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Small Biz Success Story
Ginny Jones started Kinetic Electric Group by tapping the family bank.
To start her electrical contracting business, Ginny took $75,000 out of her family’s savings and used her credit cards.
Over the following months her staff grew from three employees to 45. In their first year, they did $1.875,000 in gross revenue.
She told me, “It’s been very fast growth, but at the same time it’s been hard. My husband just looks at me and says, ‘If it’s going happen, it’s going to happen. Don’t worry about it.’ He keeps me in check. But I still worried!”
Ginny is very straightforward about her advice for starting a business, “It’s recognizing that a lot of others have done started businesses and you can do it too. Yes, you’re going to face adversity and that kind of thing, but just get over your fear.”
“I believe in transformational leadership and really empowering the people who work for me to take on more leadership roles. And that’s really how my company’s evolved and gotten better. We just have a lot of really good people and we’re doing so great things.”
“The other thing is women are always scared to mention they want to make money. I read this all the time—’Oh I want to have a business, have a purpose.’ That’s great. But the whole reason you have business is to make money. Period!”
Ginny currently has has 51 employees, six of which have been added in the last six months. Her business is going strong.
Photo by KINETIC ELECTRIC GROUP, LLC.
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Jaclyn on March 17th, 2009 12:09 pm
Good for her! really. that was a very inspiring and positive article for anyone already in business or who is thinking about switching from the corporate world into entrepreneurship.
Jeff Timpanaro on March 24th, 2009 8:49 am
I must disagree strongly with the statement, “the whole reason you have a business is to make money, period!”
If a business exists to serve itself (e.g. to make money), then it will not survive. This is a universal law. For the sake of analogy, how many healthy marriages exist where each spouse constantly seeks selfish ends? Answer: zero.
The purpose of a business is to provide value, regardless of economic conditions. The fact that a business makes money should be a result of the value it provides, not the principal aim.
The good news is that value never goes away. People will always pay for value, whether it is via currency, barter, or other arrangement.
Another way to look at a business is as a vehicle for positive change. Your business should be the loudspeaker of what you believe about life. This includes the way you sell, the way your staff answers the phone, the way you follow up with prospects, etc.
Viewed in this light, then, your business is a context (or the playing field) where you work out what you believe and impact the world via relationships with customers, vendors, employees, community, etc.
This may be nitpicking a bit – and should not be taken as a diatribe against Ginny or her business. But a focus on value must replace a focus on getting money.
Another positive note: small business can actually be a safe haven in the current economy. Why? Because small business can change. Being agile and able to reinvent carries huge weight in an economic downturn. But business owners must be aware of what their true asset (or true value) is to its customer base.
This is especially in today’s recession, because the money-centered businesses are asking the question, “How can we get more money now??” This of course leads to the fear, coercion, and uncertainty, and places the whole customer-to-client relationship in jeopardy.
The value-centered business, by contrast, will ask the question, “How can we continue to provide value?” This is the most viable, sustainable strategy, because remember – people will always pay for value!
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