author of The E-Myth Revisited?

    The author of The E-Myth Revisited is Michael E. Gerber.

    What to read after The E-Myth Revisited?

    If you're wondering what to read next after The E-Myth Revisited, here are some recommendations we suggest:
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    • The First 20 Hours by Josh Kaufman
    • Scaling Up by Verne Harnish
    • The Hard Thing About Hard Things by Ben Horowitz
    • The Richest Man in Babylon by George S. Clason
    • Your First Million by Arlan Hamilton
    • Start With Why by Simon Sinek
    • Profit First by Mike Michalowicz