One of my favorite books is The "E" Myth by Michael E. Gerber. However, before I tell you why it's a good read, I want to highlight two small business facts.
According to data from the Bureau of Labor Statistics, about 20% of small businesses fail in their first year, and about 50% of small businesses fail in their fifth year. These numbers are high; frankly, after working for myself for five years, I never want to work for someone. This is where The "E" Myth comes in. Each chapter explains why entrepreneurs who start businesses fail and what they should do to avoid it. The book's basic premise is that "we are conditioned to work as employees, and when starting a business, we approach everything as an employee instead of a business owner." The author identifies three types of workers along with the success and handicaps of each.
The book aims to develop your business to run without being dependent on you. Practical examples in the book illustrate how companies have pivoted in their history to become behemoths that self-run and are impactful in their industry. One of my favorite stories is about McDonald's and how Ray Kroc and the MacDonald brothers (Mac and Jim) revolutionized franchising.
Unlike mundane business books, the Author, Michael Gerber, takes you on a fun journey by allowing you to see how he implements The "E" Myth with a small business owner and their business. Typically books with theory can be dull or non-programmatic. However, The "E" Myth is the exact opposite. It provides tangible ideas and exercises you can immediately implement in your business while sharing wisdom.
If you are on the fence about purchasing it, here is a quick way to gauge if you should get it. If you are running a business, and can't take a day off because if you do, you will lose money or your team will be lost, then you should get it.