Not having a schedule is OK if it's your PhD and you plan to spend 14 years on the thing, or if you're a programmer working on the next Duke Nukem and we'll ship when we're good and ready. But for almost any kind of real business, you just have to know how long things are going to take, because developing a product costs money.
Joel SpolskySoftware development takes immense intellectual effort. Even the best programmers can rarely sustain that level of effort for more than a few hours a day. Beyond that, they need to rest their brains a bit, which is why they always seem to be surfing the Internet or playing games when you barge in on them.
Joel SpolskyNever put yourself in a position that will put yourself at risk if you make the wrong decision. We spent cash on everything. It's fashionable to make 'bet the company' decisions, but don't do it.
Joel SpolskyBeware of Methodologies. They are a great way to bring everyone up to a dismal, but passable, level of performance, but at the same time, they are aggravating to more talented people who chafe at the restrictions that are placed on them.
Joel Spolsky