“scaling your business” workshop with Prof. Nathanson

Prof. Nathanson hosted a complimentory workshop last Thursday here at Anderson.  He is trying to start a seminar/workshop series for local entrepreneurs.  He is an experienced entrepeneur himself and has some really good insights in small business management.  He talked about the book called “E-Myth”, which is both inspiring and shocking, here are some takeaways:

  • Whether a business succeed depends on what the entrepreneur want starting the business.
  • Majority of new businesses are started by “technicians” who think because they can do the job they can run the business that does the job.  (Not to say it’s right or wrong…)
  • Almost 80% of new businesses fail, while 90% of franchise businesses succeed.  This hints us that it is easier to succeed when you have more structure or guidance in place.
  • Therefore, entrepreneurs should think of your business as a franchise model: if you are to copy your business by 1000 times, can you do it?
  • work ON your business instead of IN your business…
  • Have a org chart in place even though you have to put your own name on every function…
  • Investors invest in management team, not the idea!  If you have to put a ratio on that, it’s probably 99/1.

Like a lot of entrepreneurs who have been there and done that said, be prepared to do a lot of things you don’t like for your own business, because that’s what you pay for doing what you love.

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