3. Lack of Market research

 A company cannot succeed unless it has a thorough understanding of its target market. Many business owners make the mistake of launching a product or service without first conducting thorough market research. It's difficult to create a product or service that meets the needs of your target audience while standing out in a crowded market if you don't know who they are.

To avoid making this mistake, conduct market research to understand the needs and preferences of your target audience. This will assist you in developing a product or service that meets their needs and provides you with a competitive advantage in the market.