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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 | Building A Business

Building a business takes a lot of time says Edmonton business for sale, despite what many entrepreneurs believe from watching shows like Dragon stem or shark tank that shows that overnight successes are far more common than they are. In the cases of overnight successes, what people do not see are the hundreds of hours that an entrepreneur puts into that business before it becomes successful. Overnight successes usually take several years to create, in the case of Walmart that overnight success happened to be 20 years in the making.

One of the reasons why it takes much more time to build business and many entrepreneurs think says Edmonton business for sale, is because a business owner will realize how little they are going to be able to accomplish in the first year. While most entrepreneurs drastically overestimate how much they will be able to get done, they will underestimate how much work will have to put into that. The reason why most entrepreneurs think that will be able to get far more done in their first year, is because business owners often forget that it will take them a long time to execute the products and services that they are selling at an extremely high level. The reason for this is because they will not yet have systems and processes in place on how to duplicate the products and services and deliver them at an extremely high level.

Another limiting factor to how much an entrepreneur can grow their business in the first year is quite simply cash. While they may be able to land large contracts, or attract many customers, not having that positive cash flow in their business and is actually a significant limitation to a business. For example, they may be able to land a very large contract, but lack of the resources to purchase that amount of material in order to produce the products for that contract. Or, they may land a large job, but lack the manpower to produce their product or service. Since business owners have to pay for their expenses before they get paid for the job, not having enough money in their business can limit to how many large contracts they can take in their first year. A better way of going their business, is by starting small, refining their products and services slowly, and gradually taking larger jobs. One of the dangers of taking a huge contract right away in the business, is not being able to deliver a high quality product or service yet, and losing that contract. Much better to start slowly, and have great products and great processes in place by the time an entrepreneur lands that huge job says Edmonton business for sale.

One of the most important things that business owners going to be able to do in their first year, is develop those systems and processes in order to ensure that their product and service is duplicatable, that everyone knows how to ensure proper customer service, as well as identify potential leaders in their business and start grooming them for leadership roles later on says Edmonton business for sale.

One of the biggest mistakes that entrepreneurs can make in their first year of business, is trying to refine their product too much, or developing an entire product line instead of just creating their first product and getting it to market says Edmonton businesses for sale. While entrepreneurs often believe that they need to have a perfect product in place, they actually are better off to get it to market before it is refined. While it is true that that initial product might not be perfect, or even good, entrepreneurs can give great customer service, and there is a lot of quality that the customer will put up with, as long as the business owner is giving great customer service. If they give great customer service, the client will also be comfortable giving feedback about that product or service so that the business owner can continue to refine it, as well as great customer service will enable the customer telling their friends about the entrepreneurs business.

Once a business owner is working on refining that product or service, they need to be documenting their processes in order to ensure that once they have the product or service their happy with, they will be able to duplicate it, and teach others how to produce it. The reason why this is important says Edmonton businesses for sale, is so that a business owner can bring on additional staff, and ensure that they are able to produce the products at the same high quality that an entrepreneur does. Edmonton business for sale says this is one of the most important steps to ensuring that an entrepreneur will not be stuck in their business forever producing products.

Once a business owner has a great product or service that their happy with, they should focus on bringing people into their business. Right from the very first people that they hire, business owners should be keeping internal growth in mind with every person the higher says Edmonton businesses for sale. The reason for this is because hiring qualified leadership people will be another limiting factor to the growth of their business. The reason is once a business owner has all the systems and processes in place to run the business without leveraging their own time says Edmonton business for sale, and a business owner has a scalable marketing initiatives that is going to require the business owner to spend their own time on it and inbound leads that does not take the business ownerís time to produce, then that leadership staff that a business owner hires will have to supervise the front line staff so that the business owner does not have to do that. It is much easier to hire front-line staff been higher leadership personnel to leave them.