During the early 1990s, worldwide business failures occurred at rates higher than any time since the 1930s. No one should start a new venture preparing for failure. Entrepreneurs should have a clear plan for success that involves actions if things do go wrong. There are no magic solutions to guarantee a business success. But a business can improve its chances of success by developing a business plan, obtaining accurate financial information about the business, identifying the target customer and the competition.
Proper planning is critical to the success of a new business.
In planning against failure, be honest and objective. Know yourself and your limitations, and be prepared to manage the business. There are many ways to achieve business success. Many children prefer to fill up on sweets when given the chance. It's frustrating to a parent when children won't eat anything else.