I particularly liked item 4, poor marketing. The author is a former Yellow Pages salesperson and talks about new companies declining to advertise in the phone book (back when it was a relevant media) saying that they were going to use 'word-of-mouth' to promote their business and how he would later receive disconnect notices about them.
I spent 7 years as a Yellow Pages salesperson and my last year I managed the new client channel exclusively here in New Brunswick. I can tell you my experience was the same. Those that didn't promote their businesses died.
Today this may be done with all the usual media as well as online resources but it still holds true. If people can't find you, they can't hire you.
Of course, this doesn't change my opinion that its faster, cheaper and easier to buy a business than to start one. See the post on that topic HERE.