Counting the Cost

For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? – Luke 14:28

Building a business has been likened to taking a journey. Many principles apply to the journey of an entrepreneur. This week I would like to share my thoughts on four: defining a vision, setting ethical boundaries and limits, starting the journey, and finishing the course.

Before starting any journey it is vital to understand where you want to end up when the trip is finished. Defining a vision involves crafting each part of the journey mentally before doing so physically. Dr. Stephen R. Covey calls this “beginning with the end in mind”. The key elements of a vision are: understanding what you want to accomplish, knowing why you want to build this business, and identifying resources necessary to succeed. A vision should also include an honest assessment of one’s strengths and weaknesses.

Another prerequisite involves setting ethical boundaries. Dr. Clay Christensen of Harvard Business School encourages his students to ask themselves the question “How can I be sure I will stay out of jail?” It is important to define what you will and will not do in order to achieve success. Set these limits before the tasks of building a business begin. It is helpful to write a letter to your future self, to be read only when one of the boundaries you have set has been, or is about to be, crossed.

Finally, the time has come to start. Moving forward is an act of faith based on prior planning. Fear of failure can be paralyzing, even after all of the planning that has been done. Overcoming this fear requires changing the way that failure is perceived. Successful entrepreneurs view failure as an opportunity to learn. Michael Jordan expressed this idea when he said “I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed.” One little known fact about Babe Ruth is that he struck out more often than any other batter of his time. Viewing failures as a learning opportunity allows the journey to progress.

Persistence is a vital element in the entrepreneur’s journey. The ability to finish the journey that has been started marks the true definition of success in business endeavors. The temptation to quit when the going is rough can be strong, but the successful entrepreneur sees her journey through to the very end. Even a failed business venture can be considered successful when lessons are learned and built upon to avoid future mistakes. Randy Pausch, in his famous “Last Lecture”, makes the following observation: “We cannot change the cards we are dealt, just how we play the hand.” Playing the hand that has been dealt is one true mark of a finisher.

The entrepreneurial path is not an easy one. These four principles will not guarantee success in every business venture. But when they are faithfully followed the chances for success increase exponentially.