EO Charleston Member Spotlight: Ward Mungo
For many entrepreneurs, ventures are often about more than making a mark in our industry. Our passion is fueled by a desire to uplift others. Ward Mungo has turned his passion for construction and housing into a thriving business that addresses one of the most pressing issues in South Carolina—affordable housing.
Background and Entrepreneurial Spark
Mungo's entrepreneurial path is deeply rooted in his upbringing. "I owe much of my success to the work ethic I developed working for my family's single-family homebuilding company during high school," Mungo shared. After graduating from college, he began his career as a construction assistant superintendent, where he gained hands-on experience supervising job sites. It was during this time that he began to understand the entrepreneurial side of the construction business.
After the family business was sold in 2018, Mungo decided to venture out on his own, taking his first contract with the Columbia Housing Authority to focus on single-family homes. However, the big break came when his small division, once part of the family-owned company, partnered with the Columbia Housing Authority for a massive 250-unit apartment development. This project, the largest low-income housing tax project in Columbia, South Carolina, became the catalyst for the launch of Ward Mungo Construction.
Business Growth and Strategic Partnerships
Mungo's ability to identify opportunities and form strategic partnerships has been crucial to his success. That includes one significant partnership with the Sea Island Comprehensive Healthcare Corporation.
"This opportunity allowed me to take what had been established and put my own direction on it," Mungo said. His vision of addressing the affordable housing crisis in South Carolina became the mission of his company.
The growing demand for affordable housing in cities like Columbia and Charleston provided a fertile ground for Mungo's ambitions. "The need for affordable housing is immense," Mungo emphasized. "Many people are moving to South Carolina, and our mission is to provide them with essential shelter."
Evolution of the Business Model
From its inception, Ward Mungo Construction has evolved significantly. The company has adapted to various types of projects and funding mechanisms. "We always wanted to be in housing development," Mungo stated, "and everything fell into place faster than we anticipated."
One of the key lessons Mungo learned was the importance of taking on projects that align with the company's capabilities. "Sometimes, we've made the bed and now have to lie in it," he admitted. To do so, the company focuses on maximizing human capital and advancing through proprietary knowledge and relationships. Hiring skilled individuals who can adapt to technological advancements has also been a priority.
Mungo highlighted the significance of Mayor Cogswell's statement that affordable housing is now Charleston's top priority. "This is the first time it has come above traffic and flooding," Mungo noted. He believes that educating the public about the broader implications of development and thoughtfully planning and investing in cities is crucial.
Balancing Work and Personal Life
Discipline is the foundation of his approach. Mungo prioritizes physical health by going to the gym and mental health through meditation, yoga and journaling. These habits help him stay grounded and ensure balance between work, family and personal time.
Mungo and his family make it a point to block out time for vacations as soon as they return from one, ensuring they have regular opportunities to disconnect and recharge. He believes that experiencing different cultures around the world is essential for personal growth and understanding others.
The support from the EO Charleston has also been invaluable. Mungo finds it helpful to connect with other entrepreneurs who share similar challenges. "It's a beautiful journey, but it comes with great challenges," he shared.
Advice for Aspiring Entrepreneurs
Reflecting on his experiences, Mungo offers valuable advice for budding entrepreneurs. "I am where I am today because of all the mistakes I've made in the past," he said. "It's okay to reflect on mistakes. It all happened for a reason, and it's why I'm sitting where I am today."
He encourages new entrepreneurs to trust their instincts and accept challenges. "Go with your gut and accept a challenge every now and then," Mungo advised. He emphasizes the importance of being part of the solution and advocating for more housing, particularly in growing cities.
Mungo's entrepreneurial journey is a testament to the power of perseverance, strategic partnerships and a strong vision. His commitment to addressing the affordable housing crisis in South Carolina has not only shaped his business but also positively impacted countless lives. For aspiring entrepreneurs, Mungo's story serves as an inspiring example of how challenges and mistakes can be stepping stones to success.
By understanding the broader picture and actively seeking solutions, entrepreneurs like Mungo are making a significant difference in their communities.