The most critical question every business needs to ask and keep in mind is:
what if as expected; the investor does not send the money, the client does not buy, the partner does not contribute, the product/service becomes unreliable, and/or the environment becomes unfavorable?
Is there a plan B?
Plan B is what you have left in store to rescue your business from failure.
Everybody says that 90% of new businesses end up in failure within the first five years. But not many people like to look closer and find out the real cause.
The real cause of early business failure: high expectations vs high disappointments
Entrepreneurs are full of life, ambition, courage, creativity, and wisdom. Nonetheless, they face a treacherous reality that is unreliable.
They wake up in the morning expecting to receive funds promised by a given investor but those funds never come. Another day they expect to send a certain amount of their product to a given client only for that order to be canceled at the last minute. Another day, after doing all they are required to do and adding extra, their partners go missing in action.
Disappointments keep piling up one by one until eventually some entrepreneurs can’t help but give up the once promising business.
The Solution: have a Plan B for every expectation
Entrepreneurs must keep their expectations high as usual, they must accept the promises of investors, clients, and partners as usual. But one thing they need to drop effective immediately is absolute dependence on promises.
For every expectation and promise, entrepreneurs must have plan Bs in store ready and effective enough to replace any disappointment in their business no matter where it comes from.
more to follow..
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