Importance of goal setting in entrepreneurship is fairly well known for all the regular outcomes. But emotional elements of goals have much far reaching impact than just the physical elements. So these need to be understood well by all aspiring entrepreneurs.
Everyone knows the importance of goal setting in entrepreneurship. But the emotional specifics of this exercise of goal setting are rather unclear to many entrepreneurial aspirants. The process of goal setting takes on a new fervor when the emotional importance of goal setting is elaborated properly.
It should be kept in mind by all entrepreneurs that a majority of the startups – at least 9 out of 10, fail in their very first year of launch. This failure can be attributed mainly to issues in goal setting.
Goals not just define the framework of the basic activities of the business in the short term as well as long term. They also create motivation in the entire team by setting the minds dreaming, desiring, aspiring and achieving more, despite all challenges
The Emotional Elements of the Importance of Goal Setting in Entrepreneurship can be Highlighted as follows:
1. Goals Satisfy Your Ego
Many entrepreneurial ventures are the hallmark of ego gratification for their owners. Almost everyone wishes to leave a legacy and for entrepreneurs, it becomes an irrepressible urge. They just have to act upon it and create sustainable businesses. Their businesses are a representation of their products, services, names, and reputations reaching a larger audience, and possibly enriching their lives in many ways.
2. Goals Widen Your Personal and Professional Outlook
Your professional goals are intertwined with your personal goals. For example, you may want to generate a 20% enhancement in your annual turnover because you wish to have surplus cash in hand to give your family a dream holiday; or you want to give your kids education in a coveted international university.
It is observed that personal goals can have a greater emotional impact than just professional goals, which tend to be more dull and drab.
If you understand the importance of goal setting in your entrepreneurship journey you should be specific about your personal and professional goals. Then you will also be able to widen your outlook about your entire life as a whole.
3. Goals Create Possibilities of Ensuring Business Sustainability:
Goals, of course, ensure business sustainability as everyone knows. But why is this so? This is because the human mind constantly needs desires and challenges to grow and expand their horizons. Goals provide just these.
Individuals achieve far more under pressure of reaching their goals than what they usually would under lackadaisical conditions. If goals are set properly and achieved with constancy, chances of success in the entrepreneurial journey are definitely maximized.
4. Goals Give Direction and Power to Your Daily Mundane Chores
Goals are necessary as the daily activities in any business are usually monotonous but they still need to be done. As you work towards your goals, you also keep finding better ways of doing stuff.
You also keep sharpening your understanding, which helps you in identifying the speed breakers in your path. In short, you keep refining your processes, systems and keep developing your SOPs.
Thus the importance of goal setting in entrepreneurship evolves with the passage of time, giving your business the much needed structure; as most such businesses start without any systems and processes in place.
5. Goals Give You Freedom to Operate within Benchmarks:
Perhaps the greatest importance of goal setting in entrepreneurship is that goals decide the breakdown of the end objective.
Remember, not everyone in your team is going to share your final emotional and physical vision about your business. Most of your teammates will be focused only on the immediate goal, which acts as benchmarks for them. Ideally, the team members should be given the freedom to operate within these benchmarks as it inculcates a sense of ownership and responsibility in them. Eventually, entrepreneurs find that goal setting gives them the power to forcefully move forward in their chosen direction while overcoming all the roadblocks.
