13. You Try to Keep Your Expenses as Low as Possible

The key to business is not to keep expenses low. Sometimes it is worth paying more rent if it will generate more customers, if it gives a better image and inspires confidence, if it helps attract the right employees or if it makes it easier to deal with suppliers.

Also don’t save money on professional advices. Spend money to get good lawyers and accountants.

12. You Spend too Much Time on Product Development, not Enough on Sales

A great product is a necessary element to build a great company, but spending too much time building on it may lose customers to a competitor with a stronger sales organization. "If you don't keep one eye firmly focused on sales, you'll likely run out of money and energy before you can successfully get your product to market." Even if your product is faster, better, or stronger than the competition's, if it isn't what your customers want, then they won't buy it.