Most small businesses just don’t survive. This is the fact that stumps and stops a lot of entrepreneurs in their tracks. But if done properly, goal setting in entrepreneurship can save a lot of businesses. This can not only ensure the sustainability of the business but can also become a very interesting life-changing journey for the entrepreneur.
It is my observation that no matter how much content is available on goal setting in entrepreneurship still most entrepreneurs just don’t follow the simple processes of goal setting. There are several lapses done, and, as a result, success becomes a hit and trial activity rather than any organized effort.
But when goal setting is so important, why is it that entrepreneurs still take it lightly? It seems they don’t understand the real value-add that comes with goals.
Value-adds of Goal Setting in Entrepreneurship:
1. Goals Keep You Focused:
When the goals are set properly and adhered to strongly, it sends a powerful message in the entire organization that the company is serious about where they are headed. This creates a focused environment amongst all the employees in the organization.
The employees can then start prioritizing their daily activities and tasks. Or, better still, some kind of system can be set up in the organization where a weekly task planning can be done for the employees in various departments. This will further streamline the goal-setting process and create a sharper focus in the organization
2. Goals Provide You The Much-needed Motivation:
Entrepreneurs also lose motivation even if they are highly enthusiastic about their work and their enterprise. In entrepreneurship people have to face several setbacks and losing motivation is just human.
Goal setting in entrepreneurship provides a framework of milestones, which even if they are not met every time, keeps reminding the entrepreneur about their final objectives. This keeps the vision of the entrepreneur alive and keeps them motivated to keep going on and on.
3. Goals Strengthen Teamwork:
It is said that a family that eats together stays together. On similar lines, it can be said that a team that sets goals together, stays together.
In entrepreneurship, setting goals can be the best way to keep your team members together. When the people work together towards common goals, they also feel emotionally bonded together, and are more likely to attain the goals, and remain together in the long run.
4. Goals Provide Benchmarks to Measure Success:
Goals are the best way to measure your success as an entrepreneur. In the absence of proper goals, you will never get any insights about what can be attained with proper effort, effective usage of available resources including manpower and just the sheer force of grit.
In the entrepreneurial journey, there are many setbacks and goals are the indicators that keep you right on the track. If you miss a goal, that becomes an important indicator to help you to realize what changes you need to make in order to stay on the right track. If you choose to keep going, without implementing the necessary changes, chances are that you will miss the next goal also. Goals are, therefore, good indicators for measuring your success as an entrepreneur.
5. Goals Enhance Organizational Morale:
Sometimes when a big goal is attained most of the team members seem so zapped that they are even unable to tell anyone about how they could attain it. They seem to be in such a state of a daze while they were going through the process of goal setting and attainment, that the elation they feel after the goal attainment becomes their unifying chord. This is usually seen at the higher levels in an organization. But the lower-level employees can also feel these vibrations and when they see their bosses working together in a close-knit environment, they too join in the frenzy.
This makes everyone feel greatly bonded together and it ultimately raises the morale of the entire organization.
6. Goals Preserve Good Organizational Culture:
When an organization is constantly working towards setting goals and attaining them, it creates a charged up and progressive environment in the organization. This works like a miracle in creating and building a healthy culture, which trickles to every employee in the organization. Thus, goals breed good organizational culture.
In entrepreneurship goal setting thus has far-reaching long-term ramifications and not just the immediate benefits it offers.
If taken properly into consideration by understanding the minor nuances of goal setting and goal achievement, entrepreneurs can experience sustained business growth, as well as benefit greatly with the personal growth they acquire in the process.
