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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 | What Business Students Still Need To Learn

If students will obtain a business degree think that they are not going to be falling victim to the failure rate for businesses simply because they have obtained a business degree before they have purchased an Edmonton business for sale, they are usually mistaken. The reason why is because business students still have an awful lot to learn when they become an entrepreneur. Typically, business degrees are good at preparing people to work in a business potentially is management. They learn a little information on a wide variety of business topics including hiring strategies, accounting, human resources, and marketing to name a few. However not only is this information very high-level theory, but it is also not hands-on.

It is important for entrepreneurs to understand that not only are there many topics that they do not have schooling on, but they also need hands-on learning. The difficult thing about hands-on learning is that they will not get it until they purchase an Edmonton business for sale and actually become an entrepreneur. This means that not only is the learning curve very steep, if they fail, so does their business. This can be a lot of pressure, therefore it is important for entrepreneurs of all backgrounds to know they need to continually be learning is much as they can to help their business grow.

An important skill that is very vital to the success of an entrepreneur and their business but is not taught in schools that give business degrees is learning how to schedule. This is not just about ensuring that an entrepreneur is putting all of their appointments into a calendar, but it is actually the skill associated with creating blocks of time devoted to specific tasks that is going to allow an entrepreneur to get all of the important priorities of the business done. An efficient schedule will look different for each industry, but examples of things that need to be time blocked include sales calls and networking, developing the product and service, group interviews, creating efficiencies. For all of the strategic priorities that need to get done, there is going to be a time for that, and schedules going to be created for the entire year. So regardless of how often that item needs to reoccur if it is daily, weekly or monthly, the entrepreneur will know exactly what they need to do every minute of every day.

Something else that is going to become important for entrepreneurs to learn as soon as they buy their Edmonton business for sale, is that they are going to be working way more hours than they ever will be prepared for. As a student, they are typically used to attending the class were studying for less than eight hours a day, with an entire weekend off. However, the most successful entrepreneurs work eighty hours a week, which means very long and extended days, and working a six-day week as well.

It is very important that entrepreneurs not only continually learn, but learn what they need to know in order to be successful. This means setting aside time the day for learning, and understanding what their knowledge gaps are, and what typical problems entrepreneurs face so that they can be prepared to overcome those issues.

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

While obtaining a business degree can give entrepreneurs who purchased an Edmonton business for sale a bit of information on a wide variety of topics that can come in useful, they are not necessarily prepared to completely avoid failure. In fact, industry Canada says 50% of all entrepreneurs will fail by their fifth year in business, and there is three main reasons why: 42% are not going to be able to find the right customers, and 9% will run out of money, and 23% will not be able to find the right team to work in their business. Entrepreneurs need to not only continually learn, but be prepared to overcome those issues in order to be successful.

One of the most important things that they can learn, and is often something that they only learn through hands-on experience are sales strategies and techniques. This should not be confused with marketing strategies, which are taught during a business degree but should not be confused with the sales. Marketing can bring about brand awareness, and can even drive traffic, but sales have to do with overcoming objections to close a deal. Therefore, people who purchased an Edmonton business for sale need to start learning right away as they run their business effective sales strategies including how to prepare and present proposals to potential clients, but also dealing with client objections, and ensuring they get clients to sign contracts. Without this, an entrepreneur fails to overcome the number one reason why businesses fail.

Once an entrepreneur is learning effective sales strategies, they can go back to their marketing knowledge and rounded out with more information. Even if they have obtained a business degree, they will not have learned the most efficient or current marketing strategies mainly because they change and evolve so often, but it is simply not possible for a school to keep up with that in order to teach their students. Therefore, an entrepreneur needs to take it upon themselves to set aside time in their schedule to learn about a variety of methods, and what they want to implement in their business, and then the time to implement it.

Success in business does not just come from a lot of book knowledge. Once an entrepreneur buys an Edmonton business for sale, and has hands-on experience as an entrepreneur, they will start to realize that learning and implementing that knowledge are extremely important and vital to the success of their business. As Michael Gerber, the author of the business book the E myth said, people who are exceptionally good business are so because of what they know, but because of their insatiable needs to know more. Entrepreneurs who develop that insatiable need to know more will go far in business for sure.