Businessman Derrick Wallace, candidate for Orange County Commission District 6 said, the most important aspect of being successful in business is, being committed to it.
Wallace, CEO of the largest African-American construction company in Florida, was the guest speaker, where he addressed 30 local business owners on best practices on Saturday, at the The Kingdom Church on Alhambra Drive in Orlando.
“If you are not going to put 110 percent into starting your business, it’s going to fail,” he said. “It’s not going to be easy…many times you will say, ‘I am going to get a job’. It’s not a 9-5 job to build a business. It’s whatever it takes.”
Wallace drew on his 30 years of business experience as head of Construct Two Group, an Orlando-based company which has done over $750 million worth of construction projects across Central Florida.
Construct Two Group was established in 1980, initially as a glass glazing firm which grew into a full-fledged construction company, where the group was able to undertake large projects on its own, he said. Wallace referenced several building projects the company had undertaken including, Universal’s Hulk & Spider-Man rides, Jones High School, DRS school at FAMU and St. Marks Membership Hall in Orlando.
He also stressed the importance of business owners developing relationships and networking outside of their immediate circle. Many doors opened up for his company because of relationships that had been built up, he said.
Among the many questions that entrepreneurs should ask themselves are, whether they have the experience to go into business, is there money to do what you propose to do, and is there a niche for what you want to do.
“I started my business with $500 – that’s all I had,” said Wallace. “And it took me six months to get the first job and six months to get a check.”
Other messages Wallace brought to business owners included, the importance of a business plan.
“Most importantly you must have a business plan. A lot of people start businesses without one and the chances of failure are high,” said Wallace. “You need to know where you are going and how to get there.”
Wallace also advised business owners to utilize the available resources through chambers of commerce and other business organizations, to help grow their business. He also said, business owners should live conservatively; be honest and not play games with people’s money; pay the IRS before you pay yourself and if you hire friends and family, make sure that they bring something to the table.
Wallace reminded the African-American audience that each day would be a fight to remain in business, as the playing field is not level. He said there are hardly any voices advocating for Black businesses anymore.
“A lot of us forget that we are Black, you will always be Black,” he said. “We had to fight everyday to stay in business although we were qualified and even after we had done the right thing.”
“Our company was lucky to be chosen by Disney and we were grateful, but we have no advocates anymore pushing for African-American small businesses,” he added.
Wallace said he is running to become the next Orange County Commissioner for District 6, because he would like to see changes in the community.
“I will do whatever it takes to bring jobs and economic development to the area, but I want to hear from you,” said Wallace. “A lot can be accomplished working together as a community.”
Today’s business owners’ breakfast was attended by: Oministar, W.J. Mobile Detail, ACY Contractors, CAM Photography, In & Out Landscaping and several realtors, among others.
