Moroccan forward Taarabt has arrived on loan from QPR with the reputation of being a gifted playmaker capable of moments of genius, but also erratic and inconsistent.
Jol, who signed the 24-year-old when Tottenham manager in 2007, admits Fulham's limited budget means he must be creative in the transfer market, a fact underlined earlier on Friday when Aston Villa striker Darren Bent arrived at Craven Cottage on a season-long loan.
"They say necessity is the mother of invention. I could leave it or I can gamble," Jol said.
"Maybe in six months' time or a year you will say I gambled too much, but believe me sometimes I have to gamble.
"That's what I have to do as we don't spend B£5million or B£6million on players."
Taarabt will be included in the squad for Saturday's Barclays Premier League opener at Sunderland, but his lack of match fitness means he is unlikely to start.
Jol believes the African's ability to change matches makes him a useful addition to the squad, even if his roller-coaster form must be addressed.
"There aren't many players with his talent in Europe, but he needs to do it on a consistent basis and he needs confidence," Jol said.
"Adel is settling in. He hasn't played for months and we had to start somewhere. Hopefully he's ready.
"He's certainly a player a club like us could do with in the squad. He gives us that extra dimension.
"Hopefully he can improve and he'll become a player who scores eight, nine or 10 goals and produces more assists. I need goals and creativity up front.
"With Bryan Ruiz, Dimitar Berbatov, Adel and other creative players, if things are not going well people tend to blame them. I will too!
"I need to find the right balance between ball players and work horses."
Jol, meanwhile, has rejected suggestions that the Premier League has slipped behind Germany's Bundesliga and Spain's La Liga as the game's finest domestic competition
"I think the Premier League is even better than before. People talk about Spain and the Bundesliga and of course they are strong," he said.
"But I don't believe there is any league in Europe as strong in terms of spending power and capacity of the clubs.
"It's even stronger now than it was, especially the top five."