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 | What Business Graduates Still Need To Learn

Many people who are purchasing an Edmonton business for sale and becoming an entrepreneur for the first time often believe, is that a business degree is going to allow them to operate a business more successfully, in a way that will not allow them to fall victim to the failure rate of businesses in Canada. Industry Canada says that half of all entrepreneurs fail, and the three most common reasons for that is because entrepreneurs cannot find the right customers, they run out of money, and they are unable to hire the right team in their business. However, if entrepreneurs believe that a business degree is going to prepare them to succeed, they need to understand that it can give them a lot of great information, but what they need to know to succeed is something they have not learned yet.

There are several things that business graduates have not even learned in their business degree. They may think that they have as much information as they need, but all they have is a little bit of information about a wide variety of business topics such as effective hiring practices, accounting, marketing, and human resources. Not only is it a little information, but it is also a high-level theory without having any hands-on information. Not only that, but until a person purchases of the Edmonton business for sale, they know what information they do not actually know.

For example, if one of the things that can be a great predicate or of success is an effective time block schedule. Unfortunately, this is a skill that is not even taught during a business degree. An effective schedule is going to ensure that an entrepreneur has all the time blocked off for all of the most important strategic priorities of the business. This includes all of the big things as well as all the little things. Creating a schedule also ensures that an entrepreneur knows exactly how much time going to put into the business. Since many entrepreneurs work twelve-hour days six days a week, creating a schedule ahead of time, means that an entrepreneur is ready willing and able to put that time in to grow their business successfully.

Something else that entrepreneurs have never even learned in their business school, is how to bring checklists and templates. This is something that is extremely beneficial to the success of entrepreneurs because success requires hundreds of things going right and working in conjunction with each other with absolutely no errors. This is outlined in the book the checklist manifesto. Therefore, by creating a checklist means that all employees will know exactly what these hundreds of things are that need to go right. Also, it is important to create a template, in order to increase the efficiencies in the business. These two things are extremely vital for an entrepreneur to have their business to allow them to scale up.

When a business graduate purchases in Edmonton business for sale and becomes a business owner for the first time, they may start to understand what they have not learned yet. Once they do, they can start putting it into their schedule to learn, in order to overcome the most common reasons for business failure, so that they can run a successful business a long time into the future.

Edmonton Business For Sale | What Business Graduates Still Need To Learn

There is so much knowledge that is needed to learn how to run an effective business, that matter who purchases an Edmonton business for sale and become an entrepreneur, they do not necessarily have all of the business and ahead of that they need unless they have become a business owner for. Many books have been written on the subject, and despite how many people say they know exactly what they need to do in order to run a successful business, the fact of the matter is the failure rate for entrepreneurs in Canada is still at 50%. That means half of all people who open businesses will end up failing. In order to help entrepreneurs avoid this failure rate, they should understand what the reasons entrepreneurs fail are, then create a business plan to avoid those problems.

42% of all entrepreneurs that fail say that the reason why they fail is that they were unable to find the right customers, 29% said that they ran out of money, and 23% said that they were not able to hire the right staff. Interestingly enough, each of those problems does not have solutions to them that were taught in a business degree. Therefore, entrepreneurs that have business degrees need to understand that will they have a lot of great knowledge, they still need to research and apply what they have learned their business.

One of the first things that many entrepreneurs do, even before they purchase their Edmonton business for sale, is that they have to create a business plan. This may have many facets to it including an efficient and effective marketing plan and budget. However, obtaining financing may be more difficult than they may have led to believe by their business degree. The answer is more often no than entrepreneurs would like to think. That means, they need to be able to be very good at adjusting their business plan is necessary, or scaling back their business from the beginning or putting it on a shoestring budget in order to be frugal enough to get the financing to start their business.

One of the most common reasons why entrepreneurs fail is because they are unable to hire the right staff in their business. And many business graduates have learned effective interview techniques and great questions however the underlying problem of this is that they are all still utilizing the conventional, on one interview strategy. If they move away from the one on one method, towards a group interview strategy, the going to be able to meet a higher number of people, in order to ensure that there able to meet one hundred people to find the right one they need to hire by doing this, entrepreneurs are increasing their chances of being able to hire the right staff, that is going to help them grow their business and succeed.

In order to help entrepreneurs grow their business, they need to keep in mind that constant learning is going to beHow they grow efficiently and effectively. As Michael Gerber, who is the author of the said, people who are exceptionally good and business good because of what they know, because of their insatiable need to know more.