3. Neglecting the improvement of the owner's sales skills. Don't think you need to be a salesman to own a business? Do you talk to people on the phone or in person? Well then, you are in sales — like it or not. Many entrepreneurs are good, knowledgeable workers, but fail to convey their knowledge in an effective sales pitch or presentation. It is not question of if, but when a business owner will be called upon to speak to a client or a group of people concerning his business. Presentation and clarity are key components in the sales process. Let's face it, most of us weren't "born salespeople." That doesn't mean we can't work on improving this essential skill.
4. Failure of the owner to make himself unnecessary to operations. Everybody wants to feel critically important, but it is not a good long-term situation for a company to be overly dependent on the owner's physical presence 100 percent of the time. At some point, an owner is going to need a sick day or have an emergency. If you own a restaurant, why would you want to slave away at the grill all day, then have to tend to management duties afterwards? Trying to be "superman" will lead to burnout. Hire good people, train them well, and let them make money for you.