#5 or Cinco – Lack of Innovation and Creativity
Huge companies eventually file for bankruptcy and go out of business because they do not innovate. Even if their products were at one time the talk of the town and annual profits beat expectations year after year, without innovation and creativity, eventually their success will fade. Blockbuster, the big rental video store, is a prime example. Had they made time for R&D and looked forward as technology changed, perhaps they could be doing what Netflix is doing now.
Continuous improvement of product design and a commitment to the needs of consumers will enable long-term success for any smart business. You don’t have to be able to see the future, but you definitely better predict where it’s going. Keep a good thing going, but don’t settle for just that.
Oh, and as a business owner, keep improving your own abilities. Surround yourself with creative people. Stay on top of how commerce is changing. Be creative. Think outside the box every once in a while.
Businesses only fail if those who run them let them fail. May your business succeed and be very profitable.