The power of plan B
To be successful in life or to avoid unexpected surprises and disappointments, people and organizations must have their Plans A and B. Plan A is the plan you will use if things go as expected, while Plan B is the second. plan that you can use if things don’t work as expected.
Organizations today collapse due to the lack of a backup plan in case things don’t work out as planned. Most workers also don’t have the foresight to have their Plan B in case of sudden job loss, for example. The Plan B of a worker with a forecast may be self-employment. Lack of Plan B is like having a car key without a spare. What happens if it is lost? Is that the moment when you start looking for a solution? In short, the stress will be overwhelming.
To raise awareness about the need to always have a Plan B, I have decided to review this week, this book entitled “The Power of Plan B” with the subtitle “The Secret of Today’s Millionaires”.
The book is written by Sam Aseknowo, MD/CEO, Digital Lifeclinic Ltd, Lagos, Nigeria. Aseknowo has a Higher Diploma in Accounting and Finance from Yaba College of Technology, where he graduated in 1998. He also has a Bachelor of Science in Economics from Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Nigeria. Aseknowo qualified as an Associate Member of the Institute of Chartered Accountants of Nigeria (ICAN) in 1998 and holds a Master of Business Administration (Management) from Ado-Ekiti University, Ekiti State, as well as a Master of Science in Finance from Lagos State University, Lagos, Nigeria.
This author claims that the text is an exposition of how people can retire early to create wealth to secure the future and become financially independent by successfully starting and running their own mega-businesses. Aseknowo reveals that based on his established facts on how today’s millionaires are made, owning a business and running it successfully is the fastest way to achieve the dream.
He adds that this text explicitly guides employees to save and retire early and explains that only earnings can make an individual a millionaire, not the monthly paycheck.
Structurally, this text is segmented into four sections of 22 chapters. Section one is eclectically named Get Motivated and covers the first eight chapters. Chapter one is titled The Parable of the Parrots and the Perches. Here, Aseknowo quotes Alvin Toffler thus: “Change is not simply necessary for life, it is life.”
According to this author, “In my interactions with different people in the workplace, one of those decisions that people have a hard time making is to leave their paid jobs and have to face uncertainty. This experience cuts across all cadres, including superiors”. Aseknowo adds that it is, however, more common among young executives in their 30s and 40s. This author points out that asking them what their alternative plan of action would be if they left their paid jobs is a very demanding question.
Aseknowo clarifies that when advising people in this category on the need to have an alternative plan while their paid jobs are still working, you really have to be careful because such advice could seem stupid and the feedback you will receive can be unpleasant, as this could mean to them that you are trying to push them into making a decision that could bring unnecessary financial hardship to their family.
In the words of this author, “Some people are not really sure if it is necessary, while others feel that the time is not right for such an action. Take, for example, an employee with a well-paying job, a job with a good official car and who pays all the bills or such a job with a prominent social position in society, it will not be easy for him to leave it”.
Chapter two is baptized Sure! You need a Plan B. According to Aseknowo here, “One of the popular maxims we almost always hear people say is that those who fail to plan therefore plan to fail. Yes! Planning is good.”
This author adds that many of us would have dedicated ourselves to one or another form of planning. He says that a twenty-five-year-old adult would have had some plans regarding his family life. “One thing that is not certain is whether that adult understands that having plans alone is not a prevention for failure in life. Having alternative plans of action to achieve a set goal in case one fails to be able to fall back on others.” in search of security, is the best approach in life”, educates this author.
In chapters three through eight, Aseknowo analytically discusses concepts such as discovering your potential and moving forward; coping with job loss; need for a mentor; networking power; holding on to his dream and the value of his talent.
Section two is generically called Getting Started and contains seven chapters, that is, chapters nine through 15. Chapter nine is titled Various Opportunities in the Economy. This author quotes Robert Collier here thus: “As soon as every opportunity presents itself, use it. No matter how small the opportunity, use it.”
Aseknowo says that as you read this chapter, he wants you to remember any of the trading opportunities you’ve seen in previous chapters. He adds that if he can do this successfully, then he is closer to making his dream business come true. According to him, “It means that you have the right mind to spot opportunities even in the real world, this is because being able to spot opportunities is the first requirement to become a successful entrepreneur. I have always believed that opportunities exist in every situation. and some of these may develop into one form of business activity or another. All we have to do is figure out where these opportunities exist and take advantage of them. These opportunities exist because goods and services, as a matter of necessity, must continue to exchange hands. to satisfy people’s needs and in exchange for money”.
Aseknowo says that another reason business opportunities will continue to exist is what is happening in the global market. “Based on global challenges, especially with the high demand for food, special service providers, technology and alternative energy sources, some sectors of the economy have become extremely important and active with increasing commercial activities”, states this author .
In chapters ten through fifteen, Aseknowo casts his intellectual spotlight on such concepts as what to check before deciding what to do; possibility that your idea will be profitable; giving your business a good foundation; the best way to locate your business; how to survive the first 12 months and good brands that mean good profits.
Section three is briefly woven together as Let’s Talk About Your Finances and covers six chapters, that is, Chapters 16 through 21. Chapter 16 is based on the question mark of Why Worry About Your Startup Capital? According to Aseknowo here, “One of the regularly discussed challenges faced by entrepreneurs and entrepreneurs around the world is how to raise start-up capital. Actually, the topic of capital is not just limited to the young and ‘wannabe entrepreneurs.’ Large-scale businesses also experience this challenge many times. The fact is that no other issue poses more challenges for entrepreneurs than start-up capital.”
He illuminates that capital has become a key success factor in realizing any entrepreneurial dream today, adding that without it, the dream is like a mirage.
In chapters 17 through 21, this author examines concepts such as starting small and growing big; how his bank can help you; two good heads are better than one; learn some accounting and learn some financial terminology.
Section four, the last section is called Avoiding the Trap and it contains only one chapter, namely Chapter 22. In Aseknowo’s words, “Business failure is a fact. Although no one likes to associate it with failure, this is one reality to have to live with.Business failure can be the result of various mistakes due to a poor decision or other factors that are not really under the control of the business owners, whichever way you look at it, the effect is always devastating When you struggle to start a business and suddenly the business collapses, it will affect your finances, your family and your social life.”
As for the mode of presentation, this text is fine. For example, the concepts discussed in this text are presented in a brilliant and logical manner. Aseknowo begins each chapter with one form or another of allusion for analytical reinforcement and to ensure easy comprehension by readers.
Also, this text is an embodiment of great aesthetic appeal, especially since the print quality is high and the design is very good.
However, some typographical errors are noted in the text, which should be corrected in the next edition. One of them is “Institute of Chartered Accountants of Nigeria” instead of “Institute of Chartered Accountants of Nigeria”.
Conceptually, this text is on the highest rung of the intellectual ladder. It’s fantastic and highly recommended for anyone who wants to become their own boss.