Goal setting for entrepreneurs

Posted on 3rd January 2015 at 4:10pm by Carl Reader in Business

Often, the cause of discontent in most entrepreneurs is due to a misalignment between their personal goals (which might be focused towards lifestyle objectives) and their business goals.

Therefore, I tend to look to explore personal goals and beliefs before discussing any details of the business – much to the surprise of most business owners, who want to tell the world about the business idea! By exploring these goals, and understanding more about somebodies personal motivations, it allows the business to be constructed in a way that will be in alignment with what they truly want as an individual.

There are many books available on goal setting, and an author that specialises in this subject is Brian Tracy, who wrote an excellent book on the subject: Goals!: How to Get Everything You Want - Faster Than You Ever Thought Possible.

SMART Goals 

For a goal to be effective, it needs to be very focused, rather than just a general aim. The acronym SMART defines the attributes of goals that are ideally set:

S – Specific                 A specific goal has a far greater chance of being achieved than a general target. Specific goals are usually more detailed than loose general goals, and will focus on the “who, what, where, why, and when” of a goal.

M – Measurable         A measurable goal allows you to know when you have achieved it, and perhaps more importantly allows you to determine whether you are on track with the achievement of the goal. For example, it is impossible to gauge whether you are on track to be “financially independent” without a finite definition of the goal, or how much weight you must lose to be “slim”.

A – Attainable            An attainable goal is a goal which will stretch you and challenge you, yet ultimately will be within your capabilities at the point of completion. This doesn’t mean that you have to be limited to goals that you can achieve today, as we tend to grow and develop as humans so that we can achieve our future goals.

R – Relevant               A relevant goal is one that ties into your key objectives and beliefs in life. It must be a goal that you are motivated to achieve, and often this only comes about if it ties into your fundamental paradigms about how you should conduct yourself in day to day life.

T – Timely                   Finally, any goal should be time bound. Without a limit to the time that a goal can take to acheive, the goal is left ‘hanging’ forever.

Please get in touch to let me know how your goal setting goes!

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