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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 They Do Not Teach In Business School

Obtaining a business degree is a great accomplishment, but entrepreneurs who are purchasing an Edmonton business for sale should understand that a business degree is not going to guarantee that they will fail in business. Industry Canada says that 15% of all entrepreneurs fail in the first year of business, 30% fail by their second year, and 50% of businesses will fail by their fifth year. There is three main reasons why entrepreneurs are succumbing to this fate: they are not able to attract customers, run out of money, and there and able to hire the right team in their business. Interestingly enough, these issues are not addressed in business school. People with business degrees are no more likely to be able to overcome these issues than any other entrepreneur. Therefore, in order to succeed, entrepreneurs need to ensure that they are constantly learning.

The number one reason why entrepreneurs fail is they are unable to find the right customers. While students learn marketing strategies, but they do not learn are sales skills and techniques. An entrepreneur can be as effective as possible with their marketing strategy, but if they do not know how to close the deal or overcome objections, they may never make a sale. Business students will not have had any information-theoretical or hands-on on all of the various techniques that are going to make them efficient at selling their products. When they purchase their Edmonton business for sale, this is one thing that they need to learn as soon as possible, so that they can generate sales for their business.

Running out of money is the second most common reason why entrepreneurs fail, and this is also something that is not very discussed in a business degree. The reason why is because all of the information in a classroom is under the assumption that entrepreneurs are going to get the financing that they need. In real life, however, when an entrepreneur is looking for financing to purchase their Edmonton business for sale, the answer is more often know that they are led to believe in school. This means, that entrepreneurs need to be able to learn how to adjust their business plan as well as their budget in order to be able to obtain financing or make their business possible on a much smaller budget than they were expecting.

The third most common reason why entrepreneurs fail is that they are not able to find the right team for their business. While that might get a lot of information on interview techniques and questions in school, entrepreneurs are rarely unable to find the right team because they are not asking the right questions in the interview. The more common culprit is the fact that entrepreneurs are unable to see the sheer number of people that they need to find the right one if they are using a traditional interview method. Therefore, entrepreneurs need to learn early on how to change how they hire in order to maximize the number of people they see to ensure that they are meeting the right fit.

By obtaining a business degree, can give an entrepreneur a lot of great information, that does not mean that they know how to overcome the most common reason for business failure. In order to do that, entrepreneurs need to learn that they need to continually learn And learn quickly so that they can overcome problems and grow their business at the same time. Once they do that, then they will be more prepared to succeed in business.

Edmonton Business For Sale | What They Do Not Teach In Business School

A lot of the reasons why students obtain a business degree is so that they can get a job working in a business, and not necessarily to purchase an Edmonton business for sale and become an entrepreneur. A business degree is extremely great in helping students learn how to get a job running a business but not necessarily owning one. Therefore, when entrepreneurs with business degrees purchase a business, they should understand that there are many things that they have yet to learn that can help them become successful.

An extremely important skill to learn once an entrepreneur purchases an Edmonton business for sale, is how to efficiently schedule their time. By learning how to time block, entrepreneurs can create efficient schedules that are going to allow them to schedule all of their most important priorities into their calendar, to ensure that they get everything done that they need to grow their business, develop their product and meet with clients. Time blocking strategies are not taught in business school, and not only should entrepreneurs learn how to do this, but they need to ensure that they are learning the most efficient scheduling strategies for their industry as well. What an efficient schedule looks like to an accountant may be different for a dentist and a plumber for example.

Something else that students do not learn in business school is how to write efficient templates and checklists. Templates and checklists are extremely important in order to improve efficiencies in business, improve consistency, and allow the business to scale up. When any employee can learn what they need to do in order to achieve the same results, that allows an entrepreneur to focus on growing their business, while their staff is able to take care of the rest. Therefore, when an entrepreneur purchases their Edmonton business for sale, they need to ensure that they are devoting time to developing templates and checklists in their schedule so that they can be prepared to efficiently grow their business.

And finally, entrepreneurs should keep in mind that while they may be very proud of their business degree, and it represents a lot of hard work and great knowledge, their customers are not going to purchase from them simply because they have got a business degree. The customers are going to care about quality products and service, and getting high value for the money that they’re spending. As long as the entrepreneur is successful in providing that, then they are going to be able to attract customers and grow their business. Simply by having a degree alone will not guarantee an entrepreneur’s sales.

Once a student with a business degree decides to purchase an Edmonton business for sale and become an entrepreneur, they need to realize that their business degree was just the starting point of their education. By learning that they need to constantly learn is going to be what helps them succeed in business. The entrepreneurs that are continually learning and growing are the ones that are going to be able to ensure they are succeeding in business.