What's the difference between a great idea and a successful business? According to businessman and consultant Michael D. Lacey, there's no magic formula for business greatness. Anyone with a solid concept and a strong work ethic can run a profitable company, as long as that person has a firm grasp of the fundamentals. Without mastery of these basic concepts, even the best ideas remain nebulous, and even entrepreneurs with the best intentions will fail.

What are the fundamentals, and where do you learn them? How can business owners avoid common pitfalls that often spell doom for a new...