Papa B
Archive for May 2007
E-Myth
I just finished reading E-Myth Revisited by Michael E. Gerber. (E-myth stands for entrepreneurial myth) Gerber cites the well-known failure-rate statistics for small business: 40% fail in 1 year. Of those who survive 1year, 80% fail in 5 years, and of those who survive 5 years, another 80% fail.
Gerber says most small business owners are technicians struck with an entrepreneurial seizer. This leads to a business where the owner is the business instead of the business having a life of its own.
Gerber recommends creating systems within your business so that you produce a franchise prototype. Clearly defined systems allow the owner to remove themselves successfully from the operation of the business and free them to do other things.
That concept of systematizing processes got me thinking about how my wife gets work done around the house. I talked this over with my wife and suggested that she develop systems that she could then turn over to our children so that she could free up some of her time to work on other things.
Spiritual Gifts
So I was driving home this evening and a blurb on the radio has something or other about this or that concerning inviting people to church. My interest was peeked so I tried my best to etch the web address into my mind hoping it would stick for the next 15 minutes of drive time.
It worked. Once home and well fed, I jumped on the net to explore whatever it was that I thought was important enough to remember the URL. Too bad I just remembered the web address and not the topic. Undaunted by the lack of memory, I explored www.lifeway.com. WHOA! I found some really cool stuff there.
They have a Spiritual Gifts Survey that is a free download that consists of 80 statements. Some items reflect concrete actions other items are descriptive traits, and other are statements of belief. I printed the survey out and administered it to my eight year old daughter. Twenty minutes later I knew the same things about my child that I knew twenty minutes before, BUT we had a bunch of fun spending time together. Later my wife and I took the survey and compared results. No surprise there were no surprises. Again it was time well spent together focused on bending our hearts to our Lord.
Trading for a Living
I just finished reading Trading for a Living: Psychology, Trading Tactics, Money Management by Alexander Elder
From Library Journal:
Soviet-born author and practicing psychiatrist Elder (director, Financial Trading Seminars, Inc.) shares his learning over the years as a professional trader and expert in technical analysis and his principle of understanding the three Ms (Mind, Method, Money)
I found Elder’s antagonistic view of the Market wearying after a few chapters. Elder’s spent a great deal of the book explaining how difficult it is to make money investing and how everyone is out to get you.
I did however find his information on money management solid and worth the read. In fact the word “slippage” has made it’s way into my family’s vocabulary because of this book.
I did however find his information on money management solid and worth the read. In fact the word “slippage” has made it’s way into my family’s vocabulary because of this book.
My major take away from this book is this: “The goal of a professional trader is to be a better trader.”