I studied 177 self-made millionaires for 5 years, and I learned that there are 10 common business mistakes to avoid

The most successful businesses are in a constant search of customer/client feedback. This feedback is crucial, as it provides important information on what you are doing right and what you are doing wrong. Every business should ask for feedback on the products/services they provide. Ideally, this feedback is most valuable immediately following a product sale or a service provided. Timely customer/client feedback allows your business to make immediate course corrections to prevent loss of revenue.

Successful businesses hire reluctantly. They keep employee staffing levels at the bare minimum, even during growth phases. Instead, they rely on a core group of highly competent and proven staff members for 80% of sales, and fill the 20% gap with seasonal employees, part-time employees, or outside contractors.

Successful businesses adopt a "do it now" mindset. They don't procrastinate on meeting customer/client needs. Procrastination results in a "put out the fire" response when it comes to meeting customer needs. This "put out the fire" response results in poor quality, dissatisfied customers/clients, lost customers/clients, and potential litigation, costing the business valuable time and money.

Successful businesses know exactly where they are going. They have a very clear vision of their destination. The construction crew they use to turn that vision into a reality? Goals. These company-wide goals are in writing. They are regularly monitored and revised to meet an ever changing business environment. Successful businesses understand that goals tied to their vision help move them forward towards that vision.

Successful businesses are tuned in to their industry. They consistently read their industry periodicals or blogs for industry trends and opportunities. They adapt their business to industry changes. They are constantly in "self-improvement" mode, and always improving/expanding their core products/services to match or exceed their competition. Successful businesses have their fingers on the pulse of their industry.

Successful businesses have a unique brand that is the result of providing value-added products or services that fill some niche. When your product or service becomes a commodity, it shows up in the bottom line.

Successful businesses have a unique marketing strategy that helps them build their brand. They do not follow the herd. They create their own proprietary strategy through trial, error, and brainstorming sessions with their staff and business partners.

Successful businesses know their customers/clients wants and needs — then they create products or services to meet them.

Successful businesses exceed customer/client expectations. They always try to deliver on a promise. Customers/clients walk away satisfied because their expectations are either met or exceeded.

Thomas Corley is the author of "Rich Habits: The Daily Success Habits of Wealthy Individuals," and "Rich Kids: How To Raise Our Kids To Be Happy And Successful In Life." Follow him on Twitter.