- Lack of management expertise
- Lack of vision and purpose by principles
- Lack of financial planning and review
- Over-dependence on specific individuals in the business
- Poor market segmentation and strategy
- Failure to establish or communicate company goals
- Lack of knowledge about the market and the competition
- Inadequate capitalization or lack of funds
- Absence of a standardized quality program
- Owners concentration on the technical rather than the strategic work