After spending some time talking to my clients, the European startup company who would like to expand the market to APAC and Greater China Region, I found out one similar mistake they have.
They don't know their competitor.
It might be the following reasons:
(1) They are the best in the market, no one can compete with them
(2) They didn't want to know their competitor
(3) They don't know who they are targeting to
(4) They don't know what they are doing
(5) They don't know what industry they are in
(6) They didn't do market research
Please make market research before you start to do business development, knowing your competitors will help you to know your strength and weakness, otherwise, you will feel embarrassed to find out the client you are trying to approach actually is your competitor.
If you have any question, please feel free to leave your comment, or discuss with me.