In this episode of the Construction Cowboy Show, Jeff Williams discusses the three essential elements needed to become an entrepreneur, particularly in the construction industry. He emphasizes the importance of identifying and solving painful problems, having the grit to endure challenging days, and the willingness to learn business skills that are not typically taught in trades. Jeff uses construction as a model to illustrate these points, highlighting real-world examples and encouraging listeners to embrace these principles to succeed as entrepreneurs.
In this episode of the Construction Cowboy Show, Jeff Williams discusses the three essential elements needed to become an entrepreneur, particularly in the construction industry. He emphasizes the importance of identifying and solving painful problems, having the grit to endure challenging days, and the willingness to learn business skills that are not typically taught in trades. Jeff uses construction as a model to illustrate these points, highlighting real-world examples and encouraging listeners to embrace these principles to succeed as entrepreneurs.
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Connect with Jeff:
Email: Theconstructioncowboyshow@gmail.com
Contact: (307) 372-9052 O. (630) 973-6481 D.
LinkedIn: https://www.linkedin.com/in/jeff-williams-merchant-commodities/
Facebook: https://www.facebook.com/profile.php?id=61559698873942
Jeff Williams:
Hi folks, welcome to the Construction Cowboy Show. It's great to be with you today for the next five to ten minutes. Today's topic that I want to speak on is three things everyone needs to be an entrepreneur. I know there's many more things and all kinds of things you can learn. These are just three core things that I kind of build around.
Jeff Williams:
And because it's in the construction area, I'm going to use the construction as kind of a model to walk you through this. In construction, everyone says they want to start their own thing someday. Well, what does that mean? It means that do they want to own their own crew? Do they want to build their own shop? Do they want to own their projects and develop them out?
Jeff Williams:
But most people never do it. Not because they lack the skill or lack of the skills. It's just because they misunderstand what entrepreneurship really takes. It's not about having a brand new truck, perfect tools, or a pile of cash. It really comes down to three things. Anybody in construction or any other business can develop.
Jeff Williams:
So let's break them down. Number one, a painful problem someone needs to fix. Construction owners are faced with real problems on and off the job site all the time that need fixing. Such as, maybe it's unreliable subs, maybe it's poor communication, maybe it's jobs falling behind because nobody coordinates the trades.
Jeff Williams:
Maybe it's builders waiting weeks for materials or wall panels to be finished, or worse yet, an order fell through the cracks and didn't get placed at all. This industry is full of problems, and every problem is an opportunity or a new business model idea.
Jeff Williams:
Anytime you hear someone say, man, I wish someone would, you can fill in the blank, so I'll do that. Man, I wish someone would just fix my problem, help me solve this issue. Well, that's an opportunity business. Hello?
Jeff Williams:
What I mean by that is it's an opportunity for you to start a business specializing in fixing that specific problem or problems.
Jeff Williams:
Panelization was one of those kind of fixes or wall panel manufacturing exploded and became a viable option because stick framing was too slow, high labor cost, labor issues, too much overhead, too wasteful of materials. Panelization and wall manufacturing is still going today, but also contractors are still stick building and using old school techniques.
Jeff Williams:
and things of that nature. So it's not completely gone away. Some people fall back on it, but it still is a proven system. Again, design build, same thing. Grew because clients hated working with five different providers or people. Subs that didn't show up.
Jeff Williams:
or clean up their mess, subs that come along and simplified by showing up on time, time management skills with their folks, and then they cleaned up and forced a policy to clean up their job sites afterwards, they stay booked for a solid year.
Jeff Williams:
In construction, it's simple. Find the pain, fix the problem or the pain, and charge for it. Hello? It's not rocket science, right? If you get fired up about making a difference, sorry, I'm tongue-tied here, on the job sites, making them more efficient, solving scheduling headaches, or just being a contractor people trust,
Jeff Williams:
then you're already halfway there.
Jeff Williams:
So number two.
Jeff Williams:
the grit to push through the ugly days. I say the ugly days because there are to be ugly days. Construction is not a laptop business.
Jeff Williams:
It's hot, cold, muddy, loud, and I do mean loud and very stressful.
Jeff Williams:
And running your own business, same thing, just more responsibility and more of all the above.
Jeff Williams:
You're going to have days where your crew is a no-show. Materials don't show up. The inspector deems you for something minor. A client changes their mind mid-project change order. That costs you because you didn't have a protection clause in your agreement. Grit.
Jeff Williams:
is your superpower. Say it again, it's your superpower. Entrepreneurs who win aren't the most talented. They are the ones who take time and take it, punch through it, and keep moving forward. Real grit looks like showing up even after yesterday was a disaster, eating the cost of a mistake to keep the client long term.
Jeff Williams:
Fixing problems instead of pointing fingers. Keeping your word when inconvenient.
Jeff Williams:
and it's the right thing to do. In construction, grit is your currency. I'll say that again. Grit is your currency. It's what gets you from one job to the next job to a full calendar of work. So on to the third and final thing. Number three, the willingness to learn
Jeff Williams:
what no one else teaches you. The willingness to learn what no one teaches you. Trades teach framing concrete, electrical, plumbing, welding, and finish work. But nobody teaches business skills like how to build a job, how to not build a job correctly, how to estimate.
Jeff Williams:
How to do a takeoff. How to read a profit and loss statement, AKA P &L or a balance sheet. How to market your company. How to sell it. How to hire or fire, legally, properly, in state, out of state, any area you live in, of your office or out of the area, in other states.
Jeff Williams:
how to negotiate with GCs, how to craft a performance contract, or other different types of contracts.
Jeff Williams:
You can be the best tradesman on the job site and still go broke. Or you can be a decent tradesman with great business skills and build a million dollar company. The difference? Willing to learn. Yes, learn more. Ask questions. Study people who are ahead of you.
Jeff Williams:
Watch how successful companies run their systems. Systems work when you are not around or not there. Systems are scalable. Learn and develop processes and procedures. Learn how to leverage yourself and others. Learn the business side, not just the tool and labor side.
Jeff Williams:
In construction, people who grow are the ones who say, teach me what I don't know. Teach me what I don't know. Start teaching me right now.
Jeff Williams:
right now. We can help you with that down the road, but you've to get started. So in closing, so if you want to be an entrepreneur and this has been beneficial to you, whether you're framing, welding, building panels, installing, managing jobs, or just selling products and services, remember these three things.
Jeff Williams:
Find a problem and become the purpose. Find a problem and become the person or company who fixes or solves it. Number two, build the grit to push through the days. Most people quit.
Jeff Williams:
Right here is where Sylvester Stallone said, don't quit. Keep pushing forward. Be hungry. Stay hungry to learn business skills that the trades don't teach. Remember, you don't need a huge company. You don't need fancy equipment. You just need these three things. A problem to fix, the grit to keep going, and the desire to learn business.
Jeff Williams:
I'll give you a little boost. The courage to start. So, happy trails to all our followers till we meet again.
Jeff Williams:
Have a cowboy blessing to all.