Every hour in the UK, there are roughly 70 new businesses registered, of which half of those fail within the first 5 years. Running a business can be a daunting, draining task that requires commitment, perseverance, and great management skills – a task that not everyone is up for. When executed properly, business owners can prosper in rewards of their success. However, with uncertainty ahead for entrepreneurs looking to set up shop, we’ve taken a look at some of the most common reasons new businesses fail and how they can be avoided.