Being an entrepreneur requires you to be agile when faced with potential difficulties. It also means having the ability to recognise an opportunity when you see it, no matter how wacky it might seem to other people or how well hidden it might be.
As the founder of a company, keeping it alive requires you to think creatively because more often than not, conditions will change so rapidly that all your carefully laid plans come to nothing.
In essence, all real entrepreneurs have a Plan B. Perhaps even a C and D bubbling away in the background. In some ways, the definition of a startup is a series of Plan Bs looking for a scalable and repeatable business model, especially when you consider the oft-cited stat that 90% of startups ‘fail’ in their first year.
So, if you’re in the startup game, what are the steps towards having a plan B and how do you know when to put it into action?
Taking the first step
The hardest part of plan B is accepting that plan A might not work out. No one wants to admit that their crash hot business idea is prone to flaws and unforeseen disasters.
Accepting that you need a plan B is the first step into putting it into action. It doesn’t mean that you’re ‘tempting fate’ to even think about failure, it just means that you’re being sensible and giving yourself a safety net. It may also help you take a realistic approach to making Plan A work.