Written by: Kriti Anand
To get anywhere in life, you need to know how to get there, but more importantly, you need to know the “where”. A goal-oriented approach not only minimizes digressions and frustration, it helps you achieve your ends faster. It is not without reason that setting achievable, short-term goals is considered one of the best ways to reach desired outcomes.
But is there a universal formula for setting up goals? Unfortunately, no. Every idea needs specific implementation to achieve its full potential. Every person needs an individualistic method to work at his or her full potential. It is not only about setting goals, it is about knowing what sort of goals to set.
A broad, overarching method works well in some areas, but entrepreneurship isn’t one of those. Being an entrepreneur is a high-risk, high-reward position.
Entrepreneurship requires more of an ability to tolerate failure than an obsession for winning.
“I have failed over and over and over again in my life. And that is why I succeed.”
– Michael Jordan
It requires you to have the passion, the patience and discipline, and the hunger for knowledge, to invest thousands of hours of hard work, to overcome your fears, and surround yourself with the right people to build a great business and make a profit out of it.
And along with all of this, it requires you to have a practical approach toward the aims you have set for yourself and your start-up.
To set up tangible goals for yourself allows you to know what you have to do next and to keep track of what you have done.
Here are some tips, on how to set goals and achieve them in order to become a successful entrepreneur:
- Brainstorm Ideas and its Target Market. Your idea does not have to be new and entirely original, but it has to be compelling. It can be a service that people need, or a source of comfort, or both, but it has to be something that would have or create a market of its own.
- Before you set your goals, it is important to make a list of your priorities. Once you have an idea what your start-up is based on, you’ll need to prioritize your finances, advertising and so on.
- Be Specific. Your goals need to be as detailed as possible. Research shows that setting specific goals makes it easier to achieve them. You may need to break your goals into larger agendas and smaller sub-goals.
- Be Realistic. The goals you set should be realistic and achievable. It is okay to have high aspirations, but you need to have a realistic idea of how to get there.
- Make Deadlines. In your goals, include numerous deadlines. It is a part of our nature as human beings to procrastinate, and deadlines help keeping that in control.
- Measurable Outcomes. It often so happens that we get demotivated mid-way after taking such a huge enterprise as an entrepreneurship. Keep track of your progress. Progress is the greatest motivator.
- Identify Possible Obstacles. Before finalizing goals for your start-up, pre-analyse what hindrances could come in your way. That will keep you prepared for them, and make them easier to overcome.
- Find a Community of Like-Minded People. The goals you set need you to be informed about the market space, potential customers, and sources of help. Finding people who share similar interests will keep you updated about these.
- Ask for Guidance. When needed, ask for help. Be it setting your goals or running your business, proper guidance from a knowledgeable source can do wonders.
- Revise, Recalibrate. Your goals cannot be fixed and inflexible. They will need tempering every now and then. Keep that in mind when you start penning them down.
- Determine Risks. Your goals need to accommodate for “acceptable loss”. Entrepreneurship does not bring with it a guarantee of success, but if you can work with your losses, you can acquire that success eventually.
- Create A Business Plan. In your goal, include what your company does, whom does it serve and what does it provide. Be concrete and specific, and describe what makes it superior to the other ventures of its kind.
Your goals are what will keep your company on track. They need to be strictly specific, not just to your company but to you. Entrepreneurship is about “creating customers”. You need to know how to build a business model around a product or service and take it to the market. Your goals need to reflect this attitude. And your goals need to be suited to you, your strong points, and your potentials.