To be successful in life or 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.
Today, organizations collapse due to the lack of a backup plan in case things don’t work out as planned. Most workers also do not have the foresight to have their Plan B in case of sudden job loss, for example. Plan B for a worker with a pension may be self-employment. Lack of Plan B is like having a car key with no spare. What if it is lost? Is that the moment you will 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 titled “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 has 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 starting and successfully managing 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 entitled 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 crosses all cadres, including superiors”. Aseknowo adds that, however, it is 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 about the need to have a back-up plan while their paid jobs are still running, you really have to be careful because such advice might seem stupid and the feedback you’ll get may be unpleasant, as this might to mean to them that you are trying to push them into making a decision that could bring unnecessary financial hardship to your 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 action. Take, for example, an employee with a well-paid job, a job with a good official car and paying all the bills or such a job with a prominent social position in society, it will not be easy for you to leave it.”
Chapter Two Gets Baptized Sure! You need a Plan B. According to Aseknowo here, “One of the popular maxims we hear people say almost always 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 would have had some plans for his family life. “One thing she isn’t sure is whether that adult understands that having plans alone is not a prevention for failure in life. Having alternative action plans to achieve a set goal in case one fails so they can turn to others in search of security, is the best approach in life”, educates this author.
In chapters three through eight, Aseknowo analytically analyzes concepts such as discovering your potential and moving forward; coping with job loss; need for a mentor; power of networking; clinging 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 as follows: “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 business opportunities you’ve seen in the 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 discover 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 marketplace. “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 business activities,” says this author. .
In chapters ten through fifteen, Aseknowo casts his intellectual spotlight on concepts such as what to check before deciding what to do; possibility of your idea being 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 imply good profits.
Section three is woven together briefly as Let’s Talk About Your Finances and covers six chapters, that is, chapters 16 to 21. Chapter 16 builds on the question topic of Why bother with your start-up capital? According to Aseknowo here, “One of the regularly discussed challenges facing 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 ‘aspiring entrepreneurs.’ Medium or large-scale businesses also experience this challenge many times. The fact is that no other issue poses more challenges for entrepreneurs than startup 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 finance terminology.
Section four, the last section is christened Avoiding the Trap and contains only one chapter, that is, chapter 22. In the words of Aseknowo, “Business failure is a given. Although no one likes to associate it with failure, this is a reality to have to live with.Failure in business can be the result of various mistakes due to a bad decision or other factors that are not really within 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.”
Regarding the mode of presentation, this text is fine. For example, the concepts discussed in this text are presented in a brilliant and logical way. Aseknowo begins each chapter with one form of allusion or another for analytical reinforcement and to ensure easy understanding by readers.
Furthermore, 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 boss.
