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I spend lots of time thinking on a project before I put in into work, sometimes this could be 6 months depending on the type of project, research etc... takes up a lot of time. I can't say I failed at any point in my initial idea, things turned out as I expected. However the danger exists in the things you didn't spend time on planning or did not calculate before you started. Those are the dangers wich could make your project fail. But you learn from these mistakes and that is how you get better. If you plan out your idea, put it into work and see that 99% goes like your initial plan, that 1% you didn't think of could make your project fail.
A 20 year old who turns his first project into an absolute succes is an exception and not the standard. The sooner your start out as an entrepreneur the higher your chances will be to succeed in business.
Even with a masters degree from business school you won't be safe. You will also need a portion of luck. There are many factors to take into consideration.
No formula exists to create succes.
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