Do you know what the biggest secret of highly-successful businesses is? It's creating methods of making money that don't require the owner/entrepreneur to be there.
This was explained very well by Michael Gerber during our time together. Let's let him explain this concept here. (The following is a LIVE excerpt from my interview with millionaire and best-selling author, Michael Gerber.)
Mike Litman: Tell us about "replication", "five thousand", and "franchise prototypes".
Michael Gerber: Well, we have worked in the E-Myth Academy for the past 20 years with more than 15,000 small businesses. We have clients throughout the world. They are in the UK. They are in Australia. They are in New Zealand. hroughout Canada. Throughout every state in the United States.
All were small businesses who were doing it, doing it, doing it, busy, busy, busy. As I have said, "consumed by the tyranny of routine." Who suddenly said, "there has got to be a better way." And the better way is going to work ON your business, not IN it. To do what? To create your franchise prototype.
So what I am saying to every single small business owner. I don't care where they are, Mike. It doesn't matter where they are. What they do. How they do it. Whether the economy is up or the economy is down. Whether they've got two people. One person. 300 people. 5,000 people.
The rule is universal, absolutely universal. And works every time somebody does it. They got to go to work ON their business starting today. To create their franchise prototype. Their little turn-key system. So they could imagine replicating it 5,000 times. They could open up 5,000 more just like it. Just like Ray Kroc did. Just like Federal Express has. Just like everybody and anybody who understands the turn-key revolution.
The idea of building a BUSINESS that works rather than going to work everyday.
(End of excerpt - Copyright Mike Litman. All rights reserved.)
-- Mike Litman
Mike Litman is the author of the #1 Best-Selling book, Conversations With Millionaires. In the book 9 Millionaires share their strategies for becoming wealthy.
<<- Back to the Mike Litman Articles section
Free Motivation Newsletter ...
If you enjoyed the article above -- Don't miss out on our FREE Let's Talk Motivation newsletter. Each issue includes the same high quality advice from leaders in the area of motivation and personal development -- like the article you just read :-) ... Sign up now: