Learn to read and write effective agreements – The more effective agreements are the better business relationships will be.
Run your business like a business – Construct the right business entity and keep it separate from your personal life.
You Don’t Know What you don’t know – Humility is a powerful trait for leaders. More times than not, you will regret thinking you knew all the answers.
Always make sure there is and will be enough cash in the bank – failure to do so results in most common business-failure mode.
You can’t fire bad employees fast enough.
Take care of your stars – The cost of losing a star employee is enormous, yet business leaders rarely take the time to ensure their top performers are properly motivated, challenged and compensated.
Your employees are not your kids, your personal assistants or your shrinks – Learn to evaluate situations rationally and learn when to say “yes” and “no” a lot. Meaning, be decisive.
Listen to your customers or clients – These are your biggest supporters. Listen to them and always think of ways to keep them happy.