Never Bet the Farm

How Entrepreneurs Take Risks, Make Decisions and How You Can, Too

by Stephen Spinelli Jr. , Anthony Iaquinto

Number of pages: 224

Publisher: Jossey-Bass

BBB Library: Entrepreneurship

ISBN: 9780787983666

About the Authors

Stephen Spinelli Jr. : Stephen Spinelli Jr. is the director of the Arthur M. Blank


Anthony Iaquinto : Anthony L. Iaquinto received his Ph.D. from Columbia University and spent


Editorial Review

The attitude one has towards their business and towards their success or failure is a key component to lead a happy entrepreneurship and successful life. Entering an entrepreneurship can be and is a scary road trip for most, and never did it guarantee instant success. But those who come out strong are those who learnt how to fall standing up. Many if not most of the world’s millionaires are professional entrepreneurs who have faced up to failure several times in their lives. The question that should be asked is not whether will you fail as an entrepreneur, but rather when you do fail at a project¾why and how did you fail. And it is from here that you must learn how to start again. To get started, there are 15 basic principles to watch out for in a free enterprise. The 15 principles are divided into two parts: developing the correct frame of mind and making the right decisions.

Book Reviews

"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." - Wiley

"Kaufman went looking for a pizza and ended up on Wall Street, giving a revealing view into commodity markets and food pricing." - Kirkus

"I strongly recommend Bet the Farm – it’s an entertaining book about global finance that could prompt some new conversations about food and finance among audiences who, until now, haven’t necessarily been collaborating on food work. You may never look at a slice the same way again!" - Grace Communication Foundation

"The proposed solutions calmed my nerves, if only briefly, since they offer a hopeful way out of the maze of markets, and because I actually understand them" - Civil Eats

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Wisdom to Share

Good luck could be due to: good timing, a chance meeting, a fortunate find or a favorable change in consumer tastes and of such. Bad luck can be attributed to: economic recession, death or illness of a key client, a natural disaster and of such.

Despite it being part of the equation, luck is not something to dwell on and no matter how much you hope and pray for it, good luck will not necessarily fall on your lap.

Great ideas are often low-tech. Keeping it simple is always advisable.

The main concept behind Dell Computers was to sell directly to the user and making the process of selling a computer easier.

One of the latest trends happening now is known as “clutter buster”. This new service is to help people sort out and organize their work and lives due to the increasing amount of information and responsibility that individuals are handling in this era of time.

The execution of an idea is more important than the idea itself. History shows us that one idea can easily come, at the same time, to more than one person, but the one who executes his idea best, comes out as the winner.

It is known that your business is at a most threatened height when you do not take your fears into account. Being the natural instinct that it is, fear raises your awareness and you can use it as a natural defense mechanism. Using fear correctly, will enhance better decisions and will allow you to tune in finely on your actions.

Top entrepreneurs take many years to hit the top. Wal-Mart, America’s biggest retail store, spent years researching the Japanese market before investing and still worked behind the scenes a few more years, learning as much as they could about the Japanese market while slowly breaking in their American system.

The best way to know if it is ‘the right time’ is by being confident that you will deliver what you promise.

Too much expanding might even force you to turn down new customers, simply because your resources cannot keep up with the flow.

Like it or not, the entrepreneur must eventually establish a network of friends, family, and associates, whom all help improve the odds of success.