1. Lack of planning

  

A lack of planning is one of the leading causes of business failure. Many entrepreneurs launch their businesses without first developing a thorough business plan. It's easy to lose sight of your goals and make costly mistakes when you don't have a plan. A business plan should include your goals, target market, marketing strategy, financial projections, and other details.

To avoid this blunder, prepare a thorough business plan before launching your venture. This will help you stay focused and avoid costly mistakes later on.