The Small Business Administration informs us that 96% of ALL new businesses fail within five years. The California State Contractor’s License Board advises us that the reason most contractors fail is due to a lack of business know-how.
Smaller construction company business owners are generally not born from the ranks of college graduates. Rather, these owners work their way up from the ranks of one of the various trades: carpentry, plumbing, electrical, etc. Tradespersons, who are great at what they do, tend to want to be their own boss. How better than to start a business.
High school curriculums don’t include entrepreneurial classes such as bookkeeping, job cost accounting, labor relations, architecture, drafting, economics and other business specific subjects. These kinds of classes begin at the Junior College level.
If you are a top tradesperson, who also has the luxury of a natural instinct for business, you may want to look into the possibility of learning as much as you can about survival in the world of business.
Learn to be a 4%’er!!