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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 | Business Degrees Do Not Teach Small Business Skills

Often, people get their business degree and think that the 50% business failure rate multiplied to them when they purchase their Edmonton business for sale. They think that since they have obtained a business degree, that they are smart enough, and have enough knowledge to be able to avoid falling victim to that failure rate. However, the failure rate is often not because people do not have the right knowledge, and well a business degree can give entrepreneurs great knowledge, they still do not have the hands-on experience that can often make a difference.

One of the most significant things that business owners should learn right away, is that business degrees are very useful in teaching people business information, often geared towards helping people work in an already existing business. They are effective at teaching the students a little bit of information on a wide variety of topics such as accounting, hiring, marketing, and human resources. However, this is high-level theory information and nothing actually hands-on.

Some of the most efficient techniques that an entrepreneur should learn once they buy an Edmonton business for sale are not even taught in schools. Therefore, they have a business degree but are unaware of the most efficient scheduling techniques they should implement to help them be successful in their industry. Time blocking is an extremely efficient and effective strategy that can help entrepreneurs get a lot more done in their day, however, no students actually get any information on this during their business degree. And what is more important to note, that what the schedule looks like is different for each industry. An effective time blocking schedule for an accountant looks different than for a dentist or a plumber for example.

Something else that does not learn during their business degree, is that they are going to have to get used to a far more regimented schedule. As a student, they may not have back to back classes and rarely go to school for eight hours a day. Then they reached the workforce, and are blown away by an eight-hour workday, five days a week. However, once they purchase their Edmonton business for sale, and start working as an entrepreneur, the find that to be successful they will have to work eighty hours a week, with a long day, and working six days a week. A business degree does not adequately prepare students for the realities of what time they are going to have to put into their business to make it successful.

While a business degree can be valuable for a lot of people, and it does have a lot of great information, what can cause entrepreneurs to become successful, is rarely taught in the classroom and requires hands-on experience. Whether it is learning what hours are needed to put into the business or schedule, business owners who have business degrees should realize that the degree is not going to be an indicator of their success and that they will have to work extremely hard at their business.

Edmonton Business For Sale | Business Degrees Do Not Teach Small Business Skills

There are three main reasons why businesses fail, and when entrepreneurs with business degrees purchase their Edmonton business for sale they need to address these three reasons. The failure rate for businesses in Canada is 50%, and the top three reasons why businesses fail is because they cannot find the right customers, they run out of money, and they are not able to hire the right team. Interestingly enough, a business degree vote adequately helps an entrepreneur address these three reasons for failure, meaning entrepreneurs with business degrees are not facing a higher degree of success because of that schooling they received.

One of the most important things that an entrepreneur needs to remember when they purchase their Edmonton business for sale, is that their customers are not going to care if they have a business degree. What customers are going to care about, is if they are getting high value for their money and if they are getting the service they want. While a degree can help an entrepreneur to a certain extent, simply by having a degree, it is not going to bring customers into the door or encourage them to make a purchase. Entrepreneurs need to ensure that there delivering extremely high value to their customers in order to generate sales in their business.

Another important thing for entrepreneurs with business degrees to take note of is that business schools are not teaching their students the newest marketing strategies. In fact, companies that specialize in marketing struggle to keep up with the newest methods, so that schools are never teaching the newest methods. Therefore, an entrepreneur should keep in mind that they should always be learning, and changing their methods and what they learned in school might not necessarily help them market their business by the time they purchased their Edmonton business for sale.

Another thing that a business degree will not give entrepreneurs any education in, our sales strategies and techniques. While they might know how to create a great marketing plan, they will have absolutely no training in how to close a deal, overcome objections, negotiating contracts. Therefore while the business degree will allow them to have a great amount of knowledge and they may be full of ideas and excited, they may not be able to bring their plan to fruition unless they learn quickly the sales strategies and techniques that are going to allow them to have the customers they need. Since not being able to find the right customers is the number one reason for entrepreneurs to fail in Canada, this is a problem they must learn to overcome immediately.

When students who have business degrees decide to become entrepreneurs, they should realize that having the knowledge that they do can be extremely beneficial, but unless they learn the three reasons why businesses typically fail and overcome those specific reasons, that business degree is not going to allow them to succeed any more than any other entrepreneur. It takes hard work and dedication and learning on the go.