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William Keyser, February 21, 2007

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.

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