This is the second post in our series based on “The E Myth Revisited” by Michael Gerber. The book’s lessons on avoiding common business pitfalls have sparked engaging discussions. I’m excited to bring these valuable insights to you over the next few weeks right here on the blog.
In the latest read-along session hosted by The Leader’s Library, we discussed two significant pitfalls that many business owners face: the entrepreneurial seizure and the fatal assumption. Understanding these can help you avoid the common traps that cause many businesses to fail.
The Entrepreneurial Seizure and The Fatal Assumption.
The Entrepreneurial Seizure is that moment of frustration or inspiration where you decided to leave a paying job and start your own business, believing that life would be better if you were the boss. The moment you realise you could do what you loved, what you knew how to do, and leave the shackles of the formal workplace behind.
While this decision can be empowering, there are often unrealistic expectations about business ownership, and the grass being greener on the other side.
The Fatal Assumption is the belief that because you understand the technical work of a business, you automatically understand how to run a business. This assumption is a root cause of many business failures.
Couple the Entrepreneurial Seizure together with the Fatal Assumption and you have a recipe for disaster, because as a small business owner you often don’t know much about starting or running a business, and just do what feels like the next right thing.
I got to this place myself in the middle of last year and realised that I needed an intervention or I was going to fold.
Action Steps:
- Reflect on Your Motivations: Think back to why you started your business. Were your expectations realistic? Have you fallen into the trap of the fatal assumption?
- Expand Your Skill set: Understand that running a business involves more than just the technical work you’re good at. What are your business blind spots? Do you need to seek out training, coaching or mentorship in business management and strategic planning.
Its one of the reasons we started The Leader’s Library to help business owners and leaders network and gain more insights from fellow entrepreneurs.
Till next time, stay courageous.
Anne Gray
PS. When you are ready, here are a few ways we can work together:
- Join The Leaders’ Library – our fast-growing, free online community for business owners and leaders who want powerful group coaching, high-value networking, and real accountability – without the high price tag. Over 300 members are already in. Click here to join us now
- Need help growing or scaling your business? I offer Flowcode coaching and consulting for small to medium business owners who are ready to solve the problems holding them back. Don’t let another month pass without a clear growth plan. Book a call or check out my services here
- Are you a Health Care Practice Owner? Our flagship course, Grow Your Healthcare Practice, gives you the essential business skills they never taught you in varsity – and it’s been transforming practices across South Africa. The next intake fills up fast. Click here to get on the early access list