What do you think is the biggest problem?

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What do you think is the biggest problem?

  • Lack of Business Education

    Votes: 40 80.0%

  • Lack of Research

    Votes: 3 6.0%

  • Lack of Technical Skill

    Votes: 6 12.0%

  • Lack of Confidence

    Votes: 1 2.0%
  • Total voters
    50
  • Poll closed .
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E

emahler

Senior Member
Do you think most new electrical companies fail because of:

A) Lack of business education
B) Lack of research - not understanding your market
C) Lack of technical skill
D) Lack of confidence...fear
 
emahler said:
Do you think most new electrical companies fail because of:

A) Lack of business education
B) Lack of research - not understanding your market
C) Lack of technical skill
D) Lack of confidence...fear
Click to expand...
E) Lack of outstanding reputation.
 
chris kennedy said:
E) Lack of outstanding reputation.
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disagree...many large companies that have bad reputations...plus, you can't get a reputation until you are in business for awhile...

pick again.
 
why?

why?

somewher high on that list is lack of willingness to devote necessary time.

many of the electricians I know who went in business for themselves had no idea how much time operating a small shop consumes.
 
emahler said:
disagree...many large companies that have bad reputations...plus, you can't get a reputation until you are in business for awhile...

pick again.
Click to expand...

Disagree, Most guys I know have had outstanding reputations BEFORE going into business! Therefore the biss. was there for the taking.
 
chris kennedy said:
Disagree, Most guys I know have had outstanding reputations BEFORE going into business! Therefore the biss. was there for the taking.
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honestly, it's really not important...you can have the best reputation, yet not know how to price and lose you shirt...you can have the best reputation, but not the confidence, and be out of business in a heartbeat..

you can have the worst reputation, but know how to market and become the largest company in your area in no time.

Plus, you just need to meet more people..:D
 
chris kennedy said:
E) Lack of outstanding reputation.
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F. Not being able to compete.
G. Lack of character.
H. Not understanding the money side of the business.
I. Not caring.
J. Knowing more about electrical than business.
K. Not adapting to current trends (inlcuding economic down-turns)
L. Lying to customers.
K. Not managing projects correctly or at all.
L. Hiring the wrong talent.
M. Having a "I'm a businessman with a business, I should be guaranteed success!" attitude.
N. Not advertising and promoting.
O. "Oh my God! I have to pay taxes?!?!"
P. Not knowing the electrical side of the business.
Q. Not caring about their employees.
R. Not acquiring the right tools.
S. Not having a business plan.
T. Not having a budget.
U. Bad/Poor/No credit
V. Not answering the phone.
 
One of the older largest residential guys in our area has a lousy reputation, has hardly any licensed guys, but advertises heavily and with a constant influx of new customers ( I am in one of the fastest growing ares in the nation) and lowest advertised rates he's still at it.

A good reputation is important, I would rather have this, but many firms do not give a hoot.
 
480sparky said:
G. Lack of character
I. Not caring.
K. Not adapting to current trends (inlcuding economic down-turns)
L. Lying
K. Not managing projects correctly or at all.
T. Not having a budget.
U. Bad/Poor/No credit
V. Not answering the phone.
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Sound like this guy shouldn't have been an electrical contractor at all he should have ran for political office ( make a great Mayor ).
 
growler said:
Sound like this guy shouldn't have been an electrical contractor at all he should have ran for political office ( make a great Mayor ).
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Just observations of previous employers in years past. :wink:
 
Failure to apply sound business practices and/or having inadequate people skills. Having a business education doesn't mean you can apply it. Knowing practices that work without the why can get you to a certain point. But, even with that, you are going nowhere long term if you can't build customer and employee relationships.
 
My success over the last 30 years has come from putting my business first, almost no matter what. I have been chastised by friends and family for being a workaholic. I say 'so what'? What's wrong with doing what I enjoy most? I don't golf or do team sports, I don't hunt or fish, I don't like TV much, and I really hate to 'hang out' or 'chill' very much. I like to run my company. I have terrible business sense and I treat my employees like kings, and my customers even better. But I'm OK, I'm happy and content.
 
My success over the last 30 years has come from putting my business first, almost no matter what. I have been chastised by friends and family for being a workaholic. I say 'so what'? What's wrong with doing what I enjoy most? I don't golf or do team sports, I don't hunt or fish, I don't like TV much, and I really hate to 'hang out' or 'chill' very much. I like to run my company. I have terrible business sense and I treat my employees like kings, and my customers even better. But I'm OK, I'm happy and content.
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Pretty much I could have writen this except change 30 to 23 and I enjoy fishing, camping but do little of each as work has always come first..BUT I LOVE WHAT I DO (most of the time)
 
bkludecke said:
.... I don't hunt or fish,....
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How is that possible:

Location: Big Bear Lake, CA

pic_bigbear_CA.jpg



I'd be living in a tent and off the land if I lived there :D
 
I've always maintained that if a properly capitalized businessman, with no electrical trade knowledge or skill whatsoever, was to open shop tomorrow, he could be successful beyond belief. You can hire all the technical tradespeople you want to for the right price in most markets. It takes a properly funded businessman, with the proper business plan, to make any business survive in perpitude. Consider that many of the largest electrical companies are owned by what basicly amounts to investment companies.
 
celtic said:
How is that possible:

Location: Big Bear Lake, CA

pic_bigbear_CA.jpg



I'd be living in a tent and off the land if I lived there :D
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Yeah it ain't bad. If you saw my house the tent thing would probably make sense:grin: .

I do hike, run and cycle when I can (once or twice a week) but working here is a pleasure unto itself.:smile:
 
mdshunk said:
I've always maintained that if a properly capitalized businessman, with no electrical trade knowledge or skill whatsoever, was to open shop tomorrow, he could be successful beyond belief. You can hire all the technical tradespeople you want to for the right price in most markets. It takes a properly funded businessman, with the proper business plan, to make any business survive in perpitude. Consider that many of the largest electrical companies are owned by what basicly amounts to investment companies.
Click to expand...

I completely agree.

Being an electrican and being a businessman are two seperate and different entities ....if you're lucky (skilled?) enough to master both - you've won the game.
 
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