Being an entrepreneur, you need to be flexible when confronted with potential difficulties. It also means having the ability to recognize an opportunity when you see it, no matter how stupid it may seem to others or how well hidden it may be.
As the founder of the company, keeping it alive requires you to think creatively, because most often, the conditions are so rapidly, that all your carefully laid plans to not change anything.
In fact, all real entrepreneurs have a plan B. maybe even C and D bubbling away in the background. In a sense, the definition of a startup is a series of plan BS looking for a scalable and repeatable business model, especially if to consider, as is often done stat that 90% of startups fail in their first year.
So, if you are in the beginning of the game, what are the steps towards having a plan B And how do you know when to use it?
“And if your idea really sucks…to be like Twitter.”
Taking the first step
The most difficult part of plan b is the recognition that the plan might not work. No one wants to admit that their crash hot business idea is prone to shortcomings and unforeseen disasters.
Agreeing that you need a plan b-this is the first step to putting it into action. This does not mean that you are tempting fate even to think about failure, it just means that you have listened to the voice of reason and giving yourself a safety net. It can also help you take a realistic approach to drafting the work plan.
Shift Your attention
If you believe that growth and profits are not where they should be, perhaps your plan b is to rethink where your focus should be. Consider changing your target audience or rethinking how you meet their needs. It can be so simple as refocusing your primary message, not changing the core business.
Rethink your approach
Are you using the right platforms to reach your customer base? Perhaps your plan B to change the process of getting your product to the people. The business idea may be sound – it just needs to be tweak to make it work.
Do your homework
Your product is the key to the success of Your business. Make your plan B investigation of Your product and a process of refinement, not to abandon the whole idea. Try some of the following:
- The focus group is to obtain real reviews from customers who you expect will benefit. This can give you some valuable insights for improvement.
- Studies the latest innovations – something to read on the latest technologies for your product and apply the results of the analysis in practice.
- Send out a survey – does your product meet the needs of your audience, or are you just assuming? Ask them through a survey using the incentive.
There may be nothing wrong with your product or your approach, but how you look and sound can be unattractive. Make plan B a facelift in Your company, both in terms of design and tone of Your voice. Be careful; rebranding-it’s just cosmetic, if what you really need to fix is the product itself.
And if your idea really sucks…to be like Twitter
Sometimes your plan B may be something You never thought of before. In the case of the Twitter team, for example, they initially work on a podcast app called odeo, but they ran out of ideas. They have created Twitter as an internal communication Platform that made them keep their thoughts to 140 characters. And just like that, born into a social networking monster.
For the entrepreneur, flexibility and agility are your motto. In the world of startups, your plan can, indeed, plan B tweaks and turns, until you find a model that works.