It’s very important that business owners understand what do they need to do as an entrepreneur to have a successful business as Edmonton bookkeeping. Many entrepreneurs make the mistake of assuming that they are going to be able to have a successful business simply because they have completed a business degree. Completing a business degree can give people a lot of great information that will serve them very well to work in a large corporation. However, it doesn’t necessarily teach people all of the things that business owners need to know in order to run a successful business.
An example of this, is a business degree does not teach entrepreneurs how many hours they need to work every week in their business in order to be successful. In fact, all of the most successful entrepreneurs say that in order to get all of the things accomplished that they need, business owners that should work 12-hour days, six days a week. Business degrees don’t mention how many hours they’re going to have to work each day and each week to run a successful business. Therefore, this is one way that having a business degree does not prepare anyone to be an entrepreneur says Edmonton bookkeeping.
Something else that does not help prepare entrepreneurs to running their own business is learning how to set a schedule in business school. Edmonton bookkeeping says that it’s extremely important for business owners to learn how to have an effective time block schedule. The reason why, is that entrepreneurs will be able to accomplish every single strategic priority as outlined in their business plan. By creating a Time block schedule, business owners will have every hour of every day for the next two year planned out in advance. This will help entrepreneurs learn what they need to do every single day in their business to accomplish all of their business plan goals. Unfortunately, business owners do not learn scheduling as part of their business degree.
And while business owners might learn in business school that it is important to read financial statements, it doesn’t help business owners prepare those financial statements, or learn how to read them effectively. Edmonton bookkeeping says that it also doesn’t help teach business owners how to read those interim financial statements in order to guide their business decisions. However, this is incredibly important for business owners to do. If they make any financial decision in their business without first Consulting their financial statements, they could put their business at risk, run out of money, or make the wrong decision. They might need to know if they have enough money to run payroll, pay bills or even purchase an asset. Or, the decisions that they need to make might be can they afford to hire new staff, or do they need to lay staff off. These decisions are made considerably more easy when looking at an interim financial statement.
It’s very important that business owners understand that while they might have a lot of great business knowledge when they have a business degree, that doesn’t necessarily make them much more prepared to run a successful business than any other entrepreneur. Edmonton bookkeeping says that by understanding this, people with business degrees can continue to learn the skills they need in order to run a successful business.
Edmonton Bookkeeping | Do Business Degrees Prepare You for Entrepreneurship
There are many things that is important for an entrepreneur to know in order to run a successful business since Edmonton bookkeeping. However, no business owner should make the assumption that simply because they have a business degree, that today are better equipped at running a successful business then someone else. In fact, with the high failure rate of Canadian businesses, that should prove that having a business degree doesn’t prepare anyone to learning how to be a successful entrepreneur. Industry Canada says that they did a study and found out that 15% of all entrepreneurs failed by their first year in business, 30% failed by their second year, and 50% had failed by their fifth year in business. When asked why, all the failed entrepreneurs had one of three responses as to why they failed, 42% said that they couldn’t find enough customers for their product or service. 29% said they simply ran out of money, and the third most common reason was because 23% of entrepreneurs weren’t able to find or keep the right staff. Therefore, business owners needs to learn how to overcome those odds in order to become successful.
Another misconception that entrepreneurs often have is just because they are an expert in their field, that’s they know how to run that type of business. Edmonton bookkeeping says that this is not true, that just because someone might be an extremely good electrician, doesn’t necessarily ensure that they know how to remix their Source deductions on time, when to pay GST, or how to hire or lay people off effectively. Therefore, business owners no matter how skilled they are at providing their product or service, needs to understand that there is a different set of skills that they need to learn to help them become a business owner.
One of the first things that business owners take into consideration is that price is not necessarily the most important thing to their customers. Some customers have a need for the lowest price items. However, many customers place a higher value on quality, service, convenient location, branding or what’s the values of the business are says Evenson bookkeeping. If all customers valued price most, everyone would wear the most inexpensive clothing, Drive the most inexpensive vehicles, and live in the most inexpensive houses. This is not true. Therefore, business owners needs to get to know their customers very well, and find out what is most important to the people buying their products and services, so that they can get good at matching those deliverables. This is going to help entrepreneurs become more successful in business than anything that they may have learned in business school.
When business owners learn how to develop products and services that customers want, they will be able to grow their business, and become successful in their business endeavours. Edmonton bookkeeping says that’s the sooner business owners can do this, the higher likelihood that their business will succeed.