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Principle 2 — Don’t Commit More than You Can Afford to Lose

In: Beyond the Business Plan

Author

Listed:
  • Simon Bridge

    (University of Ulster)

  • Cecilia Hegarty

    (PLATO EBR)

Abstract

Consider the downside risk and don’t at any stage commit to an uncertain venture more than you can afford to lose. The future is uncertain and, in any case, it has been said that enterprise is spelt R-I-S-K. Some people try to quantify the risk and reduce the uncertainty through market research, but that can be expensive and, as Illustration 3.3 suggests, rarely works. Saras Sarasvathy found that the ‘expert’ entrepreneurs she interviewed distrusted it and revealed ‘a profound distrust of attempts to predict the future’.1 So, if the element of risk remains, the sensible new venture explorer will plan accordingly.

Suggested Citation

  • Simon Bridge & Cecilia Hegarty, 2013. "Principle 2 — Don’t Commit More than You Can Afford to Lose," Palgrave Macmillan Books, in: Beyond the Business Plan, chapter 9, pages 89-95, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33287-5_9
    DOI: 10.1057/9781137332875_9
    as

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