THC Podcast 080: The 5 Biggest Mistakes I Made While Building My Business
Ryan Stewman was able to turn $25 into a multi-million dollar company so he knows a little bit about what it takes to build a business.
Regardless of the successes, Ryan has been able to accomplish, don’t think for a second that he didn’t face bumps on the road along the way and he didn’t always make all the right moves.
The best of the best make mistakes every day and Ryan Stewman is no exception.
(RELATED: How I Turned $25 into $10 Million In 5 Years)
5 Biggest Mistakes I Made While Building My Business
1. Not Asking For Help
Not asking for help is a timeless mistake committed by most entrepreneurs especially ones just starting out.
Entrepreneurs have a hard time asking for help because they are afraid to look like they need help.
There is nothing wrong with needing help, there is something wrong with not asking for it.
Stewman shares in this episode how crucial of a mistake this was while he was building his multi-million dollar company.
2. Being Hard Headed
Being hard headed goes along with not asking for help. Entrepreneurs (especially the ones just starting out) have a tendency of being hard headed and it does nothing but get in the way of your success.
The harder headed you are, the harder it will be to build a thriving business.
Be open minded and listen to those that have accomplished what you hope to.
Ryan talks more in this episode about how being hard headed caused more problems than it ever solved.
3. Self Funding From Cash Only
Only investing my own personal cash into my business was a big mistake Stewman made while building his business.
Tying up all your capital and just your capital can make it a challenge to grow and scale your business.
Why use your own capital when you can use someone else’s to make you money and grow your business?
Ryan Stewman goes into further detail about this mistake and why he regrets being guilty of doing so.
4. Not Hiring Help Fast Enough
You can’t go it alone. If you try to do everything that comes with building your business by yourself you could be in for a bumpy ride.
When you are scrambling trying to manage everything on your own the chances of you doing everything right are quite slim.
The results you will get by hiring someone that can do things better than you and they can focus solely on those tasks.
Stewman talks more about building a team and why his waiting to do so left a lot of money on the table.
5. Not Trusting Those That Wanted To Help
When people reached out and offer to help, Ryan Stewman would turn them all away.
Why would he do such a thing? It all boiled down to trust.
Ryan didn’t trust anyone so he was very reluctant on letting people help.
In this THC Podcast episode, Ryan talks more about trust and how you can not allow it to cause you problems building your business.
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