Abstract
We designed this book to give you tools we hope you can use to improve your entrepreneurial performance. We have structured these rules following the entrepreneurial journey. You will find rules for recognizing opportunities, selecting markets for entry, making decisions, and developing plans and strategies. We have included rules for collaborating with important others, such as engaging with external stakeholders, working with cofounders, and managing employees. You will also find tools to grow your venture, ride the emotional rollercoaster of the entrepreneurial journey, and develop the social aspects of your venture. Finally, the book also includes rules for managing mistakes and failures and exiting your venture. We situate these simple rules in the entrepreneurial context. The entrepreneurial context is one of great complexity, dynamics, uncertainty, emotionality, time pressure, and consequential outcomes. We hope these simple rules help you.
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This book offers 66 simple rules for entrepreneurs. It is not a strictly academic book because it does not present specific research findings. We can assure you that the research underlying these rules is established and valid. If you are interested in the science behind the sections, we have compiled a list of further readings at the end of the book.
This book also differs from a textbook because we do not use detailed examples. While examples can help make abstract concepts more concrete, we go straight for the concrete. Hopefully, you can apply the simple rules to your specific context and do not need us to provide that context.
Of course, there are nuances to every one of these rules. However, if we delve into the nuances, they become more complex. One of the great entrepreneurship scholars, Kathie Eisenhardt, noted that for entrepreneurs the more complex and dynamic the environment, the simpler the rules need to be.Footnote 1 We have followed her recommendation and offer simple rules. Some of these simple rules may apply to you, but others may not. While the book offers many simple rules, many others are not mentioned. We chose the simple rules that we thought were the most important rules for entrepreneurs.
The purpose of this book of simple rules is not to explain the process of entrepreneurship or why some groups of entrepreneurs perform better than other groups of entrepreneurs. Instead, this book is designed to give you tools we hope you can use to improve your entrepreneurial performance. We have structured these rules following the entrepreneurial journey. You will find rules for recognizing opportunities, selecting markets for entry, making decisions, and developing plans and strategies. We have included rules for collaborating with important others, such as engaging with external stakeholders, working with cofounders, and managing employees. You will also find tools to grow your venture, ride the emotional rollercoaster of the entrepreneurial journey, and develop the social aspects of your venture. Finally, the book also includes rules for managing mistakes and failures and exiting your venture.
We situate these simple rules in the entrepreneurial context. The entrepreneurial context is one of great complexity, dynamism, uncertainty, emotionality, time pressure, consequential outcomes, etc. It is a context in which decision-making cannot be formulated based on traditional decision analysis. There is no right approach to generate the right solution. In this context, your decision-making can substantially impact the quality of your decisions and thus your venture’s performance.
We hope these simple rules help you consider your environment, venture, entrepreneurial team, and yourself. Good luck.
Notes
- 1.
Eisenhardt, K. M., & Sull, D. N. (2001). Strategy as simple rules. Harvard Business Review, 79(1), 106‒176.
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Shepherd, D.A., Patzelt, H., Breugst, N. (2024). Introduction. In: 66 Simple Rules for Entrepreneurs. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-62032-4_1
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DOI: https://doi.org/10.1007/978-3-031-62032-4_1
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