Most 5 star CPA Google reviews in Canada
Helping Canadian businesses beat the odds!
Entrepreneurs who are purchasing their Edmonton business for sale, and becoming entrepreneurs for the first time need to understand that if they do not have a business degree, that does not mean that they will be less likely to succeed in business. The reason why is because while business degrees are going to ensure the graduate has a lot of great information, not all of the information learned in obtaining a business degree will ensure entrepreneurs can overcome all of the various reasons why businesses fail in Canada. In fact, industry Canada says that the failure rate for entrepreneurs is 50%, and due to the three most common reasons: not being able to find the right market for their product, running out of money, not being able to hire the right team. The information learned while obtaining a business degree does not actually address these three reasons, which could be why they are some of the most common reasons for failure.
While a business degree often gives students theoretical information about marketing their business, it is important to note that this is often not the most current information, and is largely only theoretical. Since marketing is continually changing and evolving, schools are not able to develop a curriculum around the most current strategies. Therefore, an entrepreneur should ensure that they are constantly learning about the newest techniques, and reading up on what is the most effective so that they can implement it in their business. Constantly learning marketing is going to be an important determining factor in helping an entrepreneur find the right market for their product.
Another thing that entrepreneurs need to learn once they have purchased their Edmonton business for sale, is that a business degree will actually not teach them anything about sales. Not theoretical is nothing hands-on. Therefore, regardless of how successful an entrepreneur’s marketing plan might be if they have never practiced overcoming objections, or closing the deal, they may not be any closer to having sales in their business. Not only is it important for entrepreneurs to learn this quickly, but apply it in their business as efficiently as possible, so that they can grow their business at the same time.
Something else for entrepreneurs to learn how to do, is while they are taught how to create business plans, and how to obtain financing when they purchase an Edmonton business for sale they might discover that financing is much harder than the school has made it sound. With the answer typically being no. That means an entrepreneur often has do not just adjust their business plan, but adjust their budget, and very quickly as well so that they can counter a financing objection with a new plan and budget so that they can turn that no into a yes. They do not learn how to do these things with a marketing degree.
In order for entrepreneurs to become successful, the most important skill that they need is the ability to constantly learn, and apply what they have learned their business. Simply having a business degree does not guarantee anything, entrepreneurs have to ensure that they are always learning and growing to give their business the best chances of success.
If people purchase their first Edmonton business for sale, thinking that they are immune to failure simply because they have a business degree, they may be setting themselves up for failure with that attitude. What makes people good in business is not what they already know. This is said well by Michael Gerber, who is the author of the E myth when he wrote, people who are exceptionally good in business are not so because of what they know, but because of their insatiable need to know more. But entrepreneurs keep in mind that they have to continually be learning, that is what is going to make them have the right attitude that will give them the best chances at succeeding.
One of the most important reasons why a business degree does not guarantee success for the entrepreneur is because some of the most important things that an entrepreneur needs to learn is not taught in business school. In fact, a business degree better prepares people for working in a business rather than only one. For example, scheduling is extremely important. It can often be a predictor of success if entrepreneurs are able to schedule a good one. This is the way that entrepreneurs are going to be able to guarantee that they can get everything that they need to do to grow their business done. By planning out their entire year, task by task, though able to ensure that they have enough time to get everything accomplished without missing important tasks. The most efficient schedule is going to differ by industry, with a plumberís schedule potentially looking very different to and accountants, or a graphic designer.
Another important thing that an entrepreneur needs to know that is not taught in business schools is the importance of creating templates and checklists. In fact, that is one of the main reasons why when entrepreneurs looking for an Edmonton business for sale, they choose franchises because they typically have well-established checklists and templates already. These are going to allow entrepreneurs to ensure consistency and accuracy. These are also going to allow an entrepreneur to hand off important tasks to others, and ensure quality. When they achieve that, they can hand off tasks of their employees while they focus on the very important task of growing their business and achieving all the strategic priorities of their business.
If a business degree was a great indicator of business success, there may be more entrepreneurs who are obtaining business degrees. However, the most important indicator of success is an entrepreneurs willingness to continually learn and grow as a person, and apply that knowledge to their organization. When they learn that, they will be able to accomplish many tasks in their business and be successful.
