Never Bet the Farm: How Entrepreneurs Take Risks, Make Decisions - and How You Can, Too

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Binding: Paperback Dewey Decimal Number: 658.421 EAN: 9780787983666 ISBN: 0787983667 Label: Jossey-Bass Manufacturer: Jossey-Bass Number Of Items: 1 Number Of Pages: 224 Publication Date: 2006-03-17 Publisher: Jossey-Bass Studio: Jossey-Bass
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Editorial Reviews: In Never Bet the Farm two leading entrepreneurs, Anthony Iaquinto and Stephen Spinelli, turn much of the so-called expert advice for entrepreneurs on its head. They show that by preparing for setbacks and using a framework that can help reduce risks and simplify decision making, entrepreneurs can increase their probability for success. They refute the idea that there is an ideal entrepreneurial “type,” and show that luck can be as important as a business plan in many enterprises. Above all, the authors emphasize that entrepreneurship is a career, not a one-time event, and winners are those who can keep themselves in the game. Never Bet the Farm is an easy-to-understand and attractive tool for anyone who has a business idea, but who might be wary of the risks implied in starting their own business.
Spotlight customer reviews: Customer Rating: Summary: Two business gurus offer straight talk about start-ups Comment: Libraries are filled with inspiring but intimidating tales of business success, but such superhero tricks of business engineering seem beyond the reach of mere mortals. Fortunately, Anthony Iaquinto and Stephen Spinelli Jr. provide down-to-earth tips for success. With detailed examples from successful companies, such as Dell and Wal-Mart, and more than 80 pages of background information, they provide instructive nitty-gritty advice. Some of the principles, especially the chapter on "gray areas," may set off your ethical alarms. But, otherwise, this is a good how-to manual for business success. We recommend this book to actual or armchair entrepreneurs. Customer Rating: Summary: WorkSavvy considers this a must read for entrepreneurs Comment: This book about business startup and avoiding potential pitfalls, by two entrepreneur-academics may have a negative in the title, but is far from negative in content. The authors describe how to embrace the correct frame of mind and ensure that the right decisions are made for business success. "Never Bet the Farm" takes a bootstrapping approach to setting up in business. It is about ambitious caution. Anthony Iaquinto and Stephen Spinelli have produced a belt-and-suspenders guide for intending entrepreneurs. To launch a business without being prepared for the inevitable setbacks, is to be blind. Commentators often suggest that entrepreneurs are risk-takers, but in my experience the successful ones are not; they are calculated, or managed, risk-takers. They know in advance how they will proceed if money is tight, sales do not reach forecast, production is delayed, or they face other unplanned outcomes. The authors do a great job because, while most books on business startup are written with the assumption that business plans will work out, they assume the reverse. This is much nearer reality. They set out fifteen 'principles' to help the reader determine wise courses of action. These principles include setting reasonable goals with achievable milestones; going for life as well as business goals; starting small and being financially responsible; being prudent, not foolhardy; having a backup plan in place; using and contributing to a network; clearing partnership roles at the outset; being clear about an eventual exit. "Never Bet the Farm" is intellectually honest and based on the practical business experience of both authors, who know business, quite as much as business school. Nearly a third of the book is in the form of "An Entrepreneur's Guidebook" with listings of helpful university resources, websites and books. This is another title on my list of essential reading for would-be entrepreneurs. Customer Rating: Summary: Practical Advice That Most Entrepreneurs Don't Get Until Too Late Comment: If you are thinking about starting a business but haven't done so before, you should read this book. Never Bet the Farm will increase your chances of success, reduce your chances of experiencing a calamity, and focus your attention in helpful ways so you'll make faster progress. The book is a quick read, easy to understand, and unforgettable in its examples and observations. If you have been an entrepreneur . . . or worked for an entrepreneur, you have a degree in the school of hard knocks about what can come your way. With those bumps and bruises, you'll develop a future business in a more successful way. For example, you probably experienced trying to do too much too soon . . . with not enough resources. That's a natural booby trap for most entrepreneurs who have a strong sense of urgency . . . that often overwhelms their sense of caution. While the bookstores and libraries bulge with volumes that help you think about who your customer is, how to add great value for that customer, and what you can do to provide superior products and services, there's little to help you realize where it might help you to rein in your enthusiasm. Never Bet the Farm plugs that gap in your inexperience if you are first-time entrepreneur or would-be entrepreneur. As I read the book, I was struck at how many of the points and examples perfectly match what I teach my entrepreneurial students. Why? Both coauthors are successful entrepreneurs as well as professors of entrepreneurship, and they bring those twin perspectives to bear in practical ways. The book's structure is a little unusual. The book is short (about 120 pages) with a lot of references (university centers for entrepreneurship, books, web sites, and citation sources used in the book). That may seem like a strange balance. I rather liked the approach. Most entrepreneurs I meet don't like to read and aren't aware of how to connect to their local universities for various types of assistance. Within the text, you'll find 15 brief essays that develop 15 principles that the authors want you to understand. Here's a paraphrased list of those principles: See entrepreneurship as a career; successful entrepreneurs are no different from you; success secrets are no guarantee; luck will affect you; take on the minimum challenge to move forward; be inspired by more than potential profit and gain; use your worries to help you focus on what you should be doing; hold back enough financial, relationship and emotional resources to be able to make a fresh start if all else fails; spend as little as possible to make progress; check out a choice before embarking on it; don't take risks you can hedge inexpensively; get involved with others, but keep your eyes open; add a teammate/partner to make your enterprise more effective; probe unexplored territory of what others will tolerate; and decide how and when you want to leave the playing field before you start. Of the essays on these principles, I felt uncomfortable only with the section about probing unexplored territory. Some readers may choose to see this section as encouraging you to disobey the law and to not honor your agreements where you can get away with it. I don't think that's the authors' advice, nor do I think those paths are a good idea. Instead, they are trying to help you keep an open mind. Many people will argue that there are success principles that apply to becoming an entrepreneur. Certainly, there are things you can do that will improve your odds (which this book describes) . . . but there are no guarantees of success. I particularly liked the way this book balances the requisite faith in your own abilities and vision with the need to be practical that a lot of things can go wrong . . . and probably will. I thought that the examples drawn from Sir Richard Branson's early experiences as an entrepreneur were unusually apt. Most people don't like how he got started. If you like those examples, I suggest that you also read Losing My Virginity by the boundless billionaire which tells more about his early days. I also encourage you to connect to your local university. Chances are you'll find resources there that will speed your success. Customer Rating: Summary: Buy It Comment: This was the first book I read when starting my business. I enjoyed the real world examples they gave about the trials and tribulations of other entrepreneuers like Sam Walton, etc. It was an easy read, and was very inspirational. The resources listed at the end of the book was a great launching point for other books, websites, and organizations that can help you with your business venture. Customer Rating: Summary: good premise but boring and weak Comment: I was really disappointed in this book. I do believe that many books on entrepreneurship are meant to be inspirational and therefore end up being unrealistic, and to be fair, I do think this book paints a more practical and accurate picture. With that said, the book was very general, lacked interesting and relevant examples, and didn't add much value. Furthermore, the book seems to be 200 pages but about 70 pages are a worthless list of universities. The worst thing? The authors repeatedly present italicized quotes of themselves, attempting to make their own thoughts and backgrounds seem even more important than they are. Disappointing. More Reviews