In life, we always have a Plan A. We dream, we imagine, we do everything in our power to make Plan A work. It is no longer news that things do not always go according to plan.
And when they do not, we are disappointed that things have not gone as expected. This is the reason why you should always have a plan B that does not stink. A plan that might even excite you a little.
When starting a new company/ business/project, having a Plan B is essential, especially if you are thinking about obtaining venture capital. I find that when I create a Plan B (in advance) I feel less stressed and tend to be happier with the overall result.
It Should Be Part of Your Project
Having an emergency plan (Plan B) is nothing new for entrepreneurs/business owners, especially those who are willing to take great risks because of the possibility of even greater profits.
Since the Civil War, the art of developing a “Plan B” required developing an emergency plan in case the ideal attack plan did not work. Like soldiers who go to war, entrepreneurs have the opportunity to plan ahead, taking into account alternative business models and routes to success, adopting uncontrollable measures that impede achieving their dreams.
The first, and possibly the most important aspect of developing a plan B, specifically for entrepreneurs, is this: a backup plan should be as well thought out as your plan A.
Although you hope you never have to resort to your “Plan B”, this does not change its importance and remember, if you think enough to make a plan B, it should be as good as your plan A.
Know What You Want To Do
The first step in putting together a Plan B is to fully understand the options available to you. Then, concentrate on that one thing you really want to do and discover all the possible information about it.
Once you have all the information you need, then draft your tasks, an action plan then possible challenges and how you can handle them.
Be Honest with Yourself.
When you feel you are losing it, use the help of your friends and family, request for their assistant. To become an entrepreneur is not as easy as we think.
As a tycoon, you need a good support system. If your initial Plan B does not work, there is always the option to change your direction. If your plan B works, great! Keep your side gig going and make the decision to keep the business aside or do it full time.
Make An Intentional Plan B
Intentionality is what makes any emergency plan (Plan B) effective. Entrepreneurs risking it all to survive in the business world, regardless of the industry, should view their Plan B as a strategy, not as an afterthought. It is important to think about how a “Plan B” could help you to make better business decisions in a short-term. Crafting a Plan B intentionally requires you to take a personal inventory of what is important to you and how you might achieve. The strategy is everything here; your plan B must be applicable, and meaningful in order to have the most outcome.
Sometimes, “Plan B”s are influenced by social, financial, and even emotional stresses. Your plan B must be intentional so that you can be assured and continue in achieving your “Plan A”. If you know that you have a backup plan, it will be easier to take risks and make hard decisions in your current endeavor.
You will have daily problems, eliminate worry about what will happen if your business does not succeed in creating a Plan B that you believe in as much as your initial plan.
The next time you create a “Plan A”, I also challenge you to create an Intentional “Plan B”.