Setting your own goals for entrepreneurship is a tough task to do. This is probably the reason why establishing goals of entrepreneurship for the company has to be carefully thought of. And this is also the reason why making these goals should also be done carefully.
In planning for the goals of entrepreneurship, entrepreneurs must come up with ideas that are meaningful and useful. But to achieve goals, one has to be fully committed as an entrepreneur. Being an entrepreneur includes risks. It also involves sacrifices and failures. For these reasons, the very core of being an entrepreneur needs to be a strong commitment and faith in oneself.
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, the 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.
Many entrepreneurs are still unclear about whether being an entrepreneur is suitable for them. But if you want to succeed, you have to determine your limits and expectations. You should be able to determine how much you can afford to lose, how badly you want to make a profit, and how much time and energy you are willing to dedicate to your goals of entrepreneurship. If you know your limitations and objectives clearly, you can make better decisions and achieve your goals.
What are the Main Goals of Entrepreneurship?
When it comes to attaining the goal of entrepreneurship, every entrepreneur must have their own goals. As much as possible, these goals must not only be of use to the company but also use to the individual as well. Too many entrepreneurs think that their primary concern in starting their new business is to get customers. Unfortunately, many entrepreneurs do not have enough faith in their abilities to bring success to the new business.
For them, their priority is to make a profit. But as they continue to look for ways how to earn money, they tend to neglect their primary objective which is to achieve and maintain their mission statement. As they continue to develop and further their business plans, the original purpose of founding the company becomes more clear. But they forget about their original mission statement and they often end up following the crowd.
Entrepreneurs understand the importance of diversification in business, and the same principle applies to their financial strategies. High-yield savings accounts provide a safe and stable avenue for entrepreneurs to diversify their investment portfolios. By keeping a portion of their savings in a secure account, entrepreneurs can mitigate risks associated with other investments, while still earning competitive returns.
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.”
It should be noted that we often hear the term “Goals and objectives” and consider them as the same meaning. However, they are different. The goal states the target, for example, a startup’s profitability, whilst an objective is a way to achieve that goal.
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?
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 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 dangerous in planning 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 and Objectives
Goals and objectives may often be used in a sentence together, but they have different meanings. The word “goal’ is used to describe the 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. When businesses 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.
The Importance of Vision and Mission Statement
To achieve the goals of entrepreneurship, an entrepreneur should have a vision and a mission statement. This will serve as the driving force for all his plans and actions. Both the vision and the mission statement of the entrepreneur should be reflective of his values and his personality. Visionaries tend to be optimistic, while pessimists are more pessimistic. Setting the vision and mission is one of the main goals of an entrepreneur.
The vision and mission statement of an entrepreneur reflects his values. This includes his values in the business market.
A vision statement may be very different from the ideal vision of the entrepreneur. However, both can lead to the same results. The important thing is that there is no conflict or discrepancy between the vision and the mission statement. Both should complement each other and should not appear to be contradictory. The vision statement should be updated regularly.
Adjustment in Vision Statement
As time passes by, the goals of entrepreneurship may also change. For instance, the nature of the market may have changed. At times, changing technology and the society around us may have had a considerable impact on the purpose of the entrepreneur. In such cases, the vision statement needs to be adjusted accordingly. If the entrepreneur starts working without a clearly defined mission or vision, then the business is headed toward failure.
Example Goals of Entrepreneurship that Most Entrepreneurs Want to Achieve
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.
2) Customer Satisfaction
To meet the goal of 100% customer satisfaction, a company may need to place many objectives in place to achieve them. 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.
3) Employee satisfaction
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. For employee satisfaction, objectives can include installing a daycare on the company’s premises and approving a detailed employee orientation. In addition, review the employees’ concerns after every six months.
4) 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 increasing the number of newly hired people.
Examples of Aims and Objectives that Most Entrepreneurs Want 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.
5) Remaining Consistent with the Heavy Cash Flow
Maintaining the cash flow is the most common of objectives among entrepreneurs since they want to have extra cash in hand. This can help to expand their business. By staying consistent with their cash flow, entrepreneurs can ensure that they can plan for long-term projects. While at the same time, they can fulfill their short-term needs as well like payroll.
6) Retaining Employees
When businesses engage in the process of employee turnover, they spend a hefty amount on recruiting. They spend on advertising and make payments 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.
7) Coping with the Change
Change is inevitable and most businesses and organizations are not ready to accept it. Change management is a crucial part of the objectives to ensure that the company is prepared for the changes.
Through change management, businesses can be ready to accept the challenges that the industry has to offer.
8) 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 its own set of core values and mission statements that they vow to abide by. It is a summary that details the company’s views regarding employee satisfaction, customer interaction, and services. By including the core values and mission statements, a business sets itself on the path toward developing a positive business culture.
9) Remaining Profitable for a Long period
Every entrepreneur has one major goal and that is to secure a profitable business for themselves. This is why becoming profitable is one of the main goals of entrepreneurship. They make sure that they have enough capital to stay one step ahead of the costs of their business. Their main objective is to make sure to control their costs in manufacturing and operations while gaining profits.
10) 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.
11) The Efficiency of Employees and Resources
The productivity of a company is directly proportional to 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.
12) Keeping Ahead of the Rivals
Most businesses include the objective of keeping an eye out on the activities of their competition on the table. They use certain ways 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.
13) Outstanding Customer Service
This is an objective that is highly common among most entrepreneurs hope to achieve. Customer service is something that can make or break a business. By having excellent customer service, businesses can gain the loyalty and trust of their customers. This will help in generating repeat revenue.
Entrepreneurs can do this by having further objectives set in place by customer service. They can set the target of achieving 100% customer satisfaction. Making sure that your customers are happy should be one of the primary objectives of a company.
14) Right Marketing
Another objective that has its 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. The objective is to understand consumer buying trends and gain 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.
15) Public and Social Responsibility
Dealing with the public and social issues related to your business has become the new norm in the business world. These days customers now expect entrepreneurs to be responsible when it comes to dealing with the environment. The consumer expects the corporate sectors to cause minimum harm or maintain harm within prescribed limits.
Buyers seek out businesses that 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 objectives.
16) 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 means assigning them tasks that are best suitable according 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.
Externally, productivity can refer to the market value of the products.
Team productivity can also be increased 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.
17) Take Control of Your Time
As an individual, an entrepreneur must include owning their time as their 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.
18) Go After Your Ideas
Another personal objective that many entrepreneurs have is to always pursue their 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.
Setting goals and maintaining them is not enough. The key to achieving the goals is self-motivation. Entrepreneurs need to stay motivated and determined to achieve their business goals. It is essential for entrepreneurs to set daily personal goals and to maintain these objectives despite the odds. Entrepreneurs must develop their core values. So that they may be able to achieve the goals set by themselves as well as by their associates.
The last but not the least important element for achieving the goals of entrepreneurship is developing a strong brand identity. Brand identity is important because it tends to create a positive perception of the new business. The branding of the new business will help the new business to overcome the hurdles encountered in the initial stage. A strong brand identity is also helpful in creating the necessary financial resources to keep the business afloat during the early stages.
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 towards success.
Waqar Hussain is the founder of The Business Goals. He writes about entrepreneurial strategies and is an SEO consultant by profession. He is a B.Com, GDM, and an MBA from the Australian Institute of Business.