2. Improper and Incomplete Market Research

Market research, its analysis and its evaluation are all very important components of having a smooth and well-purposed business plan. Any entrepreneur who does not do full, and comprehensive, market research is going to fail. Failure may come from advertising to a restricted number of consumers; it may come from poor product placement, poor product distribution, or many other means--all which could have been avoided if the entrepreneur’s market research had been completed properly.