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 .
- Planning for failure doesn’t really make you negative or paranoid. It however makes one 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.
- 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
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 :
- It has , 30+ offices in India
- It has 10+ years experience
- It helps to save your time
- There is a cash back guarantee
Some of the services which it provides are :
- Tax Filing/TDR – GST Registration , GST Return, ITR , TDS Return filingBusiness income return , Bulk return filing , Revised return filing , Respond to tax notice
- Company Formation – Ltd., Limited Liability Partnership (LLP) , OPC registration;
- 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.