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1. Insufficient financing: many entrepreneurs underestimate the start-up costs and the ongoing costs associated with running a business.
2. Insufficient planning: There is often a failure to create a business plan and define the goals of the business.
3. Insufficient knowledge: Many founders do not have the necessary skills and experience to run a successful business.
4. Insufficient management: many entrepreneurs do not have the necessary skills to lead and manage a business.
5. Inadequate legal advice: many businesses rely on their own knowledge for legal issues. They forget that a specialist lawyer can assist them with complex legal issues and decisions.
6. Insufficient market research: many entrepreneurs forget or ignore to explore the needs of their customers and adapt their product or service accordingly.