As the saying goes, “Experience is something you get when you need it.” But as a young entrepreneur, big moments and big deals can't always wait for learning to follow—they can they lose customersor worse, everything.

I have gained 30 years of experience as a multi-million dollar CEO and founder entertainment booking agencyand we are often entrusted with million dollar deals from our new and repeat clients, which we work hard to keep. Here are some of the lessons I've learned about the most common mistakes business owners can anticipate and avoid—the kind of missteps that not only cost you customers in the short term, but can also get you banned. build the strong, word of mouth connections that are so valuable to the growth of a business.

Related: Common mistakes first-time entrepreneurs make and how to stop them

Deliver what you promise

This is critical at every level. Take the infamous Boys festival for example, an enterprising small business that promised high-end accommodation, gourmet food and a glamorous experience – but couldn't deliver on their promise. Without delivering, customers will not only leave, but you can damage your reputation – and future as a company.

In a less extreme example, we often see small businesses in our industry “nickel and dime” after signing deals. This is an easy one to avoid. When my company quotes a job for our clients, we take into account all the costs associated with the booking, including artist fees, flights, hotel accommodations, stage, lights, various rider requirements and more. Once all parties have agreed to the terms of the booking, we are locked into a turnkey price at that point to deliver each line item so our customers know exactly how much the entertainment will cost.

Of course we do can maximize net profits by doing everything as cheap as possible or cut corners wherever we can, but is this really the best way to make an impression and keep a customer for the long term?

Of course not.

One of the most important rules to follow is to ensure that everything promised is delivered in the initial quote and executed to the highest possible level to exceed expectations. This may cost a little more and affect your bottom line, but building a happy, repeat customer who trusts you for years to come is much more valuable in the long run.

Move quickly when challenges arise

Intuition and the ability to anticipate an obstacle in the way can play a vital role in your company's success – but moving quickly to solve problems with default solutions as they arise will put you ahead of the novice curve and prove your expertise and value.

When BookingEntertainment.com was hired to book and produce Fleetwood Mac's Stevie Nicks for a hospital fundraiser at The Waldorf Astoria in New York City, what should have been an easy booking turned into a scheduling conundrum when the room required for the event will not be available in time. We strategized that the only way to do this was to offer Nicks production equipment to the company that had the room before us for free, so the necessary equipment would already be in place when we got the room.

Acting quickly the trust immediately established with the client that we could meet any challenge that came our way, which led to years of producing major fundraising events.

Related: I Made These 3 Big Mistakes When Starting a Business – Here's What I Learned From Them

Challenge the status quo

Be brave. In an age of incredible innovation, all businesses, small and large, must avoid the status quo and never get too comfortable in a current pattern, even when it may feel safe or, in the moment, successful. There will always be a new opportunity ahead.

Blockbuster, an industry leader, had a huge advantage in the video rental space, but remained stuck in brick-and-mortar stores.

Similarly, as a service-based organization, I would be comfortable keeping the business running purely on my rolodex. However, in 1995, I saw the potential of the entertainment industry moving online, and while I had naysayers, my instincts kicked in and I knew that the Internet would allow people to find us versus us finding them. those.

When you're brave enough to look beyond the status quo, you're opening your business to opportunities — and income — that haven't existed yet. Whether you're just starting out on your entrepreneurial path or a seasoned CEO, I hope to shed light on some big avoidable mistakes that, if prepared and aware of, can put you on the path to success and growth. When you start a business, it's the journey that defines your legacy. If you can anticipate trends, deliver a top-notch product or service, and avoid the bumps in the road, you'll have a smoother ride to the top.