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One of the most important things for a student to learn as they obtained their business degree in order to purchase an Edmonton business for sale, is that their business degree is not going to teach them everything they need to know in order to run a successful business. Business degrees are an amazing accomplishment and can give students high-level theory on a wide variety of topics such as human resources, marketing, accounting and hiring practices. However, what it will not do is give an entrepreneur hands-on training or some of the most important skills that are going to help an entrepreneur avoid the failure rate of businesses in Canada.
One thing that they will not learn in business school, but is important as they purchase their Edmonton business for sale is how to create an efficient schedule. The first thing they should learn is that an efficient schedule does not mean simply putting into their calendar all of their appointments. Time blocking is setting aside blocks of time in the future for all of the most important tasks that an entrepreneur needs to ensure gets done in order to grow their business. They will have time for sales and marketing, client meetings, networking, doing client work, and developing their product name a few. This is actually one great indicator of what businesses are going to be successful, is how efficient and effective their schedule is.
Something else that is not taught in schools, is the type of hours an entrepreneur is going to need to put into running a successful business. In fact, students are not told this at all, and get used to a schedule that they have as a student, which might mean going to only a few classes a day, with long breaks in between. Meanwhile, when they purchase an Edmonton business for sale and become an entrepreneur, it can be a huge culture shock to them when they learned they have to work six days a week or twelve-hour days. In fact, the most successful entrepreneurs work eighty hours a week on their business.
Something else that entrepreneurs are not taught in business school is how to create templates and checklists. This is actually so important, that entrepreneurs should be ensuring that they created a time block schedule devoted to creating templates and checklists. The reason why is because these are going to help entrepreneurs improve the consistency and the efficiencies in their business. It can help eliminate mistakes, and ensure that all of the things that need to go correctly in order to succeed happen.
When entrepreneurs purchase an Edmonton business for sale, they need to understand what is the most important thing to learn early on, so that they can apply that to their business and become successful. Having a business degree does not guarantee that an entrepreneur will have the information needed to be successful, it is going to allow them to be successful, is to constantly learn, and apply new knowledge and theories in their business as they grow.
If entrepreneurs believe that a business degree is going to ensure their success when they purchase an Edmonton business for sale, they may be in for a rude awakening. As Michael Gerber, 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. As long as entrepreneurs are learning, and applying that knowledge in their business, that is a better indicator of success.
What is extremely important for all business owners to ensure they learn, our sales techniques and strategies. While marketing is taught during a business degree, marketing and sales are two completely different things. An entrepreneur might have a great marketing plan, but if they do not have experience overcoming objections or closing a sale, a great marketing plan to help them grow their business. In fact, the number one reason why entrepreneurs fail in Canada is that they are unable to find the right customers. Therefore, by learning how to ensure they can get clients to sign, they can help avoid that reason for failure and grow their business.
Another very important skill to learn is an efficient strategy on how to hire employees. While marketing students often are learning how to effectively interview candidates one on one, with great interview questions. When entrepreneurs purchase our Edmonton business for sale, this technique is not necessarily going to help them find the best staff for their business. The reason why, is because the best interview techniques and questions are not going to help them if they are not meeting the right candidate in the first place. What is going to help them meet the right candidate, is meeting an extremely large number of people. The recommendation is to meet one hundred people for every one person that has hired. Therefore, the traditional method taught in the school of one-on-one interviews is not going to allow an entrepreneur to meet the sheer amount of people they need to. By learning how to conduct group interviews, can significantly increase the number of people that they are meeting, so that they can increase their chances of finding that one person that is the right fit for their business. This is extremely important to learn because not being able to find the right team is one of the top three reasons why businesses fail.
Constantly learning is a better indicator of an entrepreneur’s success than a business degree. Hands-on experience, and knowing they need to continually learn is going to be what helps entrepreneurs be successful. Also, when they know the three most common reasons why businesses fail in Canada, they can seek to overcome those challenges head-on, which will allow them to overcome problems and run a successful business for years to come.
