The Missing Step
This is the fifth in my series of E-Myth Revisited posts. The E-Myth Revisited examines the core myth behind what people believe an Entrepreneur is and what it takes in reality to make a small business successful. This series of posts will cover the core topics explained in the E-Myth Revisited book and apply them to being a Wealthy Affiliate and making money online. Links to the complete list of posts in this series can be found at:
The Missing Step
Yesterday we looked at the Business Life Cycle as described in the E-Myth and the first two steps in this life cycle, infancy and adolescence. The third step in the business life cycle is maturity, and we'll talk about that tomorrow. However, for internet marketers I think there is a step missing in the business life cycle as described in the E-Myth. This is the step before infancy. It's the conception phase.
The Conception Phase
The conception phase is when the internet marketer gets their inspiration or vision for what they want to build. I hesitate to describe “what they want to build” as a business, because I don't think most internet marketers truly consider it in those terms. A money making opportunity is probably more accurate.
The vision also includes all the opportunities that come with that money making opportunity. The opportunity to work from home or anywhere. However, the preference is to not really work, but rather to build the mythical “passive income streams.” The opportunity to build “financial freedom” and the lifestyle that offers.
These other opportunities are inescapably intertwined with the money making opportunity and are actually the primary part of the vision. Whereas the technician mind would be interested in the actual building of the websites, creating content, etc.. The entrepreneur dominate mind is interested in building the vision of a life they desire without actually caring about the tools that bring this about.
Transition from Conception to Infancy
In the Conception phase, the entrepreneur mind is creating their vision and learning how the tools can be used to create that future. The may take the initial steps toward building this vision such as buying a domain, creating website, etc., but all of this is done as part of an exploratory process.
In order to transition from Conception to Infancy, control of building vision must be transferred from the entrepreneur mind to the technician mind. The internet marketer must transition from learning about and envisioning what they want to build, to consistently and actively building it. The internet marketer must move from focusing on the vision to focusing on the doing.
This is where most internet marketers get stuck. Because their entrepreneur mind is dominate they never make the transition. Instead, they get frustrated with the money making opportunity part of their vision for not making their vision a reality, the discard it, and going looking for a different money making opportunity to replace it.
Finding the Balance
In order to successfully build not just an internet marketing business but any type of business, the business owner must balance all three of their different minds so that each of them contributes their strengths to building the business. Tomorrow we'll be looking at the Maturity phase of the business cycle. As we dig further into this phase, we'll see how this balancing takes place using what the E-Myth refers to as the “franchise prototype.”