Many of you have read The E-Myth by Michael Gerber. In that book Gerber describes what he calls the “Fatal Assumption.” The Fatal Assumption is this: that knowing how to do the technical work means you know how to build a business.
Gerber clarifies a challenge we’ve all seen played out:
- If someone knows how to cook well, the fatal assumption is that he/she will automatically have the skills to run a restaurant.
- An accountant sets up an accounting practice.
- An attorney starts a legal firm.
- A doctor opens a medical clinic.
- A great babysitter opens a daycare.
- Someone with compassion to serve starts a church.
- Someone with technical skills opens his own IT consulting business.
- The flower planter decides to start his own landscaping business.
We could go on and on. The fatal assumption is that these people tend to see the business as simply an extension of their current job. But, unfortunately, there are a whole lot of functions that must be mastered to run a business effectively.
Yes, you can start with your technical skill, but don’t count on that alone to result in a successful business.
Two weeks ago I addressed the topic “Why are the rich getting richer and the poor getting poorer” in my podcast. The top Ten Characteristics of People who end up Rich provided by you the listeners also line up nicely with what’s required to work on your own.
Ten Characteristics of People who end up Rich
- Expects Success
- Creates a clear plan
- Works Hard
- Avoids Debt
- Is teachable and a lifelong learner
- Exercises self-control, persistence, and delayed gratification.
- Accepts Personal Responsibility
- Keeps Good Company
- Is Opportunity conscious
- Enjoys the present but plans for the future
We’ve got an additional list of 18 Questions for Finding Job Freedom. Just go to 48Days.com/freedom and you can get that list instantly. The more questions you answer “Yes” to the better your chances of success.
There are a whole lot of people in the 48Days community who are helping each other with advice and complimenting skills in 48Days.net. If you are moving toward starting your own business, don’t miss out on the expertise found in those with other skills. I tell people that in a small business like 48Days, there are probably 20-25 different things that need to be done. I probably do 2 or 3 of those pretty well. That’s where I spend my time. For all the others I find people whose skills far surpass my own in those areas.
Are you a part of the 48Days.net gang or are you committing the fatal flaw of trying to do it all yourself?
Remember to check out the 18 Questions for Finding Job Freedom. You can learn to be the boss you always wanted.