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E-Myth – “Why most small businesses don’t work & what to do about it”

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Edmonton Business For Sale | Are Entrepreneurs With Business Degrees More Successful

When entrepreneurs are purchasing their Edmonton business for sale for the first time, they need to understand that it does not matter if they have a business degree or not as an indicator as to how successful they are going to be able to be as a business owner. The failure rate for businesses in Canada is 50%, and the top three reasons that entrepreneurs fail is because they are unable to attract the right customers, they run out of money, and they’re unable to hire the right team for their business. Any entrepreneur who opens a business whether they have a degree or not must overcome these problems in order to succeed.

While many entrepreneurs with business degrees think that they have all the information they need to be successful, they need to realize that their degree not of high-level theory in a lot of different areas of the business, but since they had no hands-on experience, that is not necessarily going to be a great indicator of their success. They are going to be obtaining their hands-on experience while they are running their first business, and so the learning curve is going to be very sharp.

And while many business degrees will discuss with the students how to develop company culture and hire a team, they do not address the number of people that are going to have to meet in order to hire the right team and develop the right company culture. The matter how much a student learns about how to properly interview candidates, if they are simply not meeting the right candidates, it will not matter how great the interview is, it is still the wrong candidate. Instead, business owners need to understand that finding the right team is more about meeting the hire amount of people in order to maximize the chances of meeting the right one for the business. When a student purchases their Edmonton business for sale for the first time, they should ensure that they are seeing one hundred people for every one person that they hire. Therefore, the interview techniques they learned with their business degree are not going to apply.

Another thing that a business degree will not teach students, is how to create efficiencies in a business. Since there is no course on how to write templates or checklists, which is extremely important for helping an entrepreneur improve the consistency of their systems, and to ensure that everything is done correctly in the business. A checklist can help an entrepreneur close a sale, prepare products, manage customers to name a few. That is the reason why many entrepreneurs choose to purchase an Edmonton business for sale that is a franchise because franchises often come with well-established templates and checklists. There is a high value in those.

When entrepreneurs start a business after obtaining a business degree, they may have a lot of great knowledge that can help them, but they still need to overcome the most common reasons for business failure in order to be successful. As long as any entrepreneur who starts their own business is able to overcome the three most common reasons, then they will be able to be successful and grow a great business.

Edmonton Business For Sale | Are Entrepreneurs With Business Degrees More Successful

The myth of there is that when entrepreneurs who purchase their Edmonton business for sale have a business degree, that will allow them to be more successful than entrepreneurs without business degree. However, just because business owners may have a business degree, does not mean they will not fall victim to the business failure rate in Canada. The reason why is because while students who have obtained a business degree they have a lot of high-level knowledge and have learned lots of theories, not only do they not have any hands-on experience, they also have failed to learn knowledge and skills that will help them overcome three most common reasons for business failure.

The most common reason why entrepreneurs fail in Canada is they are unable to attract the right customers. In fact, 42% of all entrepreneurs that fail give this is the reason why they were unsuccessful. Interestingly enough, business schools do not teach sales strategies and techniques. An entrepreneur with a business degree might have learned some marketing information, but marketing and sales are two different things. When they graduate with their degree, it will not have any training in preparing proposals, closing deals, or overcoming objections. When they purchase their first Edmonton business for sale, they may have a great business plan and a great marketing plan, but if they are unable to close the deal or sign a client, all of that knowledge will not help them build a business.

Another thing that does not help students prepare for business ownership they purchase their first Edmonton business for sale, is the schedule they were able to keep as a student. Students go to school Monday to Friday and are rarely at school for eight hours a day. Even though they have studying to do, it is a fairly relaxed schedule. Then, they enter the workforce and find it a culture shock to have to work uninterrupted for eight hours a day five days a week. However, when they become entrepreneurs, it may be even more of a shock for them to have to put in the time that is expected of them to become successful. Entrepreneurs are typically working eighty hours a week, and because of that are working longer than twelve hours a day, and are often working six days a week. The business degree does not help the student it prepared for this type of schedule they are going to need to keep.

And while entrepreneurs with business degrees may be very proud of that accomplishment, and so they should be they need to keep in mind that their customers are not going to care if they have a degree. What the customers are going to care about, is if they are delivering quality products and great service. Customers are going to buy because they see the value in purchasing from a business. While a business degree may help an entrepreneur have a lot of great knowledge in their business, that is not going to actually sell products to customers.

While a business degree may be beneficial to an entrepreneur, it is not going to guarantee that they will fall victim to the failure rate, people for good in business are not good because of what they know, but because of their need to know more.