Goals of Entrepreneurship

The job of an entrepreneur is to always be on the lookout for solutions to different problems that people might be facing. However, not all entrepreneurs have a common goal they work towards. For example, for new start-ups, their goal might be to find the right resources to keep their company stays afloat. Whereas, for well-established businesses, the entrepreneurship goal might be to keep the company functioning consistently, generating revenue and profits. Hence the goals of entrepreneurship can be different and diverse according to the nature of the business.

It is important to note here that business plans and goal setting are entirely different things. The entrepreneurship goals may change with time according to the company’s needs and requirements. However, every company strives to follow its business plans religiously.

Setting your business’s goals is a hard task. That requires immense thinking that should align with the vision that you hold for your company. This is why setting goals of entrepreneurship for your business must be well thought out.

What are the Goals of Entrepreneurship?

As we all know that entrepreneurship is not easy in many cases, especially in this current world of technology and competition. It is not an easy game. One should be very clear about the goals of their entrepreneurship by choosing the right aims and objectives.

According to businessdictionary.com- A Goal is defined as “An observable and measurable end result having one or more objectives to be achieved within a more or less fixed time frame.”

Businessdictionary.com

It should be noted that we often hear the term “Goals and objectives” and consider them as the same in meaning. However, they are different, Goal state the target, for example, a startup’s profitability, whilst an objective is the way to achieve that goal.

Difference Between Goals And Objectives
Difference Between Goals And Objectives

Most of the time, the business goal is the same as the goal of the entrepreneur. Hence we can say that the goals of entrepreneurship are the goals of the business and they are not different.

Why are Goals Important in a Business Organization?

Why Are Goals Important in a Business Organization
Why Are Goals Important in a Business Organization

Goals and objectives are crucial for your organization’s survival. They help create a nice working environment and ensure that everyone is willing to work together for the greater gain of the company. An organization’s goals have many purposes. However, only some of them are mentioned below:

  • They help in pointing a direction where the company should be headed,
  • Assist in planning
  • Inspire and motivate the employees
  • Aid the organizations in gauging and assessing the performance.

The goals set by the company are necessary for guiding the employees about the direction in which the company is headed and how it should get there.

If unfavorable circumstances arise, and employees need to make a difficult decision, they can check back on their goals to see if their decision is in line with the goals.

Besides this, goals are also detrimental in planning on how to achieve them. Employees are encouraged to set specific goals to satisfy a need. Therefore, it can be said that goals are important for motivating employees to work harder which in turn increases the company’s performance. When evaluating the performance of the company, the organization heads can match up the company’s performance to their goals to find out which areas need improvement.

Most Common Entrepreneurship Goals

Goals and objectives may often be used in a sentence together, but they have different meanings. The word “goal’ is used to describe the end result of something, or what you plan on achieving. Whereas, objectives entail how you plan to get there. In short, organizational objectives are the step stones on which you have to tread to make it to your ultimate destination, that is, the goals of the company. When businesses and organizations fail to distinguish between the two, they end up confusing themselves and their employees which results in less profitability and failure to attain customer satisfaction.

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Example Goals of Entrepreneurship that Most Entrepreneurs Wants to Achieve

Goals Of Entrepreneurship
Goals Of Entrepreneurship

Profitability

Increasing the company’s profits is the ultimate goal for most businesses. This is because no company wants to go down under. So, to stay in business, they have to have a profitable business. By setting a certain profit value, a company sets itself up for a challenge to keep itself afloat and towards success.

Customer Satisfaction

In order to meet the goal of 100% customer satisfaction, a company may need to place many objectives in place to achieve it. For example, for customer satisfaction, a company will need to answer every customer’s query. If a customer is on call, they must answer it within the first three rings. Besides this, they must also send a package of compensation to every customer who was unhappy with their service or had lodged a complaint against their brand. By achieving all these objectives, the ultimate goal of customer satisfaction can then be achieved.

Employee satisfaction

Similar to the stance adopted above, if the entrepreneur’s goal is to achieve employee satisfaction by a certain turnover rate, they would have to set in place certain objectives that can help them achieve this goal. For employee satisfaction, objectives can include installing a daycare in the company’s premises, approving a detailed employee orientation, and reviewing all the employees after three month period of employment.

Consistent Growth

Most entrepreneurs include continued growth in their list of goals. They can do this by increasing the number of offices, increasing the number of plants, or even by increasing the number of newly hired people. These goals are also subjected to objectives to achieve them.

Examples of Aims and Objectives that Most Entrepreneurs Wants to Follow

As above we have discussed the Goals that most entrepreneurs want to achieve, below are the aims and objectives of entrepreneurship for achieving the above-mentioned goals.

Remaining Consistent with the Heavy Cash Flow

Maintaining the cash flow is the most common of the objectives among the entrepreneurs since they want to have the extra cash in hand if they decide to expand their business. By staying consistent with their cash flow, the entrepreneurs can ensure that they can plan ahead for long-term projects while at the same time, they can fulfill their short-term needs as well like payroll.

Retaining Employees

When businesses engage in the process of employee turnover, they spend a hefty amount in recruiting as well as in advertising and in payment to placement agencies. Therefore, businesses try to make it a part of their objective to maintain a healthy working environment so that their employees stay to work in the organization.

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Coping with the Change

Change is inevitable and most businesses and organizations are not ready to accept it. Therefore, change management is made part of the objectives to ensure that the company is prepared for the changes that might occur.

Through change management, the businesses are made ready to accept the challenges that the industry has to offer.

Core Values in Line With the Mission Statements

This objective is included in almost all businesses whether they are start-ups or well-established ones. Every business has their own set of core values and mission statements that they vow to abide by. It is a short summary that details the company’s views regarding employee satisfaction, customer interaction, and their services to the community. By including the core values and mission statements in its objectives, a business sets itself on the path towards developing a positive business culture.

Remaining Profitable for a Long Period of Time

Every entrepreneur has one major goal and that is to secure a profitable business for themselves. This is why becoming profitable is one of their main objectives. They make sure that they have enough capital to stay one step ahead of the costs during their business. Their main objective is to make sure that they are able to control their costs in the manufacturing and operations while gaining profits on the sold products.

Maintaining Sustainable Growth

Another objective that most entrepreneurs focus on is maintaining the sustainable growth of their businesses. They do this by analyzing their past data and future projections. They also keep in view the company’s resources such as personnel and finances.

The Efficiency of Employees and Resources

The productivity of a company is directly proportional to the input like employee training, new equipment, and equipment maintenance. So, a business’s objective is to provide its employees with all the resources that they require to become as productive as possible.

Keeping Ahead of the Rivals

Most businesses include the objective of keeping an eye out on the activities of their competition on the table. This is done to figure out how their product ranks next to that of their competition in the market. Then, they can figure out new ways to improve the quality of their product and generate more revenue in the process.

Outstanding Customer Service

This is an objective that is highly common among most entrepreneurs that they hope to achieve. Customer service is something that can make or break a business. By having excellent customer service, businesses are able to gain the loyalty and trust of their customers which helps in generating repeat revenue.

Entrepreneurs can do this by having further objectives set in place in accordance with the customer service in the hopes of achieving 100% customer satisfaction. Making sure that your customers are happy should be one of the primary objectives of a company.

Right Marketing

Another objective that has its own importance in the eyes of entrepreneurs is making sure that their product reaches the right target audience. So, the basic objective of most businesses is to understand the customers’ needs and wants and to analyze them thoroughly. Besides this, this objective is further divided to understand the consumer buying trends and gaining their feedback on the product or service.

Other than this, businesses also aspire to do marketing the right way which includes developing business partnerships and anticipating the product distribution needs to help their business in improving market share.

Public and Social Responsibility

Dealing with the public and social issues related to your business has become the new norm in the business world. Customers now expect entrepreneurs to be responsible when it comes to dealing with the environment. Customers expect the corporate sectors to cause minimum harm or maintain harm within prescribed limits. It is because of this awareness among the people that this objective has now taken up importance in the business world.

Customers seek out businesses who are active in doing their part in safeguarding the environment from harmful chemicals and also play an active role in dealing with community issues in business-affected, business-related, or business-relevant activities. Therefore, business owners now strive to develop the right social and public responsibility as part of their customer satisfaction objective.

Increase Productivity

Many business owners include increasing productivity in their list of objectives. This is because productivity is, more often than not, a measure of efficiency. Productivity can either be within the company or externally.

Internally, productivity refers to getting the best out of the employees who are working at your company. This may mean assigning them tasks that are best suited to their area of expertise or talent. Besides this, it can also mean providing them with the best equipment and increasing man-hours from employees. In short, all those factors are included that can make the team more productive.

Externally, productivity can refer to the market value of the products.

Team productivity can also be increase by the introduction of new technologies that can offer a wide array of solutions. This means that entrepreneurs can reduce redundancies and increase the overall output. This way, the business becomes more productive.

Take Control of Your Time

As an individual, an entrepreneur must include owning their time as their own personal objective. This is because they should be aware of the fact that they might have to put in extra hours at work to reach their goal.

However, the positive aspect of taking control of your own time is that you don’t have to dedicate several working hours to some other business.

You can choose to work as you wish wherever you feel like it and do not have to ask somebody else for permission to work from home. Have the liberty and freedom to do as you wish.

Go After Your Ideas

Another personal objective that many entrepreneurs have is to always pursue their own ideas. It is highly objective and does not demand that you work according to the wish of someone else and take responsibilities you were not designed to carry in the first place.

However, by being an entrepreneur, you again have the freedom to make decisions that fall in line with your ideas and get you one step closer to your destiny.

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Conclusion

The whole point of having goals and objectives by an entrepreneur is to keep their vision in their line of sight and to develop different stepping stones so that they can achieve it one by one. Some entrepreneurs may adopt different objectives from the ones mentioned above. So, there is no one-size-fits-all rule for designing objectives and goals for your company. Entrepreneurs should focus on their vision and think of different ways to make their organization better and on its way towards success.

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