Have you ever wondered why some entrepreneurs fail to achieve their dream? Have you ever wondered why some entrepreneurs set big goals and others set mediocre goals? What sets the over achievers and the under achievers apart?
What’s the difference between the successful entrepreneurs that do big things and those that do nothing? You are going to find the answer to all these questions in this article.
“I intend to be, the richest man in the world.” – Howard Hughes
“It is my utmost desire to become a billionaire in my life time and also give away billions of dollars. I don’t think any paid employment on earth can help me achieve that dream. If I become a billionaire in my life time, I will just be another self made entrepreneur on the list. But if I don’t; I will die knowing I gave that dream my best shot.” – Ajaero Tony Martins
5 Keys to Effective Business Goal Setting for Entrepreneurs
Most entrepreneurs have not come to realize the power of effective business goal setting and maybe that’s why they remain average. Now what is business goal setting? Business goal setting is simply the art of setting business targets such as making your first million, growing your business by 50%, increasing sales, increasing customer’s base and so on.
“I think I am very goal oriented. I’d like to win the America’s cup. I’d like Oracle to be the No 1 software company in the world. I still think it is possible to beat Microsoft.” – Larry Ellison
Business goal setting is a very significant factor that determines the level of success to be attained by an entrepreneur. Without goal setting, there will be no business development or growth strategy implementation in any business.
Building a business without goal setting is like setting out on a journey with no starting point or arrival time frame. Business goal setting is one of the big differences between successful entrepreneurs and entrepreneurs that seem to be going nowhere.
“It’s my job for Oracle, the number two software company in the world; to become the number one software company in the world. My job is to build better than the competition, sell those products in the marketplace and eventually supplant Microsoft and move from being number two to number one.” – Larry Ellison
Take a look at the successful entrepreneurs and drop out billionaires of this world; they were able to attain this status because they think big, set big goals and achieve big things. Donald Trump is the biggest real estate developer in New York City; Bill Gates controls Microsoft; the largest software company in the world.
Warren Buffett is the richest investor in the world and Sam Walton’s Wal-Mart is the most capitalized company in the world. Larry Ellison owns the second largest software company in the world; Aliko Dangote is the richest black man in the world and Oprah Winfrey is a talk show billionaire and richest black woman in the world.
Mukesh Ambani controls Reliance Group; owners of the largest refinery in the world. Lakshmi Mittal owns the Arcelor Mittal; the largest steel company in the world. If these men and women set big goals and achieved them; what’s stopping you from doing the same?
“I like thinking big. If you’re going to be thinking anything, you might as well think big.” – Donald Trump
For entrepreneurs, goal setting is like analyzing a map containing their business blueprint, marking where they should begin, where to pause, where and when to stop. Once this map is analyzed, it will help you the entrepreneur determine the current position of your business, the strategies to be employed and the tools required to enable you achieve your business goals.
“All personal achievements start in your mind. The first step is to know exactly what your problem, goal or desire is.” – W. Clement Stone
“The best thing to invest in your business is your time. To schedule, plan and use time effectively, know your turf and know your objectives. Assess the obstacles and opportunities, then devise your strategies.” – The Mafia Manager
By engaging in business goal setting activities, entrepreneurs will come to ponder on what they should be doing to achieve their targets or dreams in life and business. They will know if they are to relax or double their efforts when they are falling short of what is expected of them.
“Get in, get it done; Get it done right and get out.” – Donald Trump
Goal setting in business is the ability of an entrepreneur to proactively deal with business challenges that may affect his plans. Being proactive simply mean being able to outline possible difficulties that may occur as well and the solutions to these difficulties.
Since business goal setting leads to strategic planning, an entrepreneur is not scared or defeated when business challenges occur because he has already prepared for them. He knows how to handle them when they come.
“We must have a theme, a goal, a purpose in our lives. If you don’t know where you are aiming, you don’t have a goal. My goal is to live my life in such a way that when I die, someone can say, ‘she cared.” – Mary Kay Ash
Business goal setting will help entrepreneurs to track their progress and achievement in whatsoever venture they have set out to accomplish. It will help entrepreneurs gain more confidence in their ability to confront challenges, set goals and achieve their goals.
“Aim for the highest.” – Andrew Carnegie
Unfortunately, goal setting alone is not enough to ensure your success in business. Goal setting without self belief and discipline is simply a waste of time. An entrepreneur may have a blueprint of what he wants to achieve in his business, but if he does not have the necessary discipline to carry out the plan, then nothing fruitful will come out of it.
“I enjoy myself a lot but I derive more joy in working. I believe in hard work and one of my business success secrets is hard work. It’s hard to see a youth that will go to bed by 2am and wake up by 5am. I don’t rest until I achieve something.” – Aliko Dangote
To be successful in business goal setting, the goals an entrepreneur should set for himself must be realistic and attainable. Being over ambitious in setting business goals can make the goals unrealistic and difficult to achieve.
When engaging in business goal setting activities, it is always important to set standards that would suit your present situation, your capabilities, and other factors that may influence the achievement of your goal. Care should also be taken so as to avoid business setting goals that are too low.
“People who dream small dreams continue to live as small people.” – Rich Dad
“A good goal is like a strenuous exercise, it makes you stretch.” – Mary Kay Ash
It is also important to know that goal setting in business is never complete without a time frame within which the goal will be achieved. A time frame will help you determine if you are to fast track your strategies or slow down a bit. Business goal setting will also help you as an entrepreneur to know if you are working towards the achievement of your plans or deviating.
“My motto is concentration. First honesty; then industry and then concentration.” – Andrew Carnegie
For every goal you achieve, even if it’s a little of what you hoped to achieve, you should always give yourself a bravo to keep you inspired. But get too excited with your achievements; always know that for every goal achieved, it’s simply a step to a higher calling and bigger challenges waiting to be surmounted.
“Think of yourself as on the threshold of unparallel success. A whole clear glorious life lies before you. Achieve! Achieve!! Achieve!!! – Andrew Carnegie
Lastly, if you want to be a successful entrepreneur, business goal setting is definitely not an option, it’s a must and to those who haven’t imbibed the habit of setting goals in business, I want to encourage you to start engaging in goal setting activities and I will see you at the top tomorrow.
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