Many are familiar with the E-myth (Entrepreneurial Myth) made famous by Michael E. Gerber’s book. To paraphrase for those who are unfamiliar, it would be wrong to assume because you have a technical skill or ability that you would be able to run a successful business in doing it.
Just because you play the piano, doesn’t mean you should set up shop as a piano teacher.
Getting a nice DSLR camera isn’t a green light to become a wedding photographer.
If this sounds like how you got your start, Michael Gerber would say that you are setting yourself up for failure because of your lack of business knowledge.
So where does that leave you? Photography is your passion, but you’ve never written up a business model and you know nothing about marketing or financial statements.
Before you start spending money on classes to become a “knowledgeable business person,” first define what success is to you. Are you wanting to replace a spouse’s income with your new venture, or do you want to cover the monthly car payments?
After you have a realistic goal for your business’s success, we’ll take a page out of Vince Lombardi’s playbook when he said, “The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.”
To make your business successful, align your level of hard work and sacrifice with how big you want your business to be. With this formula you can’t fail.