Earl nightingale defined success as "the progressive realization of a worthy GOAL or ideal"
What is the definition of a goal? It has been defined as a specific and measurable result that you want to achieve within a given time frame. A goal directs you to your destination or desired result - in this case the result you want from your business.
All of your goals should be SMART, this is an acronym for:
- S pecific
- M easurable
- A ttainable
- R elevant
- T imed
Visualizing the end result is important, it will help make the goal real for you.
We need a dream, a vision, and it must be long term. We need to be able to see beyond the next year or so. Have a passion, believe in our vision, otherwise how can we convince others to believe in us?
Think about what you ultimately want from your business. Will you want to sell it or arrange for a family member to take over and leave a legacy? Write down what your business will look like.
Visualize things like your products/services, size of the business, your markets, your people, reasons people want to buy from you, the image of the company - internal and external, how involved do you want to be?
Why do we have goals? Goals give us focus and direction. They allow us to translate what we dream about into reality."
When we set goals we need to think of what we are trying to do. Think also at how it will make us feel to achieve these things.
Write your goals down. Research has shown that only 3% of people write their goals down, and on average these people earn 10 times those who don’t have goals.
Remember your first business goal is getting a GREAT business at a GREAT price!
Here are a few suggestion for you think about:
- Why do you want your own business?
- What do you want from the business?
- What are your reasons for going into business?
- What level of profit do you need to meet your financial responsibilities?
Of the many reasons one may have for owning a business—enjoyment of the daily affairs of ownership counts most towards sustaining a balance of pleasure and profit.
In conclusion, I hope you are beginning to get a picture of what you are going to do.
Will you be doing something that you enjoy? If you fail to answer "yes" to this question, then why be thinking of doing it? If you enjoy what you're doing it will be a lot easier and you will have a better chance of success than someone who doesn't.
Once you have a clear picture in your mind about what you want to do think about what you want from the business and what you want to achieve. This will be different for everybody, we all have our own goals and ideas so don"t worry about what anyone else thinks or wants. Are you looking for an income, a high profile, a good reputation, or any combination of these and other things?
Think about how long you want to do it for, and how you will get out of it when that time arrives. Think about whether you will sell the business, pass it on to your family, or just close it down.
It is important that you understand the concepts in this chapter because they effect how you plan and structure your business.
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