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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 | Will Business Degree Help An Entrepreneur Avoid Failure

One of the biggest myths that business grads often tell themselves as they purchase an Edmonton business for sale, is that because they have gotten a degree, they are smart, and therefore more able to be able to succeed in business. Unfortunately, business degrees are not a guarantee that an entrepreneur is any better prepared to succeed in business than the average entrepreneur. In fact, industry Canada says that half of all entrepreneurs that start businesses in Canada will be out of business by their fifth year. The three most common reasons for this, are not being able to find enough customers, not being able to find the right staff, and running out of money. Entrepreneurs with business degrees should take note that these three issues are not dealt with by learning what is taught in a business degree.

The number one reason why entrepreneurs fail is that they are unable to find a market for their product. This ultimately boils down to sales strategies and techniques that an entrepreneur uses to close a sale. However, sales techniques are actually not taught in the process of obtaining a business degree. This means that students graduating with a business degree have no experience or training in how to prepare a proposal, have practice closing a deal, never had to practice overcoming objections, collecting payment or negotiating terms. So while students graduate with great knowledge, a lot of new ideas, and an extremely large amount of excitement, they have no experience and how to ensure they are going to close to sales.

Also, while all the business degrees are going to teach a marketing component, marketing strategies that they learn, are not the most up-to-date. In fact, marketing is changing so often, that even marketing companies struggle to stay current. Therefore, when an entrepreneur graduates from business school and buys their Edmonton business for sale, is no guarantee that they are going to have an effective marketing strategy in order to attract those clients. Since not be able to find the right market for business is the top reason why businesses fail, having a business degree is not going to help entrepreneurs succeed in this area.

However, entrepreneurs should not be pessimistic, because as long as they are willing to learn as they operate their business, they will be more prepared to overcome this problem. The first thing that they should do when they purchase their Edmonton business for sale, is realizing that they are going to have to continually learn, improve their business in order to grow and succeed. By reading books, reading articles, subscribing to business and success magazines, can all help an entrepreneur regardless of their background gain the information they need in order to become successful. So no, a business degree is not going to ensure that an entrepreneur is successful, but that is also great news for entrepreneurs of all backgrounds they should understand that with the right attitude, and desire to learn, they can grow a great business to.

Edmonton Business For Sale | Will Business Degree Help An Entrepreneur Avoid Failure

There are many reasons why an entrepreneur wants to purchase an Edmonton business for sale. Wanting to have control over their schedule, or increasing their wealth in order to ensure a great future are two common reasons why. However, entrepreneurs with business degrees need to understand that that business degree is just the first step towards lifelong learning. Having a business degree does not guarantee that they are going to be any more successful than anyone else in growing a business. In fact, the single biggest determining factor in the success of the business, or people who understand that they need to continually grow.

In fact, some of the most important things that an entrepreneur needs to learn in order to have a successful business is not even taught in business schools. For instance, learning how to schedule is vital to ensure that an entrepreneur can accomplish all of the tasks that are necessary to grow their business. This does not mean that an entrepreneur simply writes all of their important dates and appointments in a calendar. Effective scheduling means creating blocks of time in their calendar in the future devoted to all of the important tasks that need to get accomplished. Creating time for marketing, sales, developing their product, and networking, for example, are the only way to ensure that it gets done. Without it, entrepreneurs show up for work, read their email and waste an entire day.

The next thing that entrepreneurs need to learn, that is not actually taught in business degrees, is how important it is to write templates and checklists. In fact, the number one reason why entrepreneurs purchase Edmonton business for sale that are franchises is that they already have well-established templates and checklists within their franchise system. Creating checklists can help entrepreneurs ensure that all tasks are done accurately, and without mistakes or missing parts. A template, on the other hand, can help ensure whoever does the task does it the same all times, to save time, as well as to ensure it is always done accurately. For example, templates can help with sending emails, onboarding new clients. It is important that entrepreneurs set aside time in their schedule for this, because the only way they are going to be able to scale up their business, is if they create the templates and the checklists to allow them to hand any task off to their employees.

Whether it is learning how to schedule, writing templates or checklists, developing sales strategies, anyhow to hire staff, when an entrepreneur purchases an Edmonton business for sale and to become a business owner, they need to understand that by continually learning what they need to do in their business to allow them to grow, is going to be thing that helps them become successful. Regardless of if they have a business degree or not, as long as entrepreneurs have a dedication to learning more information, and applying that to their business, they will efficiently increase their chances of succeeding.