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Do you use the 5 principles that successful entrepreneurs do?

I have grown fund of the 5 principles that that successful entrepreneurs use to keep them on the track. Mainly because they can be learned by all entrepreneurs and often by reading them, you find out that you are not that bad yourself.

The 5 principles are:

  1. Bird-in-hand principle - rely on your own resources
  2. Affordable loss principle - do not risk more than you can afford to lose
  3. Crazy Quilt principle - you corporate with many different people instead of doing it all yourself
  4. Lemonade principle - consider bumps on the way as means to develop your business
  5. Pilot-in-the-plane principle - using the 4 other principles make it easier to stay in control of your own business

Read more about the 5 principles in the article Start your business from nothing Do the principles give you any reason to consider the way you work in your startup?

3 Replies

Gil Allouche
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Gil Allouche Entrepreneur
Founder @ Metadata
This is awesome. Thanks Mogens
Steven Schkolne
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Steven Schkolne Entrepreneur
Computer Scientist on a Mission
Wow this is blatantly self-promotional. By far the best self-promotional post I've ever seen here (and the link - even more so). Very informative.

Perhaps this is not the right thing for this forum. Mogens what do you actually need help with?
Mogens Thomsen
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Mogens Thomsen Entrepreneur
Entrepreneurship Tools, Training and Knowledge. Konsulent i iværksætteri og socialøkonomisk virksomhed
@Steven
The reason for the post is that I experience it gives a lot of energy to many entrepreneurs to learn about he 5 principles. To hear other entrepreneurs comments on them gives me inspiration to use them even better in my work.
As you read I am not the inventor of the principles, it isProfessor Saras Sarasvathy
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