Change is the biggest issue that the construction industry faces. Why are people in construction so bullheaded? They are some of the most stubborn and headstrong people.

This starts at a young age. As children, we have fewer external experiences to draw from. This restricted resource limits our view. This is why young people think they already know everything.

This narrow perspective then becomes our standard and we see no reason to change.

Last week we discussed how 96% of construction companies go out of business within the first 10 years. This is a problem if you’re in construction.

As I was discussing last week’s post with a friend, he asked me why I do construction. Why would anyone want to start a construction company with odds like this? This question started me thinking about it.

Why is anyone doing construction if the chance of staying in business is so stacked against them? This question prompted me to reach out to some people in construction and ask them.

Why am I doing construction and how did I get here?

How Can You Change the Odds in Your Favor?

According to the US Department of Commerce, 96% of construction companies fail within the first 10 years. This is a higher failure rate than any other kind of business.

If you’re in construction…this is a problem.

Having been in construction for more than 40 years, I became aware of the problems and began to understand them. I gathered information and learned how to implement it into my business.

That’s why I beat the odds.

I’ve learned a lot over those forty-plus years and here are 7 reasons that construction companies fail.