Introduction
Michael E. Gerber, the author, is Co-Founder of Michael E. Gerber Companies – a group of enterprises dedicated to creating start-ups and entrepreneurs in all industries. In this book, he explores and provides insight into why nearly 80% of small businesses in the United States fail within 5 years. This is an astonishing statistic.
In his view, most small businesses make the fatal assumption that if you understand the technical work of a business, you understand a business that does that technical work. I paused briefly and thought about what this means. Although as you read the book, you grasp and understand the critical meaning of this statement. In its simplest interpretation, a lot of business owners believe that because they know the technical work of the business, they are qualified to run the business.
For instance, a highly qualified and experienced graphic designer working in a company for 15 years decides to quit and start his own graphic design business. Undoubtedly, he will deliver high-quality work to clients on time and as required. He knows all the nuts and bolts of delivering great work and even receives high praise from his clients. What he and a lot of start-ups may lack is the entrepreneurial vision, imagination, and personality to run the business. He gets so engrossed in completing X numbers of design work per month but cannot envision the future for his business. He's constantly running the business in the present and can't anticipate changes and understand how to take advantage of opportunities in the future horizon.
Key to Success
For the business to be successful, the owner must find balance in three different personalities:
- The Technician, getting things done the right way.
- The Manager, planning and ensuring order.
- The Entrepreneur, the visionary seeking future opportunities.
The book continues by highlighting the success of the turn-key business format used by franchises like McDonald, FEDEX, etc. Businesses like these are built NOT on what the business sells, but HOW they sell it. Ray Kroc, who transformed the McDonald franchise was a consummate entrepreneur. He didn't focus just on how many burgers can be sold but developed a process for selling the hamburgers in thousands of other outlets. His entrepreneurial vision guided him throughout.
In conclusion, businessperson can't just be an expert or technician working to simply produce more goods. Instead, you must also make the business work for you by having a vision with strategies and plans to meet future challenges.
The author - Michael E. Gerber
The book makes a couple of observations and points that are very true and applicable to businesses. A new business starts with a zeal to get things done and grow very quickly.
With my experience, I believe that success is not achieved by the goods you sell, or service provided only. How you sell it and manage every facet of the business from suppliers, employees to order fulfillment is very important. This seems obvious, but amazingly a lot of businesses are still in "the technician" mindset highlighted by the author.
Lessons for Interactive media Professionals
For people in the interactive media industry such as UX designers, Content strategists, etc., the book has some valuable lessons. Although the book talks only about small businesses and start-ups, embracing the entrepreneurial mindset can help with career growth. In what way? These are my takes:
1. The role of a UX designer or Content Strategist must not be limited to digital or interactive media practices alone. You need a strong knowledge of the industry/vertical you work in, the customer behaviour, competitors, market changes and emerging trends in technology and environment. These may seem a lot to know but may impact the work you do. For example, when proposing changes to your company's website, having this type of knowledge can help you build a stronger case and gain buy-in from stakeholders. You need to constantly think like an entrepreneur, not just someone tasked with developing content plans.
2. Given the lack of a deep understanding of the role of interactive media compared to Finance, Marketing or HR, educating people may help with career growth. You may do monthly "lunch and learn" to share information with colleagues on how interactive media works. For example, you can show how your work ties in with AODA regulations/compliance and its impact on the business. You may even gain the attention of people in the legal department. You've shown to team members that your work impacts all areas of the organization.
3. For those working on the agency side, having an entrepreneurial mindset can help build stronger relationships with customers/clients. You want to demonstrate to clients that you have both the know-how and process to complete projects. In addition, having intricate knowledge of that clients' industry – including market, customers, government legislation, etc. can differentiate your agency. In this respect, it makes sense to focus on specific industry Travel, restaurant, Financial, etc. Be a specialist and not a generalist.
Content from The book: The E-Myth Revisited – Why most small businesses don't work and what to do about it
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