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Often, and students graduate with their business degree, they believe that they will be more successful when they purchase their business for sale than other entrepreneurs who do not have business degrees. However, but they need to realize is, that while that business degree can give them a lot of great information about running businesses, that will not necessarily mean that they are not going to be falling victim to the 50% failure rate for entrepreneurs in Canada.
The number one reason why a business degree is not going to ensure that an entrepreneur succeeds is that a business degree does not actually teach students how to be an entrepreneur. They’re most useful in teaching students how to in a business. It gives the students a very high-level amount of information into a theory about a wide variety of business topics such as human resources, marketing, accounting, and hiring. However, while it is not hands-on her comprehensive knowledge, it is also not including some of the most important skills that a business owner is going to need to be a successful entrepreneur.
One thing that makes an entrepreneur who purchases an Edmonton business for sale successful, is a great and efficient schedule. However, business degrees have no classes in successful and efficient scheduling. In fact, what a good predictor of success can be for many businesses is that their schedule looks like. And in fact, what an efficient schedule looks like is different for each industry. Would sufficient for an accountant is different from a plumber different from the dentist for example.
Something else that is extremely important for entrepreneurs to learn is new and up-to-date marketing techniques. While they are going to be learning marketing strategies in school when they obtain their business degree, marketing is constantly changing, and it would be very difficult for any school to be teaching the most current and up-to-date marketing strategies. In fact, even marketing companies find it difficult to stay on top of all of the changes. Therefore, entrepreneurs with business degrees need to understand that when they purchase their Edmonton business for sale, going to need to constantly be learning, and updating what they know about marketing.
Another thing that is not going to help an entrepreneur be prepared simply by having a business degree, is obtaining financing. When talking theoretically in school, it makes obtaining financing sounds like a foregone conclusion. Unfortunately, that is rarely the case in real life. When entrepreneurs try to get financing for the first time and find the answer is often no, they need to be able to adjust their plan and change their business plan based on a much smaller budget in order to purchase their Edmonton business for sale. Students do not get that type of schooling, on learning how to adjust their business plan or running a business on a very small budget.
As long as an entrepreneur who has a business degree is willing to constantly learn, they will be in a better position to be successful than those entrepreneurs with business degrees that think they know everything already. As Michael Gerber, the author of the E myth has said: people who are exceptionally good in business are not so because of what they know, but because of their insatiable need to know more.
Business owners with business degrees who think they will not fail in business because they have a degree when they purchase their Edmonton business for sale, may discover in the worst way possible that this is not necessarily true. Business degrees are good at teaching a lot of information about how to work in a business environment, but they are not geared towards helping entrepreneurs succeed in business.
One of the most important things that students should be learning if they are planning on becoming entrepreneurs, our sales techniques and strategies. Well, most marketing degrees teach a component of marketing strategies, sales strategies or something entirely different. A business degree will not ensure that an entrepreneur is able to close a deal and have a client actually purchased from the entrepreneur. Therefore, they may come out of business school with a lot of great ideas and a lot of knowledge, that allows them to have a great marketing plan. However, if they are not able to get clients to purchase their product, all of the business knowledge in the world will develop them. Also, not being able to find the right clients is the number one reason why entrepreneurs fail in business. Therefore, entrepreneurs with business degrees are not necessarily more prepared to succeed than any other entrepreneur.
Another reason why entrepreneurs fail in business, is they are unable to develop the right team for their business. When a student purchases an Edmonton business for sale and becomes an entrepreneur for the first time, they need to understand that developing a team is less about great interview techniques, and meeting the right number of people. The recommendation is for entrepreneurs to meet a minimum of a hundred people before they hire one employee. Therefore, business owners should learn that the best interview techniques and the most fantastic interview questions are not going to help them hire the right candidate if there interviewing the wrong one. Therefore, they need to learn early on in their business how to change the way they hire in order to maximize the number of people they see to find the right ones to hire in their business.
This is not to say that a business degree is not useful at all, because it has a lot of great information, and if people are obtaining business degrees in order to become entrepreneurs, it is going to get them a lot of great information. It simply needs to understand, there is a lot of information that they still should be learning, and then actually learning is going to help them lifelong in their experience as an entrepreneur. They are going to be getting a lot of hands-on training as an entrepreneur, and the faster they learn and grow is going to be more indicative of their success than their degree.
