These are the key factors - if not avoided - will weigh your business down and possibly sink it.

1. You started business for wrong reasons.
If you start a business because you want to make money, have more time for your family or so you won't be answerable to anybody, it is most likely that the business will fail. You should start a business because you have passion, drive, determination, patience and a positive attitude towards the business.

2. Poor Management
Poor management is number one reason why business fails. A successful manager is also a good leader who creates a work climate that encourages productivity. A good leader is also skilled at strategic thinking; able to make a vision a reality; and able to confront change, make transitions and envision new possibilities for the future.

3. Insufficient Capital
A common fatal mistake for many failed businesses is lack of sufficient operation fund. You must know how much your business requires; not just the cost of starting a business but also the cost of staying in business.

4. Location
A good business location will enable a struggling business to survive and ultimately thrive; but a bad location could spell disaster to even the best managed enterprise.

5. Lack of Planning
Without a careful, methodical, strategic planning and hard work, a new business is almost certain to fail.

6. Overexpansion
Do not confus success with how far you can expand your business. A focus on slow and steady growth is optimum. That does not mean you should repress growth but let your success help you set the right measured pace for business expansion.

7. No Website
Every business needs a website. With the growing number of internet users globally and subsequent increase in e-commerce sales, you need to put your business in the new face of human activity.

www.healvine.com/2016/01/7-reasons-why-new-businesses-fail.html?m=0

Nice one! #8. Prayer! Prayer is the master key.

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I don't completely agree with number 7. No website.