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Today I\\u2019m fortunate enough to have an incredible guest. Michael E. Gerber is the mega-bestselling author of 28 E-Myth books, including The E-Myth, The E-Myth Revisited, and his newest book Beyond the E-Myth. The Wall Street Journal named The E-Myth, which has sold over five million copies, the bestselling business book of all time. It\\u2019s sold in 145 countries and has been translated into 29 languages. Even business professors are clearly enthusiastic about its value, as it\\u2019s taught at 118 universities.

In our conversation, Michael gives some fantastic insight into what it takes to create a truly great (and successful) business. He emphasizes the importance of a solid foundation, and of creating something with the potential for success rather than trying to fix something that\\u2019s broken.

Find Out More About Michael Here:

@MichaelEGerber on Twitter
MichaelEGerberCo on Facebook
Michael E. Gerber Companies
EMyth.com

In This Episode:

• [01:15] - The E-Myth is the entrepreneurial myth, Michael explains. He goes into more depth, describing the difference between entrepreneurs and \\u201ctechnicians suffering from an entrepreneurial seizure.\\u201d He and Stephan then discuss the concept of a \\u201ccompany of one.\\u201d
• [03:32] - Michael talks about companies not surviving the first ten years, and offers his definition of survival. He also talks about the importance of having an exit strategy.
• [08:33] - Why build a new company instead of fixing the current one? Michael\\u2019s response is that Stephan\\u2019s hypothetical scenario isn\\u2019t one that\\u2019s of interest to him. He and Stephan then talk about a more realistic scenario: a businessman with a few employees.
• [13:01] - The \\u201centrepreneur within\\u201d is four distinct personalities, Michael says. He explains what they are: the dreamer, the thinker, the storyteller, and the leader. These correspond to the dream, the vision, the purpose, and the mission. He also describes his Dreaming Room, and gives examples of companies that he\\u2019s helped achieve success (including Infusionsoft and 1-800-Got-Junk).
• [19:38] - Michael explains why his new book Beyond the E-Myth is \\u201cbeyond\\u201d the E-Myth. People see growth, opportunities, and problems as complex, he explains, and this book makes them simple by giving a list of steps.
• [20:46] - Michael\\u2019s first four steps correspond to the personalities and roles of the four aspects of the entrepreneur within. Together, they form the foundation or platform on which you can grow a company strong enough to sell.
• [21:38] - Many businesses are confused by the differences between these categories. Michael gives examples of his answers to help clarify the categories for listeners. He and Stephan then talk about the example of McDonald\\u2019s to illustrate the difference between creating a business versus creating a job for yourself.
• [25:51] - Michael talks about who his consumer is: the independent small business owner.
• [27:04] - \\u201cYou\\u2019re not trying to fix what\\u2019s broken, you\\u2019re trying to create what\\u2019s not,\\u201d Michael memorably tells us. He goes on to explain more about the importance of creating a new business instead of fixing a broken one, or choosing \\u201cNewCo\\u201d over \\u201cOldCo.\\u201d
• [28:55] - Stephan talks about Carl Jung\\u2019s separate office for his dreaming work, and mentions his previous interview with Cal Newport. He and Michael discuss the importance of having a separate space for your deep work, or big-picture thinking.
• [29:52] - We\\u2019ve now reached the mission, which is to \\u201cinvent the turnkey system that will enable you to realize and manifest your dream, your vision, and your purpose.\\u201d
• [32:15] - In discussing the importance of NewCo over OldCo, Michael talks about Lockheed Martin\\u2019s Skunk Works, which he holds up as an example of NewCo.
• [34:25] - Michael explains the difference between a mission statement and a vision statement.
• [36:49] - Some people are too rigid to easily accept that they aren\\u2019t irreplaceable. This makes it harder for them to go through these steps, Michael tells us. He also talks about what makes a turnkey system or business \\u201cturnkey.\\u201d
• [41:15] - Michael gives his definition of a legacy. It isn\\u2019t about money, he explains, but rather the creations you\\u2019ve left behind.

Links and Resources:

@MichaelEGerber on Twitter
MichaelEGerberCo on Facebook
Michael E. Gerber Companies
EMyth.com
The E-Myth
The E-Myth Revisited
Beyond the E-Myth
Dreaming Room
Cal Newport
Lockheed Martin
Skunk Works