Success Advice?

[Rich1]

Hi everyone thanks for clicking, 

I'm in the beginning stages of my business, that has found some small success.

I am looking for others that have run a long term, sustainable, and profitable business to shed some insight.

My goal is to run a business that is slightly passive that, contributes positively to other's lives, while still being profitable for me to live comfortable, with a large savings reserve.

Here are a few questions:

1. What do you believe to be the biggest mistake in business?
2. What are common pitfalls in business?
3. How do you balance profits with equal contribution
4. How does one stay sharp, constantly adapt, and stay ahead of the market/herd?
5. What is a common misconception about how business really works?

hopefully any replies can help others out there

Any replies will receive my deepest gratitude, thank you.