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The reason why graduating with a business degree is not going to help prepare a student to become an entrepreneur, is because it teaches students a little bit of information on a wide variety of business topics such as accounting, human resources, pest hiring practices, and marketing. However, while this high-level theory is a lot of information on what is needed to work in a business, it is not comprehensive or hands-on information. Also, it does not address the three most common reasons for entrepreneurs to fail: not finding the right customer base, running out of money, and not being able to hire the right team. In order for an entrepreneur to truly be successful, they need to overcome these three challenges in their business.
For example, not being able to find the right customers for their product can be overcome by learning effective sales strategies. Unfortunately, most business degrees do not teach students any sales strategies or techniques such as how to present their proposals and overcome objections to close a deal. Therefore, once a business student purchases an Edmonton business for sale, they should learn sales strategies and techniques as quickly as possible, so that they can avoid the number one reason why businesses in Canada fail: not having the right customers.
The second reason why businesses fail in Canada is that they ran out of money. In business school, students are often taught that financing is either a foregone conclusion or that it is going to be much easier. In fact, financial institutions and banks usually say no to financing, or require an entrepreneur to get less money than they want in order to buy their Edmonton business for sale. Therefore, entrepreneurs are going to have to learn how to adjust their plan as necessary, either to fit the bank’s requirements for financing or to ask for less money, so that they can get approved for something. By learning how to adjust their plans and budgets as necessary, can help ensure entrepreneurs can be flexible enough to obtain the financing needed.
By learning how to overcome the typical reasons for business failure is going to help entrepreneurs survive far better than simply obtaining a business degree would. By learning that they have to constantly learn and grow in order to run a successful business will help entrepreneurs get all of the knowledge they are going to need to be successful.
It is very important that when looking for an Edmonton business for sale, entrepreneurs need to realize that what is going to make them successful in business is not what they currently know, but understanding that they will need to always be learning. As Michael Gerber, the author of the E myth has said: people who are exceptionally good in business are so because of what they know, because of their insatiable need to know more. While business degrees can help entrepreneurs have a base knowledge, they need to realize it is only the start of their business education.
There are several things that are not even talked in business school, that is going to be important for entrepreneurs to learn in order to become successful. For example, scheduling is extremely vital to the success of the business, however, it is not taught in business school anywhere. By learning how to block their time, and ensure that all of the most important tasks of the business have time to get completed, can be a good indicator of an entrepreneur’s success. As soon as they purchase an Edmonton business for sale, business owners should learn how to effectively time block their schedule.
Something else that is not taught in schools, but can help an entrepreneur be successful as well scale their business is learning how to write templates and checklists. While templates can help increase efficiencies, by ensuring that repetitive tasks have a system. Checklists, on the other hand, ensure that business processes can be duplicated consistently and at a high quality. After purchasing an Edmonton business for sale, entrepreneurs need to realize that templates and checklists are going to help keep the quality of while allowing them to scale their business app. Without these tools in place, it can be very hard to hire staff and get them to take overhead tasks once done by the entrepreneur. By ensuring they have templates and checklists in their business, can ensure that an entrepreneur can scale up their business, handing over important tasks to their employees while they work on growing their business.
It is also important that entrepreneurs learn what is needed to build and develop their team. While culture and team is discussed in a business degree, what is not discussed is how to execute it. Business degrees often make it sound like entrepreneurs only need to have a better interview technique and ask better questions. Instead, it is more about maximizing the number of people to interview, in order to find the right fit. It is recommended that entrepreneurs interview a hundred people for every person they hire. Therefore, they must change the way they interview, instead of simply asking better questions. If they do not have the right candidates, a better interview process will not help.
By learning that their education is not complete a business degree, and entrepreneurs need to continually learn and grow, it will be the key to entrepreneurs succeeding in business. Great entrepreneurs understand that it is not what they know, that what they need to learn.
