Never Bet the Farm

About the Author

Anthony L. Iaquinto and Stephen Spinelli Jr. are the masterminds behind "Never Bet the Farm," a book that offers invaluable insights into entrepreneurship and risk management. Anthony Iaquinto, with a Ph.D. from Columbia University, spent 15 years as an educator and entrepreneur in Japan, starting three successful businesses, including a language school and two restaurants. Stephen Spinelli Jr. is a co-founder of Jiffy Lube International, a renowned name in the automobile service industry. Currently, he serves as vice provost at Babson College and holds the John H. Muller Jr. Chair in Entrepreneurship. Their combined experience and expertise bring a practical and realistic approach to understanding and navigating the entrepreneurial landscape.

Main Idea

"Never Bet the Farm" is designed to help aspiring entrepreneurs prepare for setbacks by providing a robust framework to reduce risks and simplify decision-making. The book acknowledges that most new businesses will not meet their founders' expectations, despite ample financing, positive attitudes, and sophisticated planning. It emphasizes that experiencing a bankruptcy does not equate to failure. Winners are those who can stay in the game for another shot at success. Entrepreneurs should prepare for misfortune as this preparation could limit the costs of, and probably prevent, business failure. The book offers easy-to-understand tools for anyone with business ideas, ensuring that even if success does not come the first time around, there is always another chance.

Table of Contents

• Principle #1: Entrepreneurship is a Career
• Principle #2: Successful Entrepreneurs are Just Like You
• Principle #3: There Are No Secrets to Success
• Principle #4: Luck is Part of the Equation
• Principle #5: Never Reach for a Gallon When You Only Need a Quart
• Principle #6: It Shouldn't Only Be About Money
• Principle #7: Embrace Fear
• Principle #8: Never Bet the Farm
• Principle #9: Don't Spend a Dollar When a Dime Will Do
• Principle #10: Always Tap a Bridge Before Crossing
• Principle #11: Only Fools Fly Without a Net
• Principle #12: Connect but Protect
• Principle #13: Buddy Up
• Principle #14: Learn to Play the Gray
• Principle #15: Plan a Timely Exit
• Final Words

Principle #1: Entrepreneurship is a Career

Many people mistakenly believe that entrepreneurship is merely about starting a business. However, viewing it as a career helps one accept setbacks as part of the journey. Oprah Winfrey's career exemplifies this principle. In 1976, she faced a major setback when she was pulled off the air. Yet, her resilience and the arrival of a new station manager provided her with another opportunity, leading to her ultimate success. Embracing entrepreneurship as a career allows one to prepare for and recover from failures, ensuring longevity and multiple opportunities for success.