In my last post, I talked about how I am embarking on a 24 Day Digital Business Challenge.
Fast forward today, and I realised how quickly a busy packed weekend really flew by.
On Friday, I attended the final lesson of a value investing class, and went to network with the good people over at The Co-Foundry.
And then on Saturday, I had to attend an awards ceremony, followed by the wedding dinner of a childhood friend.
And on Sunday, I gave an afternoon crowdfunding workshop talk to the Strengthsfinder Singapore community.
That pretty much capped up my weekend but luckily, I still had a cool and nice Sunday evening to catch a breather and perhaps check out Amazon for some good reads.
The E-Myth Revisited
And I chanced upon a rare book of a gem in "The E-Myth Revisited", written by Michael E. Gerber.
Now I've read many business books before, but The E-Myth stands out as one of the best i've ever read.
It unveils the brutally honest truth of why most small business fail, and the reason is often because most founders end up working in their business, not on ON their business.
The reason for that is because many of these founders are Technicians, and not Entrepreneurs, and because they think they are good at their craft (art for example) they naturally think they will be good too with all other aspects of business like managing the accounts, balancing the books, sales & marketing.
Which is a big big mistake..
The last thing you want to do when setting up a new business, is to create for yourself another job.
Because at least in a company, you get paid.
But now that you are working in your business, you work harder, and are paid peanuts, or nothing at all!
And if one day you decide to go for holiday, or fall sick, who's there to take care of your business except yourself?
Which is why I realised that in any business we plan to start, we have to build it in such a way that it can run independently of us.
That means even if I'm not around, the business will still take a life of its own.
Its a living organism, made up of people who give life to it, and an orchestrated array of systems that work in sync to deliver value to employees, customers, suppliers and the public.
Look at Disney, Macdonalds, and Apple...Walt Disney is no more, Ray Kroc is now more, and so is Steve Jobs.
But the companies they've built have endured till this day, because their biggest product wasn't an iPhone 6, or a Big Mac.
Those are the commodities.
Instead, the product was their business itself.
A turn key business that's guided by a vision bigger than just making profits.
A turn key business that's made up of strong systems, so that even low skilled ordinary employees can come to work, follow the system, and do extraordinary things.
That's the key to building sustainable businesses that will last the long haul, long after the founder is gone.
And so it is that I spent much of the day envisioning what I wanted this new ebook publishing business to look like.
After all, which person who, intending to build a tower, doesn't first sit down and count the cost?
More than just an ebook
I think i've discovered a common topic that every founder and entrepreneur is most passionate about.
That topic is their business!
After all, these startups are their precious babies, and they've poured in considerable time, sweat and money into them.
And it's a waste that many don't know how to market and set themselves apart from every other competitor, even though their product offerings can be pretty good.
This is where writing an ebook can distinguish and establish your startup as an authority in your field.
There are "Just-Like-Me" ebooks, and then there are also ebooks that showcase your passion.
And the way to showcase that passion, is to teach what you know through ebooks.
And I want this new digital publishing business to be all about showcasing my client's business passion, and not about ebooks.
That's our true product.
Besides spending the day dreaming up what the new venture will be like, I also took the liberty to plan the project using Trello.
Trello's by far, the best project management tool I've ever come across, and I use it to manage all my projects.
You can check out the status of my project here at this link:
That's it for Day 1.