Self-made millionaire Wayne "Butch" Gilliam pulled himself up by his bootstraps, and he thinks other entrepreneurs should do the same.
Chasing the "high life" too quickly by doing things like overspending on a company credit card is one of the biggest mistakes a business owner or manager can make, Gilliam said.
"I've seen a lot of people go broke and run good business straight into the ground because of their high-life living," Gilliam said. "All the s--- they bought, the wrenches, and their cars and their Cadillacs, I've seen several companies that paid for every bit of that."
Gilliam put a lot of sweat into his business ventures. After dropping out of middle school to pursue a career as a machinist, he worked to become a key player in the pipe industry. Among other smart business moves, he purchased the intellectual property rights for a unique pipe threading technology in 2004 for $200,000 — and then sold them for $100 million in 2006.
Frivolous spending on the company card is dishonest, Gilliam added.