HOW TO AVOID BUSINESS FAILURE
Two big mistakes while developing your business plan can cause your new business to fail: lack of research and lack of preparedness. Avoid becoming a failed business by making sure you don’t commit those mistakes and the following:
Lack of a long-term company vision
Failure to establish clear goals and objectives
Misunderstanding what customers want
Underestimating the competition
Inadequate financial planning
Lack of strong leadership
Ineffective procedures and systems
Absence of critical business skills
Inability to change
Failure to communicate the plan
Source: https://www.dummies.com/business/start-a-business/business-plans/how-to-avoid-business-failure/