OPM - Other People's Mistakes

There isn't anything worse than having people tell you what to do or how to do it when they haven't actually done it themselves.

Anyone with a business has a multitude of "advisers". These people may include your employees, your uncle who lent some money, competitors and the guy at the next bar stool. Brilliance and insight on your business is so much easier when you don't have to stay awake at night wondering how to make payroll or what it will take to keep a key employee or whether the big sale ready to close is the elephant you really don't want to sleep with.

OPM is usually associated with other people's money. And that might be true if you have failed to learn from the other OPM - Other People's Mistakes. There can't be a mistake that someone else hasn't already made and suffered from and learned from. Any place that offered business owners and their companies the opportunity to learn from OPM would be overrun. Wouldn't it?

Next on Business Channel: Business Blooper of the Week