It doesn t take long for disagreements to develop and the fighting to begin. Not having a formal business plan. Too many people are in a hurry to get started and see things such as planning, research and marketing as unnecessary wastes of time.
Success is in the details.
Insufficient financial support. Many lenders won t loan money if the prospective borrower has a poor credit history. Before going into business, get your personal financial house in order. Failure to consider competition. When competition is ignored, a business is usually doomed.