Nowadays, especially through idols like Arnold Schwarzenegger, the assumption is very widespread that you shouldn’t have a plan B and must do everything to implement plan A. But how realistic is this really? But how realistic is that really? Find out in today’s blog post.
Why shouldn’t you have a plan B?
According to the reasoning structure of idols like Arnold Schwarzenegger, Plan B is nothing more than a distraction from Plan A. Let’s say your dream is to invent the next Amazon. According to Arnold, you should quit your current job and go all-in. Because of course he’s right that if you want to start your start-up and you’re working 40 hours a week on the side, then you’ve “wasted” 40 hours a week that you could be investing in your start-up so that it goes through the roof faster.
If you still have a plan B (in this case, your work), it will cost you valuable time.
On the other hand, if your business plan is simply not good or your entrepreneurial skills leave a lot to be desired, then 40 extra hours a week won’t do you any good if, in the end, it probably never comes to anything. You will also have fewer financial resources at your disposal that you could otherwise have used to expand your business.
What speaks in favor of Plan B?
The following points speak in favor of an emergency plan in case everything goes wrong:
- Financial Security:
- Advantage: Stable income from a backup plan provides financial security.
- Disadvantage: Potential distraction from your primary goal.
- Reduced Financial Risk:
- Advantage: Lower financial risk, providing a safety net.
- Disadvantage: May dilute the urgency and focus on Plan A.
- Versatility and Adaptability:
- Advantage: Ability to adapt to changing circumstances.
- Disadvantage: Possibility of spreading yourself too thin.
- Diversified Skill Set:
- Advantage: Exposure to diverse skills and experiences.
- Disadvantage: May lack deep expertise in one specific area.
- Mental Well-being:
- Advantage: Reduced stress knowing there’s a fallback.
- Disadvantage: Potential lack of ambition or drive in Plan A.
What speaks for no plan B, but only plan A?
Going all-in also has its advantages, see the following points:
- Passion and Commitment:
- Advantage: Unwavering dedication and passion for your Plan A can fuel sustained effort.
- Disadvantage: Risk of burnout if challenges persist, requiring a careful balance.
- Accelerated Learning:
- Advantage: Rapid skill development as you focus intensely on your chosen path.
- Disadvantage: Limited exposure to alternative skills or experiences.
- Building a Brand or Expertise:
- Advantage: Establishing yourself as an expert or brand in your chosen field.
- Disadvantage: High stakes – failure could be more emotionally challenging.
- Networking in a Niche:
- Advantage: Deep connections within a specific industry or community.
- Disadvantage: Potential isolation from broader professional networks.
- Fulfillment and Satisfaction:
- Advantage: Personal fulfillment from pursuing a passion.
- Disadvantage: Risk of disappointment if success is not achieved.
Summary
Ultimately, we can’t give you a one-size-fits-all recommendation. You have to weigh up the points against each other. If you have a really good plan and are completely passionate about putting it into practice, then we would advise you not to have a plan B, but to go all-in. If, on the other hand, your goal is just to earn a little money on the side, then you shouldn’t go all-in.
It all depends on your risk tolerance and how you deal with stress. Because if you don’t have a backup plan, you’ll be under a lot of stress and pressure, as your whole future basically depends on how hard you work on plan A.