One young start-up team came to discuss their business plan with me. After going through the plan, I asked them if they had any plan B.
They had not even thought about it.
They said that they were sure that their product was a sure winner. Why would they need a plan B? Back-up plan is for the losers.
Were they confident or stupid? Both.
What do you think are the most important attributes to be successful in leadership?
It’s about tenacity. It’s never giving up.
It’s having a Plan B.
Because Plan A doesn’t always go well, or maybe a competitor or somebody else’s new product or some type of regulation derails it.
Let’s face it. It is a tough world. Who said life is fair? Anything could go wrong.
- Your competitor cuts his price by half just one week before your launch.
- Your product fails quality tests.
- Your entire senior team decides to leave you (that will hurt)
- You run out of cash.
- Your bank suddenly stops your line of credit. (Your helpful bank manager just got bitten by a dog)
- There is a new regulations, new taxes, new government policy, which you had not planned for.
- Your key raw material supplier has a flash strike in his plant.
- A new break-through technology makes your product obsolete.
- And one million more reasons!
If you have a Plan B or even a Plan C on which you can fall back, you won’t feel trapped.
In fact, the more options you have, the better you will feel about the outlook of your life.
You will likely be more positive and optimistic about the future and where your life is taking you.
There are many ways to live life.
One-way is to be stubborn about everything; it is your way or the highway, as they say.
The other way (the better way, in my opinion) is to have options for everything: your career, your home, your wardrobe, your whatever.
The more options you have- you will be more confident and relaxed.