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

Anthony Iaquinto (Author), Stephen Spinelli Jr. (Author)

Book Description

Publication Date: March 17, 2006

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.

Editorial Reviews

Review

"Never Bet the Farm is an outstanding work, with many refreshing insights. A book I will use in entrepreneurship classes for some time to come."
—Albert A. Cannella Jr., Hahnco Companies professor, Arizona State University, Department of Management

"Iaquinto and Spinelli, using a rare mixture of practical experience and academic expertise, have come up with a framework that every entrepreneur should use if they wish to survive the inevitable pitfalls that line their path to success."
—Richard A. Steenerson, president and owner, Polaris Marine, Inc.

"Never Bet the Farm is a book that manages to be both practical and inspirational."
—Arsen Avakian, CEO and founder, Argo Tea, Inc.

"A very readable book for any entrepreneur."
—Rocki-Lee DeWitt, dean, University of Vermont, School of Business Administration

From the Back Cover

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.

See all Editorial Reviews

Product Details

• Paperback: 224 pages
• Publisher: Jossey-Bass; 1 edition (March 17, 2006)
• Language: English
• ISBN-10: 0787983667
• ISBN-13: 978-0787983666
• Product Dimensions: 9 x 6.1 x 0.7 inches
• Shipping Weight: 9.6 ounces (View shipping rates and policies)
• Average Customer Review: 4.6 out of 5 stars  See all reviews (12 customer reviews)
• Amazon Best Sellers Rank: #981,543 in Books (See Top 100 in Books)

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4 of 4 people found the following review helpful:

5.0 out of 5 stars Practical Advice That Most Entrepreneurs Don't Get Until Too Late, January 27, 2007

By 

Donald Mitchell "Jesus Loves You!" (Thanks for Providing My Reviews over 109,000 Helpful Votes Globally) - See all my reviews
(VINE VOICE)    (HALL OF FAME REVIEWER)    (TOP 100 REVIEWER)   

This review is from: Never Bet the Farm: How Entrepreneurs Take Risks, Make Decisions - and How You Can, Too (Paperback)

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.

6 of 7 people found the following review helpful:

2.0 out of 5 stars good premise but boring and weak, August 5, 2006

By 

AJ (Chicago, IL USA) - See all my reviews

This review is from: Never Bet the Farm: How Entrepreneurs Take Risks, Make Decisions - and How You Can, Too (Paperback)

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.

4 of 5 people found the following review helpful:

5.0 out of 5 stars A Rebuttal and A Recommendation, April 2, 2006

By 

D. Freeman (Encinitas, CA United States) - See all my reviews

This review is from: Never Bet the Farm: How Entrepreneurs Take Risks, Make Decisions - and How You Can, Too (Paperback)

In Mr. Panah Mosaferirad's review, (a "Spotlight" review based apparently on his penchant for reviewing books and products) he seems to have an agenda in negatively comparing Never Bet the Farm to another book, The Entrepreneurial Mindset. They are completely different types of books! NBTF states upfront that it is not a textbook, but an easy to understand tool for regular folks who have business ideas but are intimated by all the Jack Welch-like profiles of uber-entrepreneurs. I'm sure The Entrepreneurial Mindset is a fine book, which seems tailored to corporate types who are comfortable with MBA concepts, and indeed it clocks in at 400 pages which to Mr. Mosaferirad's mind makes it better. He even criticizes the paper-stock used for NBTF, which is pretty strange. NBTF, however, is intended to demystify the process by which people with creative business ideas can overcome their fears and embark on an entrepreneurial career. The authors, who blend both academic and entrepreneurial expertise, apply their own experiences as well as anecdotes from well-known entrepreneurs to outline the decision-making tools necessary to take smart risks. The last section of the book is an Entrepreneur's Guidebook which identifies entrepreneurship schools/centers throughout the nation, a list of websites focusing on national business and government organizations, and recommended entrepreneur books organized by sub-category. These resources are invaluable to anyone starting out. I wish I had read this book when I opened my retail store 10 years ago, it would have saved me a lot of grief (and money)!!!