Customer Reviews

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

5 star:		(9)
4 star:		(2)
3 star:		(0)
2 star:		(1)
1 star:		(0)

 

 

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.

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.

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)!!!

I thought this book was great, very instructive, innovative and inspiring.

It's hard to surf cable TV channels these days, without seeing an iteration of the "World Series of Poker," a "Texas Hold `Em Championship," or some charity "Celebrity Poker Playoff" being broadcast. And if you stop surfing long enough to watch one of these guilty pleasures, you'll inevitably see someone go "all in" as they boldly push their entire stake to the center of the table - usually to the wild cheers of spectators. While this type of all-or-nothing stunt makes for intense TV drama, it has no place in the world of business. So says Anthony Iaquinto who authored the book titled - Never Bet the Farm. The writer states that the best way for businesses to avoid unnecessary risks and financial misfortune is by consciously preparing for those setbacks in advance. Soundview recommends this read because it recognizes the fact that despite the best planning, resources and skill - things can still go wrong, but by simply recognizing that very fact an organization can help neutralize potential negatives before they occur. Additionally, the book stresses the point that bankruptcy and initial business failures don't necessarily mean the kiss of death - true winners are always seeking another chance, as well as the opportunity to keep themselves in the game. According to the author, one of the best way to stay in the game is by disciplined decision-making and risk avoidance as well as never going "all in" when you have other options.

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.

I agree with one of the previous reviewers, D. Freeman, that Never Bet The Farm is an excellent tool for those looking to gather as much infomation as possible about starting a business. The numerous stories about how even today's uber-Entrepreneurs (Branson, Dell, Walton, etc...) started out, almost failed, and the lessons learned along the way help a fledgling entrepreneur feel more confident about what to watch out for and where to turn when a problem surfaces. NBTF also acts as a great reference because of the authors' decision to include bullet points at the end of each section, thereby insuring easy access to key ideas and advice in the future. The guidebook section is a great idea as so many people don't know where to start looking and often times become discouraged before they get a chance to get their business off the ground. I look forward to the next book from these two authors as I am sure it will be an enjoyable, informative read.

What this book does, which is so amazing, is that it puts the power of entrepreneurship in the hands of the average Joe. So often it seems that starting and owning a successful business is only for the Bill Gates of the world, NBTF is very empowering in that sense.

Another thing that really hit home was how it directly addressed the "fear of failure" that stops many would be entrepreneurs from taking "the step". It is a very real and refreshing look at entrepreneurship.

This book gave me the kick in the pants I needed to start my business. It is very helpful, fun to read with great stories.

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.