Starting your own company will always be a stressful and risky venture…
…but the pressures of this can be lessened by simply preparing to fail. 90 percent of startups fail and that number is always against you, no matter how quick you’re sailing, you should never underestimate business and the likelihood of hitting rocks somewhere along the line.
Think about it. Do you have a plan in place for every possible disaster you can think of? If not, you should do. If you lose your largest client for example, this needs to become a setback rather than a disaster and you need to plan for how this could affect your team, your cash flow? How would investors look at the company outlook?
Preparing for failure isn’t about being negative or pessimistic about your endeavours, it’s about being smart and opportunistic about the outcomes of what you do. Having a plan in place and trying to foresee every hitch along the way will withdraw you from fear, because we always fear the unknown.
Learn to see the little things that lead to the bigger problems.
In everyday business we can encounter small setbacks and problems – niggles and aches you might call them. These can often be solved but it’s what they lead to that can become a problem. Having foreseen and prepared for potential disasters can sometimes enable you to see the cracks (small setbacks) that appear every day that eventually lead to a hole (major disaster). Preparing to fail lets you not only stop these cracks, but stop them ever turning into anything more by patching them up.
This all helps you to be more objective. Your business is something you’ve personally poured a lot of time and effort into and it’s in every way expected that you can become very attached to it. Planning for failure can push you to become less clingy with your business.
Take a step back and look at things from a different perspective.
Disassociating yourself from your business can help you to look at things in a more analytical way, without the emotional tie-in of failure that scares you away from acting upon it’s possibilities.
This new way of thinking can enable you to see a new view on things and make some decisions you never thought you would, as well as seeing things through the eyes of your customers and other perspectives.