You don’t know how to manage money. Fancy offices and high salaries are great ways to blow money. You need to learn when to spend your money and when you should not. For example, if your employees want fancy desks or cubicles, when it will not help them do their job better, tell them no. But if a developer wants two monitors so he or she can be more productive, then buy the second monitor.

You don’t have multiple game plans. You can’t rely on one person, one business model, or even one solution. Things you can’t predict happen, so the best thing you can do is have multiple game plans. Single game plans such as relying on marketing to make your website popular is a bad idea. If you hire a bad marketing firm, what are you going to do now?