7 Signs You're a Bad Business Owner

By Steve Tobak (MoneyWatch)

 

If you think you're a smart and savvy business person, then you're probably not. Three reasons why:

• Smart and savvy business people realize they always have more to learn than they know, i.e. they don't think of themselves that way.
• Smart and savvy business people have more humility than hubris.
• Most businesses stumble or fail - not for competitive reasons - but because their owners don't know what they're doing.

Case in point: There used to be a great barbecue restaurant in the town where I live. It was small, but always packed because the food was great and it was in a highly visible location. Then, they made the mother of all dumb moves. In the midst of this crazy recession they expanded into a huge place in a terrible location. Even great restaurants fail there.

Still, I checked it out and, sure enough, the place was empty. The service, food, portions, everything had gone downhill - probably to pay for the expansion, increased rent, etc. Even worse, the competition is, of course, doing the opposite. What a disaster. I bet they're out of business before long.

So, even if you're convinced that you're the greatest business person on planet Earth and your ability to be introspective knows no bounds, you'd still be wise to check these ...

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