If things don’t work out as you plan what are you going to do? With a bit of luck you will have a backup plan, and if you don’t then you might be in big trouble. When we make plans we always hope that things will work out as we expect. It doesn’t always happen like that and so it pays to plan for the worst. A contingency plan then is a backup plan that we can turn to when things start to go wrong. All successful companies will have a contingency plan; in fact they will likely have many for the different aspects of the business.
All types of business enterprises will need to deal with a certain amount of uncertainly. There will always be risks to doing business, but everything possible will be done to keep these to a minimum. These uncertainties may be due to internal matters within the company or it may be due to conditions in the outside world.
Entrepreneurs are seen as some of the most important people in any society. These are individuals who help create wealth and jobs and it is hard to imagine how our economy could work without them. The word ‘entrepreneur’ is French in origin and it basically means ‘to enter and to take’. An entrepreneur in the simplest terms is somebody that is willing to take risks with their own money in order to launch some type of venture.