Most of you have read The E-Myth by Michael Gerber. In that book Gerber describes what he calls the “Fatal Assumption.” The Fatal Assumption is this: that knowing how to do the technical work means you know how to build a business.
Gerber clarifies a challenge we’ve all seen played out:
- If someone knows how to cook well, the fatal assumption is that he/she will automatically have the skills to run a restaurant.
- An accountant sets up an accounting practice.
- An attorney starts a legal firm.
- A doctor opens a medical clinic.
- A great babysitter opens a daycare.
- Someone with compassion to serve starts a church.
- Someone with technical skills opens his own IT consulting business.
We could go on and on. The fatal assumption is that these people tend to see the business as simply an extension of their current job. But, unfortunately, there are a whole lot of functions that must be mastered to run a business effectively.
Yes, you can start with your technical skill, but don’t count on that alone to result in a successful business.
Read more in a great interview with Gerber in Management Consulting News.