There’s no reason to have a plan B because it distracts you from plan "A" This debate is going on a friends FB page. I gave my point of view and wanted to post it here as well.
No simple answer to the question of whether having a backup plan is smart or not, it all depends on the circumstance. If I'm making a life decision and it’s something I truly believe in, then I don't have a plan B. I put everything into plan A - I go balls-to-the-wall after my dream - 24/7/365 and I make it happen by sheer will, determination, hard work, focus, and an un-quitting, relentless indomitable spirit. Sometimes you must burn the bridge behind you so that retreat is not possible leaving you to focus only on the path that lies ahead.
In your case Ryan Bucki, you made the decision to leave the security of the corporate world behind and go after your dream. That’s one of the boldest decisions anyone will ever have to make, especially having just started a family. In my experience - Fuck Plan B…it will only distract you from plan A. As soon as times get a bit tough, and THEY WILL believe me, you’ll find yourself second thinking your decision. Once you do that you are doomed. Strategy might change, but your dream doesn’t! The Space Shuttle is off course 99% of the time. Minor adjustments are made with thrusters 100,000s of times along the journey to get it back on track. That’s life – know where you want to go – change course along the way as often as you must to keep on track, but never lose sight of where you want to end up. Never look back when your dreams are at stake, once you start doubting yourself, you become week, opening the door for others to step up. JMHO
For smaller decisions in life or business, backup plans are often needed. Sometimes your strategy is to create a plan A and a B plan, so that if A doesn’t work out, you go with B, finalize the deal and move on to the next without wasting valuable time. Like I said, difference circumstances require different strategies.