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