Market research critical in new businesses

At the Norman Transcript, they cite that 50% of new businesses fail within the first two years and 80% fail within the first five years. One of the key reasons for this is lack of market research before they enter the market. Companies are not taking the time to get to know the landscape of the market before the enter. Market size, creating a target market, studying the competition are all important factors that should be researched and written into a business plan at the very beginning of any business launch.