Friday, December 14, 2018

Five important practices for construction entrepreneurs

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If you work in the construction field, you probably got into the business because of your knowledge and experience in a certain trade. The work usually requires years of training and ample experience working in the field. However, I’ve worked in construction for the past decade without ever having to pick up a hammer or work on a single construction site. I’m not a tradesman, but I’ve still managed to build many multimillion-dollar construction and renovation companies.

You may be asking, “How does someone build a successful company without any experience in that field?” It’s simple: I have the mindset of an entrepreneur. It’s possible, and actually can be quite easy, to successfully scale your business to a multimillion dollar company if you have the right characteristics and thought process. It’s always a work in progress, but here are five practices you should implement if you want to build a financially successful construction company.

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1. Take action.

Many people become stuck after coming up with a great idea and are too afraid to take the leap toward executing it. A successful outcome is born from a great idea, but 99% of success comes from how you execute it. Don’t get tied up with perfecting your idea on paper — just go for it. There’s nothing worse than an entrepreneur who takes months polishing their business plan only to waste valuable time. Spend your time wisely, and adjust your plan as challenges arise. The most important step is taking that first leap into action.

This is particularly important for entrepreneurs in the construction industry because taking action is crucial to survival. Challenges and obstacles will be faced every hour, and those who take action and keep moving forward will survive. If you’re stuck and not taking tasks to completion, you’ll find yourself creating bottlenecks. And we know what happens to a bottleneck when pressure builds up: It eventually explodes. Everything you do must be taken to completion. This is applicable to your business, your clients, your relationships and all your challenges.

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