Why Entrepreneurs Should Plan for Failure, Not Success

It is important for the entrepreneurs in order dream big, but it’s also  essential that they should however they should also plan for failure. When the entrepreneurs do not adhere to this mantra , then 90 percent of the startups would  fail.

And if they recognise  this right off the bat , it would then prepare them intellectually, emotionally and also  financially, if the  venture doesn’t really succeed.

The purpose of this article is to  make the reader aware of the fact as to why entreprepreneurs should plan for failure and not success .

The following factors would help the reader in order to understand this in a better way . 

1.      Planning for failure doesn’t really  make you negative or paranoid. It however makes one  smart. This is because firstly, there's a huge difference between preparing for the failure and then thinking that  you’re going to fail. The latter is however  highly discouraging and it also  curtails growth. The former, on the other hand, is however about being practical and also thoughtful about all of the possibilities that may however  occur. In some ways, it can also even encourage the entrepreneurs  in order to progress because being prepared however quells fear and also prods one in order  to keep going.

One should thus always plan for the  worst-case scenarios, for the purpose of considering as to  how would  they may affect the team, their lives and also as to how to mitigate them. However planning for the failure always  helps one in order to  anticipate the  challenges so one can however  prevent them from happening.

Additionally, being honest with oneself  and then  thinking about the  potential failure thus enables one in order to identify mistakes that one is  making in the business, so one can however  correct them more quickly along the way.

2.      It helps you be more objective. Starting and running a business can however  be a very emotional experience. Failure forces one in order  to look at the facts and the  unpleasant possibilities (no matter how difficult), thereby enabling one in order  to be more analytical and also  objective.

Being a bit disassociated from the company however also gives one more perspective because it generally  allows one to look at it from the vantage point of the investors or customers. This, however in turn, helps one in order to generate the ideas or even catch errors that one may have however missed while anyways being too close to the  business.

One must force themselves in order  to evaluate the business from a customer’s perspective, and by then one can anyways  learn that the solutions one is building simply did not generally solve a problem that was however  big enough. One must always  set the emotions aside and closed the business because when one is generally  looking at the facts, one would however then have the courage in order  to face the failure so quickly if one didn’t plan for it.

Recognizing that one might fail keeps one on his toes. Acknowledging the possibility of failure generally  prevents one from being complacent. Knowing that at any point one’s venture could however  take a wrong turn generally  keeps one from resting on the  laurels, which thus  means that one would however strive harder and would also not let success lead to hubris.

Also , one should never become too self-satisfied. He should always remember that it generally it takes years in order  to build a company and also one simple mistake is enough in order  to bring it all back to nothing. One must also , never lose sight of that. It's generally  important in order  to stay focused and hungry.

Planning for the  failure generally makes it easier to move on. Preparation can however  help in order to soften the blow in the event that the  company hits the rocks. No one however wants in order  to face the dreaded “F” word, but then  even the most successful entrepreneurs however  experience their share. It’s always  simply part of the game. And, who however  knows? It could also  even serve as the foundation for something which is generally  far bigger and also better. 

Facing these hurdles and overpowering them , the founders of LegalRaasta a startup which generally  provides legal services has  over powered these hurdles and has  ended up in  providing more than 100 + services . One also  doesn’t even have to go out , as it provides the online services .

Choosing LegalRaasta is beneficial as :

1.      It has , 30+ offices in India

2.      It has 10+ years experience

3.      It helps to save your time

4.      There is a cash back guarantee

Some of the services which it provides are :

1.      Tax Filing/TDR - GST Registration , GST Return, ITR , TDS Return filingBusiness income return , Bulk return filing , Revised return filing , Respond to tax notice

2.      Company Formation - Pvt. Ltd., Limited Liability Partnership (LLP) , OPC registration;

3.      Registrations - DSC, Trademark, Patent , Copyright

And many more services .

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.