Business goals

Define your business goals

Setting goals is an integral part of choosing the right company for you. After all, if your business isn’t meeting your personal goals, you probably won’t be happy to wake up every morning and try to make the business a success. Sooner or later you will stop putting the effort into making the concept work. When setting goals, aim for the following qualities:

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Specificity. You have a better chance of achieving a goal if it is specific. “To increase capital” is not a specific objective; “Raise $ 10,000 by July 1” is.

Optimism. Be positive when setting your goals. “Being able to pay the bills” isn’t exactly an inspiring goal. “Achieving Financial Security” expresses your goal in a more positive way, which boosts your energy to achieve it.

Realism. If you set yourself a goal of making $ 100,000 a month when you’ve never made so much in a year, that goal is unrealistic. Start with small steps, like increasing your monthly income by 25%. Once you’ve reached your first goal, you can reach bigger ones.

Short and long term. Short-term goals are achievable in a matter of weeks to a year. Long-term goals can be five, 10, or even 20 years; they must be well above the short-term objectives but must remain realistic.

There are several factors to consider when setting goals:

Income. Many entrepreneurs go into business to achieve financial security. Consider how much money you want to make in your first year of operation and each year thereafter, for up to five years.

Way of life. This includes areas such as travel, hours of work, investment in personal property, and geographic location. Are you prepared to travel a lot or to commute? How many hours are you prepared to work? What assets are you willing to risk?

Type of work. When setting goals for the type of job, you should consider whether you enjoy working outdoors, in an office, with computers, on the phone, with lots of people, with children, etc.

The gratification of the ego. Let’s face it: many people go into business to satisfy their egos. Owning a business can be very ego-rewarding, especially if you are in a business that is considered glamorous or exciting. You need to decide how important ego gratification is to you and which business best meets that need.

The most important rule of self-assessment and goal setting is honesty. Going into business with your eyes wide open to your strengths and weaknesses, likes and dislikes, and ultimate goals allows you to face the decisions you will be faced with with greater confidence and a greater chance of success.