Running a business is not like Chess. There is a temptation to look a long way into the future and make detailed plans for achieving your ambition. But the reality is that it is more like Backgammon. Random events occur and the important thing is to have your pieces in the right place in the hope that the effect of bad luck is minimised and that when you have good luck you can take advantage.

Lovely analogy.

What did you mean by saying your approach to finance ‘started like a game of chess’ but became ‘more like backgammon’?rf1

Originally I approached finance like chess: by assuming it’s logical and predictable. But I realised it was more like backgammon, which involves randomness, where you can play a perfect game and lose. I had to adjust when things didn’t work out and look back to decide whether it was because of mistakes or bad luck.

Richard Farleigh of Dragon’s Den fame in Daily Telegraph


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