A lesson every entrepreneur learns: “Hope for the best but prepare for the worst”, failure is nearly inevitable for many entrepreneurs. It’s just a channel to the route to success. Every successful business has, at one point in time, failed. So tell me why you are scared of failure when you need to focus on using it as a platform to get better, and learn from your mistakes. Alan Safahi, a fintech CEO says, “Don’t view failure as the ending, rather view it as the beginning of your business.”
Always plan for the worst scenario when it comes to doing business. This makes you plan for the potential obstacles that lie ahead, such as intellectually, emotionally, and financially. Planning to fail and thinking to fail, however, are different concepts entirely. Planning to fail is being practical and makes you aware about every possibility that may occur. This will even gear the entrepreneur up to work. Thinking of failure is like conceding without even trying. This might lead to a decrease in growth, discouragement, and give room for doubt, according to Alan Safahi.
Do you wish to understand why it’s necessary to plan for the worst-case? The following tips below explain why an Entrepreneur plans for failure and not success.
It Ensures Progress: Having planned for failure makes it easier to move on with the business. It does not make you take things personally, which might occur if you have not planned, and were faced with sudden news that could be difficult to handle. Entrepreneurs should face situations as they’ve expected because they will be prepared ahead of time, but if he/she has not, it will come as a shock and affect team morale, efficiency, and psychology. I know you don’t want this to happen. That’s why you plan for failure, to ensure the progress of your business. Know that failure is part of the game you opted in, and, who knows, It might serve as a platform for something far more significant and better.
It Helps To Get Rid Of Fear: Most of the time, the fear of failure holds us back from exploring different opportunities and leads us to stick to our comfort zone. Once an Entrepreneur makes a plan for failure, it gives him/her the confidence to make potentially risky decisions.
Sense of Direction: Planning for failure gives you the room to double-check a decision you intend to carry out, thus giving you a path for redirection. Planning for failure provides clarity on issues that might go wrong, or have gone wrong in the past.
Planning For Failure Gives You Strength: Failure can indeed knock you down, but it can also be used as a tool to help get you back on your feet. It makes you feel stronger and builds you instead of tearing you down. This is why Alan Safahi believes that you should plan ahead, and plan for failure as an entrepreneur instead of success.
The journey from success to failure and failure to success is not an easy one at all. At the same time, dealing with failure in the wrong way will also keep you away from success. We need to resiliently accept failure sometimes, to learn from the situation and make ourselves stronger on the road to success.
Planning for failure as an entrepreneur, and not for success, is a plan for strength, a sense of direction, and the removal of one’s fear. Lastly, it’s a plan for progress.