Why Having a Plan B Is Necessary for Entrepreneurs?

Every Entrepreneur has a dream in mind.

• A goal to start a new company.
• Solve people’s problems.
• Become popular for a unique idea.
• Have the freedom to live life on their terms.
• Create a positive impact on society.
• Leverage technology to innovate and stay competitive.

But it demands hard work, consistency, and putting your entire being and heart into achieving that goal.

It demands a strategic plan and its execution.

Hold on!

Are we talking about only one plan here?

What if something goes wrong?

You would be devastated, of course. You’ll lose all your hope, your dreams will die in a fraction of a second. You’ll lose motivation. Maybe switching yourself to a 9 to 5 corporate job will seem like the best option.

Ohh, that sucks!

You don’t want to be one of those corporate robots. You don’t want to follow the crowd. You want to stand out. You want to hire a dedicated developer, designer a whole team to make your idea work.

However, you may think that you have a perfect idea and a perfect plan to convert that idea into reality. And that’s good.

But do you still want to take that risk?

I know risks always need to be taken while starting a business. After all, that’s how it works.

But what if you could increase your chances of success, rather than failure, just for the sake of your dream?

You would want that for yourself, wouldn’t you?

Of course, you would.

But the question remains to be answered – a BIG how?

How to make sure that you’ll succeed?

Well, for that, you must always have a plan B.

“You should always be ready for a changed situation. When there comes some fault in your Plan A, get ready to use Plan B”, – Don Draper from Mad Men.

I know it would require investing the same or even more amount of time in preparing a plan B, but it has its benefits as well. Benefits that’ll help you increase the chances of winning.

The Changing Business Landscape

In today’s rapidly evolving business environment, the ability to adapt and pivot is more crucial than ever. Market conditions can shift overnight due to technological advancements, economic fluctuations, or unforeseen global events like pandemics.

Having a plan B allows entrepreneurs to remain agile and responsive to these changes, ensuring they can navigate unexpected challenges and seize new opportunities as they arise.

Learning and Growth

Creating a plan B isn’t just a safety net; it’s a powerful learning experience. As you develop an alternative strategy, you delve deeper into understanding your business, your market, and your competition. This process not only prepares you for potential setbacks but also enhances your overall business acumen. The insights gained from crafting a backup plan can lead to innovative ideas and improvements that you might not have considered otherwise.

You’ll Have an Option For Survival

Having a plan B can make you more realistic. It ensures you live to see another day, even if your plan A fails.

And it’s normal to feel foolish and overly cautious for assuming that your plan A may not work. But remember, the world is already filled with overly-qualified intelligent individuals, and some so many people might be going for the same plan as you are.

Can you guarantee yourself that you’ll be the successful one among those?

No, you can’t. Nobody can.

But what you can do is increase your chances for that matter, and having a plan B is quite logical. You’ll have an option for survival, in case your plan A doesn’t work out for you.

It Improves Your Plan A

What would be your first step for preparing a plan B?

Thinking!

You’ll be required to think through many outcomes. Find new opportunities. Discover different ways to achieve that goal of yours. And in this same process, you’ll discover flaws in your plan A. Not that many. But they may be there. You just couldn’t think of those before.

This will ultimately make you take a closer look at your plan A. To replace those flaws with new approaches. And that plan A of yours will be improved.

It Gives You More Confidence For Taking Risks

It’s inside you – the fear. We all have it. And it always affects our confidence. Be it singing in front of 500 people or facing the first job interview. And we just can’t do anything about it, right?

Wrong.

We can!

At least while starting a new company.

And Plan B helps to throw away that fear.

Knowing that even if you fail to achieve your plan A, you still have another approach to reach your goal, and that is what makes you feel less scared. It makes you more confident in taking that risk.

Where From Here?

So should you cancel your dinner plan, turn off that TV, and get cracking on plan B?

Well, go for it.

It will do nothing less but contribute to your success, which you want, which you need. So go ahead! Make it happen!

Final Thoughts

In addition to the benefits discussed, having a plan B can also foster a culture of resilience within your team. Employees will feel more secure knowing there is a fallback plan, which can lead to increased morale and productivity.

Furthermore, investors and stakeholders are more likely to support a business that demonstrates thorough preparedness and risk management. So, embrace the process of creating a plan B, and ensure your entrepreneurial journey is robust and adaptable.