✅ Market timing is crucial in business. Being early to a market requires patience and strategic planning, while waiting for the right timing can lead to significant growth opportunities.
✅ THG Energy Solutions focuses on greenhouse gas emissions reporting and compliance for buildings and facilities. The importance of capturing, measuring, and managing carbon emissions is increasing due to global sustainability efforts.
✅ Developing products that align with market demand is essential. THG Energy Solutions initially faced challenges in selling greenhouse gas emissions reporting, but it eventually became their core service and drove significant growth.
✅ The Securities and Exchange Commission (SEC) has issued guidelines for greenhouse gas emissions reporting, leading to increased accountability and reporting protocols for organizations.
✅ Supply chain integration and customer demands are driving the need for greenhouse gas emissions compliance in organizations of all sizes.
✅ THG Energy Solutions not only helps with reporting but also identifies energy-saving opportunities and strategies for reducing emissions, such as purchasing renewable energy credits.
💡 Episode Summary:
In this episode 120 of "Failing to Success", Dan Frey from THG Energy Solutions discusses the significance of market timing and the journey of his company in the energy management industry. They initially focused on energy efficiency and management but experienced a shift towards greenhouse gas emissions reporting. Despite initial challenges, they waited for the market to recognize the importance of sustainability reporting, which eventually became their core service and accounted for 80% of their new sales.
The episode emphasizes the increasing relevance of greenhouse gas emissions reporting and compliance, driven by regulatory guidelines from the SEC and supply chain integration. THG Energy Solutions assists organizations in accurate reporting while identifying energy-saving opportunities and strategies for reducing emissions.
The key takeaway for new entrepreneurs is the importance of understanding customer needs and behavior before developing and selling a product. It is essential to align with market demand, be patient, and anticipate the time required for customers to adopt new solutions.
Timestamps:
00:00:00 Intro
00:00:19 Year 10 of a 3-Year Business Plan
00:02:41 A Lesson Around Market Timing
00:08:15 Advice to New Entrepreneurs
00:11:01 Contact Dan
