Hindsight About Taking the Entrepreneurial Plunge

At E-Myth Worldwide, we serve a diverse group of business owners, and potential business owners. As such, we receive a lot in inquiries from people seeking information about what they should know before starting their own business, as well as what skills they need to be successful once their business has been established.

Michael Gerber, the founder and chairman of E-Myth uses the phrase "entrepreneurial seizure" to describe the belief that because an employee understands the technical work of the business, he or she is qualified to run a business that does that particular kind of work. The symptoms of an entrepreneurial seizure are the many pains that come along from doing business the hard way.

Today I came across a wonderful article on the popular Business Pundit Blog that presents many excellent insights from the perspective of a person who started a business, then later decided to go back into the workforce as an employee.

In the article, titled "Why I Quit Entrepreneurship and Got a Real Job ... and what I learned from the experience," the author shares his thought processes in deciding to start a business, as well as his realizations about actually owning a business. The author concludes the piece by musing: "Would I do it again?" The answer is a resounding "Yes!" due the amazing knowledge he gleaned.

Here are a few topic categories from the "lessons learned" section of the article:

Money Matters
Nobody cares that you are smart or knowledgeable (and you need to know if you really are)
Think about the intangibles
Industry contacts are important
Short-term thinking can kill your company
Don't max out your credit cards
You don't have any free time
Keep your integrity
Attack everything with enthusiasm

I enjoyed the article very much, and enthusiastically recommend it to anyone who is thinking about starting a company, or is currently running a company.

This is a great article but I wouldn't quit my business. I'd rather make mistakes, learn from them and move on. I have a question concerning developing my business.

I own a cybercafe and don't intend to stop there. I've found that many older men/women, especially executives here in my State in Nigeria do not know how to use the internet and are always shy to ask the staff to assist them so I want to start a computer training course for executives and would like suggestions on what to do to attract them. Real incentives to make them break out of their shyness and take the course would be much appreciated. I have a 12 x 24" space to use as I do not want to use the cafe. Also I intend to start a computer or internet club. I yet haven't formulated in my mind exactly what that would entail so some help in this venture will be welcomed. My current business is just 11/2yrs old, well situated with ample parking space and doing well.

Arit Efiong(Ms)

Find a Practice Manager if you want your life back. Professional organizations such as the American Association of Medical Assistants, Medical Billing & Coding Specialist of America, and other such organizations (they are all linked via internet) can help you on the road to finding a professional practice manager. You must be willing to trust this person with the business aspects of the practice so that you can concentrate on your patients. He or she should have at least 5 years experience as a med. practice manager and must have proof of at least 10 CEUs per year. He or she should be affiliated with a local professional organization (usually some local or state Med. Group Manag. Association, identified as MGMA, such as here in Texas, known as TMGMA and locally in Houston as Gulf Coast MGMA). The organization should be able to vouch for your candidate; the candidate should be able to give professional references, not just "friends," and should show proof of some sort of medical practice management certification. (NCCT is always a good one) (find them on line: www.ncctinc.com or org). This person should have some portfolio with some record of how the other positions he or she held benefited from his or her employ. If you find a candidate that you are considering, do not offer them a position until they have met with your CPA or someone with accounting background that you trust. And sadly, last but not least, test them for drug/alcohol use.

Hi,

I have done the E-myth mastery program. I now am CEO of our multi-$million medical company, working more on the business than in the business. Our entire growth has been based on the e-myth foundation. We are actively recruiting MDs to join our system and create a new model for 21st century medicine, completely devoid of insurance income. So far, we have tripled our income (all cash) and see 1/3 less patients. Visit our web site (being re-built) kmimedical.com. You are welcome to email me at drkeller@kmimedical.com for more advice. I have taught over a hundred docs as students in our various classes.

I took the plunge, left a high paying, high flying job to start up a business I had dreamt of doing. Three years later, one client later, having to pick up work here and there to keep me and the company alive, I finally have decided to go back to a permanent job. I loved the "Why I Quit Entrepreneurship and Got a Real Job ... and what I learned from the experience," article and could really relate to it. I don't regret what I did but with the knowledge I had now I would definately do it different next time (yes, will be a next time!!)

Thanks for a great reminder.

It helps to step back and look at what medium works best for our targeted prospects, not just what works best (or easiest) for us. As a small software company we are constantly looking for the “best” way to generate leads. I appreciate your marketing and lead generation articles.

Jo
High 5 Software
www.high5software.com

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Unite here.
Percentage user usage is exactly in your favor.

In the medical profession reachin to patients for effective patronage has always been my problem.It is amazing ,however, that with the little I have captured browsing through your various packages I can now look into more profitable lead channels that will expand my customer base in future.Thanks
Dr Segun Owolabi

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