The Power of Plan B

Author: Sam Asekunowo
Publisher: Xlibis
Reviewer: Goke Ilesanmi

Achieving long-lasting success in life requires a lot of strategic planning. This is especially so because great accomplishmentsare not attainedby accident but through conscious efforts. Specifically, individuals and organisations that are thirsty for long-term success need to have their Plans A and B. Plan A is the first and original plan while Plan B is the second plan one can switch over to later if Plan A does not work. Today, organisations collapse because of lack of an alternative plan.

Most workers too do not have the foresight of having their Plan B in the event of sudden loss of jobs, for instance. The need to create awareness about “Plan B”, informs my decision to review this book christened “The Power of Plan B” with the subtitle “The Secret of Today’s Millionaires” this week.

The book is written by Sam Asekunowo. Asekunowo, a Professional Accountant, holds a Master of Business Administration (Management) from the University of Ado-Ekiti, now EkitiState University, in addition to Master of Science in Finance from Lagos State University.

This author submits that the text is an exposition of how individuals can retire early to create wealth to secure the future and become financially independent by starting and running successfully their own mega businesses.

Asekunowo discloses 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 get the dream accomplished. He adds that this text explicitly guides employees to save and retire early and explains that it is only profit that can turn an individual into a millionaire not the monthly paycheque.

This text has four sections of 22 chapters. Section one is eclectically christened “Get motivated” and covers the first eight chapters. Chapter one is entitled “The parable of the parrots and the perches”. Here, Asekunowo says in his interaction with different people in workplaces, one of those decisions people find hard to take is leaving their paid jobs and having to face uncertainty. He adds that this issue cuts across all cadres and is however more common among young executives between the ages of 30 and 40 years.

Asekunowo illuminates that when you advise people in this category on the need to have an alternative plan while their paid jobs are still running, you really must exercise caution because such advice could look stupid and the feedback you will get may be unpleasant as this could mean to them that you are trying to push them to taking a decision that could bring unnecessary financial difficulties to their family.

Chapter two is christened “Sure! You need a Plan B”. According to Asekunowo here, one of the popular maxims we hear people say almost every time is that those that fail to plan therefore plan to fail. This author adds that many of us would have engaged in one form of planning or another. He says one thing that is not sure is whether people understand that having plans alone is not prevention for failure in life. Having alternative plans of action towards achieving a set target in case one fails so that one can turn to others for safety, is the best approach in life, educates this author.

In chapters three to eight, Asekunowo analytically X-rays concepts such as discovering your potential and moving forward; coping with job loss; need for a mentor; potency of networking; holding onto your dream and the worth of your talent.

Section two is generically labelled “Getting Started” and contains seven chapters, that is, chapters nine to 15. Chapter nine is entitled “Various opportunities in the economy”. Asekunowo says as you read through this chapter, he wants you to recollect any of the business opportunities you have spotted in the previous chapters. He adds that if you can do this successfully, then you are closer to making your dream business a reality.

In chapters ten to 15, Asekunowo beams his intellectual searchlight on concepts such as what to check before deciding what to do; possibility of your idea being profitable; giving your business a good foundation; how best to locate your business; how to survive the first 12 months.

Section three is summarily woven together as “Let’s discuss your finance” and covers six chapters, that is, chapters 16 to 21. Chapter 16 is based on the interrogative subject matter of “Why worry about your start-up capital?” According to Asekunowo here, one of the regularly-discussed challenges confronting entrepreneurs globally is how to raise the start-up capital. He says the issue of capital is not limited to young and aspiring entrepreneurs.

In chapters 17 to 21, he examines concepts such as starting small and growing big; how your bank can help you; two good heads being better than one; learning some bookkeeping and learning some terminologies in finance.

Section four, the last section is christened “Avoid the pitfall” and contains just a chapter, that is, chapter 22. Asekunowo educates that business failure is a matter of fact. He says though no one likes to associate with failure, this is a reality we have to live with. Failure in business can result from several mistakes due to poor decision or other factors not really in the control of the business owners, asserts Asekunowo. He says whichever way one looks at it, the effect is always devastating. When you struggle to start a business and all of a sudden the business collapses, it will affect your finance, family and social life, stresses the author.

Conceptually, this text is on the highest rung of intellectual ladder.As regards presentation mode, this text is outstanding. For instance, the concepts discussed in this text are brilliantly and logically presented. Asekunowo starts every chapter with one form of allusion or another to achieve analytical reinforcement and ensure easy understanding on readers’ part. What’s more, this text is an embodiment of high aesthetic appeal, especially because the print quality is high and the layout very good.

However, some typographical errors are noticed in the text, which need to be corrected in the next edition. One of these is “Institute of Chartered Accountant of Nigeria” instead of “Institute of Chartered Accountants of Nigeria”.

Generally, this book is fantastic and highly recommended to anybody that wants to become his or her boss.

GOKE ILESANMI (FIIM, FIMC, CMC), CEO of Gokmar Communication Consulting, is an International Platinum Columnist, Professional Public Speaker, Career Mgt Coach and Certified Mgt Consultant. He is also a Book Reviewer, Biographer and Editorial Consultant.

Tel: 08055068773; 08187499425

Email: [email protected]

Website: www.gokeilesanmi.com.ng