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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 | Growing A Business Takes An Entrepreneur Time

Many entrepreneurs believe that the path to success is to grow an extremely successful business quickly, and then turn around and sell it says Edmonton business for sale. Television shows such as shark tank in the states, or dragons den in Canada tend to lead entrepreneurs to believe that a huge cash out from selling their business is just around the corner. While these shows create sensationalism around starting and selling businesses, the statistics show that these are the exception and not the rule in business. Forbes says that 65% of all businesses are going to be around for more than five years before they are even ever listed for sale and half of all businesses are around for 10 years before they are ever listed for sale. Even more so wrongly, entrepreneur Magazine says that 20% of all businesses that are ever listed will sell. This should show entrepreneurs that businesses that sell for big bucks, are typically around for a long period of time, and that most businesses do not actually sell. Therefore, the idea of creating a wildly successful business in a short period of time is not typical. If a business owner wants to start a business, it is going to take them a significant amount of time to hold it, and even when they do, chances are very slim that they will sell it. Entrepreneurs should create a wildly successful business in order to own a successful business.

There are several reasons why businesses cannot grow extremely fast says Edmonton business for sale. The reasons are because it takes time to develop the product or service, it will take time to develop a customer base, it will take time to create processes and systems, and cash is going to limit growth, even if the business owner is able to have a perfect product or service, a ready customer base and already created processes and systems. Once a business owner understands and accepts these limitations, they will be able to understand that building the business is going to take time, and most business owners tend to overestimate what they are going to be able to accomplish in the first year.

Many entrepreneurs believe that the first service or product that they offer is going to be perfect says Edmonton business for sale. However, if they spend too much time refining their product or service before they go to market, that will have wasted a lot of time that could have been used developing a customer base. This means that a business owner should go to market with the first product that there able to create, even if it is week. The reason for this is because a business owner will be able to refine the product or service as they get feedback from their customer base, but spending a significant amount of time refining the product that they have no idea how will be received by the market waste time. They may think their product to market and realize they do not have the customers for it, but if they changed it in a way that they never would have anticipated, that is product that customers would buy. Once they have developed their first product or service that customers like, then they need to ensure that they have processes in place to ensure that creating that product or service is repeatable to ensure quality. Not only does developing that service or product take time, but developing those processes also take time says Edmonton business for sale.

At the same time that a business owner is developing their product or service, as well as documenting how to create it, Edmonton business for sale says that business owners are also going to be spending their time in marketing that product or service. The initial marketing systems that business owners may utilize will depend significantly almost completely on the business ownerís time. The reason for this, is because an entrepreneur has more time than money, and marketing initiatives either cost time or the cost money. Therefore business owners going to spend their time marketing their business by cold calling customers, going out on sales calls, providing great customer service, and going to networking events. This is extremely important to build momentum in the business, however business owners also have to be creating scalable marketing strategies as well, so that all of their marketing strategies are not completely dependent on the business owner spending their own time eventually. Business needs to be able to generate inbound leads without the business owner specifically affecting that lead coming in. A business needs to have systems and processes in place in order to generate a steady stream of clients that are coming in independently of the business owner says Edmonton business for sale.

The last thing that a business owner is going to be limited to in their business says Edmonton business for sale, is that their business will not have a positive cash flow for extremely large projects. While a business is refining their product, as well as refining their processes, they should not be aiming for landing extremely large projects, because if they land an extremely large projects before their product or processes are refined, there is a good chance they could lose that customer says Edmonton business for sale. However, another reason why this is important is because if the business plans huge contract, they may lack the money to buy the materials, supplies, or pay for the man our involved in generating that product or service. Because businesses need to pay upfront for what is needed to produce that product or service, and then get paid later, business owners that do not have enough cash positive cash flow in their bank to take on such large projects may be unable to complete large contracts. Also, another limiting factor is that if a business owner is able to take on this extremely large job in their business, and then something goes wrong and they do not get paid, it could potentially and their business.

Edmonton business for sale says these are some of the reasons why it is extremely difficult for businesses to grow extremely large extremely quickly. And even if businesses could grow very fast very quickly, that is not always the best way to grow. I growing measurably and with purpose, allows businesses to create the processes in place, and develop leadership from within their business to ensure their businesses access for many years to come.