Papa B
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.