Why does the principle of minimal resources work for entrepreneurs? It reduces risk and lowers fixed costs, which favorably affects breakeven. And it lowers the cost of choosing to abort…Minimal resource commitment also lowers the risk of owning obsolescence. No wonder computer leasing caught on early and has prevailed, especially with entrepreneurs, given the rapid change rate in that technology! Once a system is bought and installed, you are stuck with it. Given the flux and uncertainty of market and technology in which most entrepreneurs must survive, the inflexibility of ownership can be a curse.
The late Jeffry Timmons was a pioneer in entrepreneurship education in the United States, and he wrote prolifically on the subject of new venture creation. Like the more recent Will It Fly? (2004) by Thomas McKnight, Timmons' New Business Opportunities (1990) is among the few book-length treatments of opportunity analysis available, which makes it a useful reference to keep at your side when screening business ideas. This book is also one of the few…read the full book review