Free consult & free copy of book

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

Contact Us


Most 5 star CPA Google reviews in Canada

Read Reviews

Chartered Professional Accountants E Myth

1 Fixed Monthly Fee - Planning | Accounting | Taxes | Consulting

Helping Canadian businesses beat the odds!

Edmonton Business For Sale | Do Business Degrees Prepare You For Entrepreneurship

If entrepreneurs obtain a business degree before they purchase their Edmonton business for sale, they often think that the failure rates will not apply to them because of the degree. However, entrepreneurs should realize that while a business degree will give them a lot of useful information, it is not necessarily going to help them avoid failing in business. There is three main reasons why entrepreneurs typically fail which are there unable to find the rights market for their product, they run out of cash, and they cannot find the right team to work in their business. The business degree will not teach an entrepreneur how to avoid these three issues. Therefore, when people become entrepreneurs for the first time, they need to figure out ways that they are going to address these issues in order to avoid the failure rate.

One of the most important things that can help entrepreneurs succeed, is learning how to schedule their time. Unfortunately, scheduling is not taught to students for obtaining a business degree. Often, a business ownerís calendar can be a good indicator of how successful they are going to be, based on how efficiently they are using their time. Since this is not taught in schools, business owners have to figure it out after they have purchased an Edmonton business for sale, and learn how to do it quickly so that they avoid failing.

Another thing to keep in mind when it comes to scheduling is that a business school is not going to teach students the type of schedule they are going to need to keep as an entrepreneur, primarily because students do not understand how much time an entrepreneur is going to have to put into their business. As a student, they are going to school five days a week, and often studying for less than eight hours a day. Entrepreneurs, on the other hand, are working more than five days a week, successful entrepreneurs working six days a week. And there never working eight hours a day because they put in far more than that. Successful entrepreneurs often work eighty hours a week, and this is not addressed with a business degree. If students are prepared to put the right amount of time in, they could find themselves struggling as an entrepreneur.

Ultimately, customers do not care if an entrepreneur has a business degree because what they care about is the value they are getting for the products or services that they are receiving. Ultimately, entrepreneurs are going to be able to sell products or services based on the reputation of the business degree alone.

There are several reasons why entrepreneurs might decide to get a business degree, but they need to realize that this is merely the first stepping stone to a lifetime of learning that they are going to need as successful entrepreneurs. By learning how to overcome the three most common reasons why businesses fail, they can learn how to become successful.

Edmonton Business For Sale | Do Business Degrees Prepare You For Entrepreneurship

There is many things that entrepreneurs must learn once they purchase an Edmonton business for sale and become a business owner for the first time. A business degree, while teaching great information on a wide variety of topics, does not necessarily prepare students for becoming entrepreneurs, as the degree is best suited for students to work in a business for someone else, rather than being their own boss. There is many things that is they have to learn once they become an entrepreneur that is not taught in business school classes. Once they become an entrepreneur for the first time, they still have a lot of things that they must learn, and quickly so that they can avoid the failure rate in the business.

One of the most common reasons why entrepreneurs fail is because they are unable to find the right customers for their products. Unfortunately, business school students actually receive zero state sales training as a part of their degree. If they are unable to make a sale, all of the business knowledge that they have one help them become a successful entrepreneur. They need to not only learn how to prepare proposals and ask for the sale, but they must also learn how to overcome objections and get the customer to sign. This is one thing that entrepreneurs must learn on the job since it is not going to be taught in school.

Another reason why businesses typically fail is that they do not have the right team. Business school tends to teach students that building an effective team is all about asking the rights interview questions in order to find the right higher for the business. Unfortunately, when entrepreneurs buy an Edmonton business for sale and become a business owner for the first time, they will need to meet approximately a hundred people in order to find the right one for their business. It is not about the right interview question if they are not meeting the right candidates in the first place.

Something else that entrepreneurs need to learn how to do, writes checklists in their business to ensure processes are being followed properly and consistently to ensure quality. Checklists are not taught in business school, and if an entrepreneur purchases an Edmonton business for sale, that is scale is going to become very necessary to ensure that they can keep a consistent quality to allow them to scale up their business. Setting time aside in their schedule to create checklists as well as templates that can help increase efficiencies is a vital part of business entrepreneurship.

There are several things that entrepreneurs still need to learn once they actually become a business owner for the first time, and understanding that they will not get all of the knowledge that they need to operate a successful business from a business degree will help them understand they need to continue to learn. By learning the most common reasons why businesses fail, can help them create a plan for how they are going to meet these challenges head-on, and overcome them so that they can become a successful entrepreneur.