Goal setting as an entrepreneur is about sustainably achieving what you desire in the quickest way possible. Yet, very often entrepreneurs set so many goals that they become overwhelmed. They procrastinate, overanalyze, and dont create the success that they desire.



What is Goal Setting?


Goal setting is the ability to clarify what you want and achieve it. As an entrepreneur, this is most often setting clear goals to grow a sustainably profitable business.



Why goal setting is important in 2020?


Competition is becoming more and more fierce in the world today. Unless you can adapt, prioritize, and achieve goals faster than your competition, you will be left behind. As an entrepreneur, your ability to set, focus, and follow through on goals is in direct relation to your own business success.


You may be missing certain types of goals in your business. Not only can this cause more stress but it also decreases the productivity of your team. Yet once you have the right goals in place, you can move much faster as an organization. Pick and choose which goals you need from the list below.



Types of Goal Setting


There are 6 types of goal setting for entrepreneurs. You may need to use just one or perhaps even all of these goal setting techniques depending on the size of your organization.


Long term Goals


These are the goals you want to achieve long term in your business. Common ones include absolute financial freedom, sell my company for a huge profit, or create passive income so I never have to work again.


These are all great long-term business goals. However, very often these long-term goals can seem so far away that they become unrealistic. Breaking down these long-term goals into shorter more achievable goals is of paramount importance


1-Year Goals


1-year goals could be the calendar year, business year, or financial year of your organization. When entrepreneurs set these goals, they will often overestimate what is possible. They set huge goals, yet become disappointed at the end of the year when they arent achieved.


1 year from a goal-setting perspective is very challenging to fully comprehend. Therefore, we must also set alternate goals that we can better estimate.



Power Year Goals


These are 3-month goals and are most important for entrepreneurs. Set one specific major goal to achieve in the next 3 months and set a few minor goals to achieve as secondary priorities. This helps maintain focus on one area whilst also progressing in other parts of your organization.


Major Goals

Major goals are the primary focus, set every 3 months. Everything you do in these 3 months is focused on completing this goal. This major goal needs to be constructed thinking about the Pareto Principle. You want to have a major goal that shifts your business forward much faster than anything else you could do.

Minor Goals


Every 3 months you will also set 2 to 3 minor goals. These are also of importance but are not the primary focus for the power year. These smaller goals support your business success and are completed in less time.


Be Goals


Be goals are used to help you become a better leader in your organization. You may want to be decisive, be confident, be disciplined etc. These are of great importance to enable you to continually grow into the entrepreneur you must become to effectively lead your organization.



Pro and Cons of Goal Setting


The top 3 benefits of goal setting:


1. Clear direction for the business

Having a clear direction for the business is of great importance as an entrepreneur. Goal setting helps achieve that by giving you a clear focus so that you dont become distracted with other tasks. This clear direction means you can make fast progress in a short amount of time to achieve what you desire in your business.


2. Specific priorities

By having goals, you are creating priorities to focus on. You can see what is important for your business right now. Instead of randomly choosing tasks each day, you clearly have a priority that you know will help improve your business. This helps increase your productivity day to day as you clearly know your priorities.


3. Motivation

Having a goal helps you and your team feel motivated. You have something to work towards and very often you will make much more progress having a clear target to hit. 

Top 3 cons of goal setting:


Feel stressed



The biggest issue with goal setting is that you can feel stress to achieve the goal. With deadlines approaching, juggling multiple teams or even managing lots of projects, goal setting can make you feel very stressed.

Some entrepreneurs do not set goals because of the stress that it causes them. If you experience stress with goal setting then do check out: the biggest mistakes of goal setting below for an understanding as to why this occurs.


Inability to react to opportunities


Very often entrepreneurs can become so focused on the goal that they miss out on other opportunities. It is important to have a balance of goal setting whilst also the flexibility to take advantage of other opportunities in your field.


The key to overcoming this drawback is to regularly check-in to make sure you are making the progress you desire to the goal.


Out of balance


Entrepreneurs enjoy stretching themselves and their organizations with large goals.


The issue that occurs for many people, and you too may have experienced this, is that you can become out of balance in life. You work yourself to the bone to achieve the goals but it costs you relationships, health, and even money in the process.


If you feel out of balance and overwhelmed with goal setting, then make sure to create systems and habits to allow you to maintain balance whilst stretching yourself.



8 Key Steps to Key Effective Goal Setting


1. Create your long term Goal


The first step is to set long term Goals for your business that you want to achieve. We must have clarity on the destination before you can start to make smaller goals to move you in that direction.


2. Big why


Having a goal is one thing, following through and making it happen is a whole different ballgame. The big why are all the reasons as to why you want to achieve this goal and make it happen. It is the fuel in the car that keeps it going. Most people fail to achieve what they want because they miss this step.


3. Set your power year sprint


Once you know the long term goal, now it is time to set a short term power year. This will include 1 major and a few minors for you to focus on over the coming 3 months.


4. Capture your ideas


Write down all the ideas you and your team have that can help you achieve your major goal. You then want to chunk them into relevant groups of tasks for your team or yourself to efficiently complete.



5. Prioritize


After you have a clear idea of all the tasks you have available, you want to prioritize so that you are being efficient with your time. Clarify which tasks are most important to be done and in what order.


6. Take action


After you do this, immediately take action on one thing that starts to move you and your team towards your goal. The reason I say immediately is that it starts to build momentum. A plan without action will always be a dream. Make sure to hit the ground running!


7. Measure progress


This is another step often missed by entrepreneurs as they focus on the business. Remember that you can set a goal, but if you only check in once every 3 months, you could fall off track. The more important the goal is, the more you want to measure to make sure you are on track.


8. Re-evaluate


As you start to move forward you must adapt your initial plan depending on the results that occur. You may shift priorities or have more ideas. The key is to evaluate on a weekly or at the very least monthly basis, to see if you are on track towards achieving your goal.


There are actually 2 other steps missing here that most entrepreneurs miss out on. Download the goal setting template below to find out what they are.


Big Mistakes When Setting Goals


1. Create too many SMART Goals


Avoid setting SMART goals all the time in your organization. Too many SMART goals often cause an imbalance in your organization and your life. I have seen too many business owners set multiple goals, yet make little progress towards completing them.


Set a clear focus for each quarter and align your employees around this central theme.


2. Analysis paralysis


Analysis paralysis occurs when you analyze so many options that you become paralyzed in your decision-making. Nothing gets done and instead, you become overwhelmed with too many options. It is of fundamental importance to not become overwhelmed in setting goals in your organization.


You want to become a leader in decision making which means making decisions fast and changing them slowly.


3. Misalignment


If you want success but you fear failure, you have a misalignment. This means you are taking 2 steps forward and 1 step back. This is the number 1 reason why entrepreneurs dont have the success they desire.

4. Harmful habits


We can have the best of intentions yet if our habits are pulling us back then we cant achieve what we want as entrepreneurs. You must make sure that the habits you have day to day are helping you achieve what you desire in your business.

5. Lack of Focus


Have you ever set a goal, but a few weeks later become distracted by another option to improve your business?


Perhaps you tried to do both of these things or even more options at the same time. This is incredibly common which is why having a clear focus for 3 months at a time can help you stay sustainably on track.


6. Low energy


Having low energy is a huge issue when it comes to following through and achieving goals. You have the best of intentions yet in the mid-afternoon your energy is low. You cant seem to focus and you struggle to concentrate.


7. Unrealistic goals


If the goal is unrealistic for your team then they will be less motivated to follow through. For all the goals that you set, make sure that you have a realistic plan to help you achieve it. As you work with your teams you can always work with them to set goals that are more realistic whilst also stretching them to achieve more.


8. Negative emotional state



Your emotional state is the foundation to help keep you sustainably on track whilst inspiring your time. Make sure that you have a routine to support you in maintaining a great emotional state throughout the day.

If you become angry easily or stressed easily then look into creating a morning routine that supports you emotionally each day.


Time to get moving!


Now if you are feeling a little overwhelmed with all the different aspects of goals setting, dont worry. Goal setting is an art that takes time to master, start by setting and achieving goals that are most important to your business.

With 90% of startups failing, entrepreneurship can be a roller coaster of a journey. While the risk is high the reward is what draws people to it. My guess is that you are an entrepreneur who is willing to take the risk in order to create the freedom you desire.

You may want to have some support on your journey to help you achieve your goals even faster in the coming year!






About Ben Ivey

Ben Ivey is an entrepreneur lifestyle expert, international speaker, Tony Robbins Strategic Intervention Coach, and the Lead Facilitator for Zero Suicide Systems Nu-Rekall. After overcoming his own self-sabotage in business, he now helps other entrepreneurs create business success whilst living an extraordinary lifestyle.

 Ben is the founder of the Entrepreneur Lifestyle Accelerator, supporting overwhelmed entrepreneurs around the globe that are struggling to create the success they desire. His events led by his trainers are now regularly held internationally, working with senior leadership teams of large companies such as Maersk, HSBC, and Coca Cola. Ben is also the founder of the Lifestyle Coach Academy, training lifestyle coaches with the coaching skills, knowledge, and business strategies to build a coaching practice online.



10 great lifestyle tips for entrepreneurs | 10


Live a great lifestyle as an entrepreneur  |


The Secret No One Told You to Boost Business Success |



\n

The Entrepreneurs Ultimate Guide to Goal Setting (Complete )




Goal setting as an entrepreneur is about sustainably achieving what you desire in the quickest way possible. Yet, very often entrepreneurs set so many goals that they become overwhelmed. They procrastinate, overanalyze, and dont create the success that they desire.



What is Goal Setting?


Goal setting is the ability to clarify what you want and achieve it. As an entrepreneur, this is most often setting clear goals to grow a sustainably profitable business.



Why goal setting is important in 2020?


Competition is becoming more and more fierce in the world today. Unless you can adapt, prioritize, and achieve goals faster than your competition, you will be left behind. As an entrepreneur, your ability to set, focus, and follow through on goals is in direct relation to your own business success.


You may be missing certain types of goals in your business. Not only can this cause more stress but it also decreases the productivity of your team. Yet once you have the right goals in place, you can move much faster as an organization. Pick and choose which goals you need from the list below.



Types of Goal Setting


There are 6 types of goal setting for entrepreneurs. You may need to use just one or perhaps even all of these goal setting techniques depending on the size of your organization.


Long term Goals


These are the goals you want to achieve long term in your business. Common ones include absolute financial freedom, sell my company for a huge profit, or create passive income so I never have to work again.


These are all great long-term business goals. However, very often these long-term goals can seem so far away that they become unrealistic. Breaking down these long-term goals into shorter more achievable goals is of paramount importance


1-Year Goals


1-year goals could be the calendar year, business year, or financial year of your organization. When entrepreneurs set these goals, they will often overestimate what is possible. They set huge goals, yet become disappointed at the end of the year when they arent achieved.


1 year from a goal-setting perspective is very challenging to fully comprehend. Therefore, we must also set alternate goals that we can better estimate.



Power Year Goals


These are 3-month goals and are most important for entrepreneurs. Set one specific major goal to achieve in the next 3 months and set a few minor goals to achieve as secondary priorities. This helps maintain focus on one area whilst also progressing in other parts of your organization.


Major Goals

Major goals are the primary focus, set every 3 months. Everything you do in these 3 months is focused on completing this goal. This major goal needs to be constructed thinking about the Pareto Principle. You want to have a major goal that shifts your business forward much faster than anything else you could do.

Minor Goals


Every 3 months you will also set 2 to 3 minor goals. These are also of importance but are not the primary focus for the power year. These smaller goals support your business success and are completed in less time.


Be Goals


Be goals are used to help you become a better leader in your organization. You may want to be decisive, be confident, be disciplined etc. These are of great importance to enable you to continually grow into the entrepreneur you must become to effectively lead your organization.



Pro and Cons of Goal Setting


The top 3 benefits of goal setting:


1. Clear direction for the business

Having a clear direction for the business is of great importance as an entrepreneur. Goal setting helps achieve that by giving you a clear focus so that you dont become distracted with other tasks. This clear direction means you can make fast progress in a short amount of time to achieve what you desire in your business.


2. Specific priorities

By having goals, you are creating priorities to focus on. You can see what is important for your business right now. Instead of randomly choosing tasks each day, you clearly have a priority that you know will help improve your business. This helps increase your productivity day to day as you clearly know your priorities.


3. Motivation

Having a goal helps you and your team feel motivated. You have something to work towards and very often you will make much more progress having a clear target to hit. 

Top 3 cons of goal setting:


Feel stressed



The biggest issue with goal setting is that you can feel stress to achieve the goal. With deadlines approaching, juggling multiple teams or even managing lots of projects, goal setting can make you feel very stressed.

Some entrepreneurs do not set goals because of the stress that it causes them. If you experience stress with goal setting then do check out: the biggest mistakes of goal setting below for an understanding as to why this occurs.


Inability to react to opportunities


Very often entrepreneurs can become so focused on the goal that they miss out on other opportunities. It is important to have a balance of goal setting whilst also the flexibility to take advantage of other opportunities in your field.


The key to overcoming this drawback is to regularly check-in to make sure you are making the progress you desire to the goal.


Out of balance


Entrepreneurs enjoy stretching themselves and their organizations with large goals.


The issue that occurs for many people, and you too may have experienced this, is that you can become out of balance in life. You work yourself to the bone to achieve the goals but it costs you relationships, health, and even money in the process.


If you feel out of balance and overwhelmed with goal setting, then make sure to create systems and habits to allow you to maintain balance whilst stretching yourself.



8 Key Steps to Key Effective Goal Setting


1. Create your long term Goal


The first step is to set long term Goals for your business that you want to achieve. We must have clarity on the destination before you can start to make smaller goals to move you in that direction.


2. Big why


Having a goal is one thing, following through and making it happen is a whole different ballgame. The big why are all the reasons as to why you want to achieve this goal and make it happen. It is the fuel in the car that keeps it going. Most people fail to achieve what they want because they miss this step.


3. Set your power year sprint


Once you know the long term goal, now it is time to set a short term power year. This will include 1 major and a few minors for you to focus on over the coming 3 months.


4. Capture your ideas


Write down all the ideas you and your team have that can help you achieve your major goal. You then want to chunk them into relevant groups of tasks for your team or yourself to efficiently complete.



5. Prioritize


After you have a clear idea of all the tasks you have available, you want to prioritize so that you are being efficient with your time. Clarify which tasks are most important to be done and in what order.


6. Take action


After you do this, immediately take action on one thing that starts to move you and your team towards your goal. The reason I say immediately is that it starts to build momentum. A plan without action will always be a dream. Make sure to hit the ground running!


7. Measure progress


This is another step often missed by entrepreneurs as they focus on the business. Remember that you can set a goal, but if you only check in once every 3 months, you could fall off track. The more important the goal is, the more you want to measure to make sure you are on track.


8. Re-evaluate


As you start to move forward you must adapt your initial plan depending on the results that occur. You may shift priorities or have more ideas. The key is to evaluate on a weekly or at the very least monthly basis, to see if you are on track towards achieving your goal.


There are actually 2 other steps missing here that most entrepreneurs miss out on. Download the goal setting template below to find out what they are.


Big Mistakes When Setting Goals


1. Create too many SMART Goals


Avoid setting SMART goals all the time in your organization. Too many SMART goals often cause an imbalance in your organization and your life. I have seen too many business owners set multiple goals, yet make little progress towards completing them.


Set a clear focus for each quarter and align your employees around this central theme.


2. Analysis paralysis


Analysis paralysis occurs when you analyze so many options that you become paralyzed in your decision-making. Nothing gets done and instead, you become overwhelmed with too many options. It is of fundamental importance to not become overwhelmed in setting goals in your organization.


You want to become a leader in decision making which means making decisions fast and changing them slowly.


3. Misalignment


If you want success but you fear failure, you have a misalignment. This means you are taking 2 steps forward and 1 step back. This is the number 1 reason why entrepreneurs dont have the success they desire.

4. Harmful habits


We can have the best of intentions yet if our habits are pulling us back then we cant achieve what we want as entrepreneurs. You must make sure that the habits you have day to day are helping you achieve what you desire in your business.

5. Lack of Focus


Have you ever set a goal, but a few weeks later become distracted by another option to improve your business?


Perhaps you tried to do both of these things or even more options at the same time. This is incredibly common which is why having a clear focus for 3 months at a time can help you stay sustainably on track.


6. Low energy


Having low energy is a huge issue when it comes to following through and achieving goals. You have the best of intentions yet in the mid-afternoon your energy is low. You cant seem to focus and you struggle to concentrate.


7. Unrealistic goals


If the goal is unrealistic for your team then they will be less motivated to follow through. For all the goals that you set, make sure that you have a realistic plan to help you achieve it. As you work with your teams you can always work with them to set goals that are more realistic whilst also stretching them to achieve more.


8. Negative emotional state



Your emotional state is the foundation to help keep you sustainably on track whilst inspiring your time. Make sure that you have a routine to support you in maintaining a great emotional state throughout the day.

If you become angry easily or stressed easily then look into creating a morning routine that supports you emotionally each day.


Time to get moving!


Now if you are feeling a little overwhelmed with all the different aspects of goals setting, dont worry. Goal setting is an art that takes time to master, start by setting and achieving goals that are most important to your business.

With 90% of startups failing, entrepreneurship can be a roller coaster of a journey. While the risk is high the reward is what draws people to it. My guess is that you are an entrepreneur who is willing to take the risk in order to create the freedom you desire.

You may want to have some support on your journey to help you achieve your goals even faster in the coming year!






About Ben Ivey

Ben Ivey is an entrepreneur lifestyle expert, international speaker, Tony Robbins Strategic Intervention Coach, and the Lead Facilitator for Zero Suicide Systems Nu-Rekall. After overcoming his own self-sabotage in business, he now helps other entrepreneurs create business success whilst living an extraordinary lifestyle.

 Ben is the founder of the Entrepreneur Lifestyle Accelerator, supporting overwhelmed entrepreneurs around the globe that are struggling to create the success they desire. His events led by his trainers are now regularly held internationally, working with senior leadership teams of large companies such as Maersk, HSBC, and Coca Cola. Ben is also the founder of the Lifestyle Coach Academy, training lifestyle coaches with the coaching skills, knowledge, and business strategies to build a coaching practice online.



10 great lifestyle tips for entrepreneurs | 10


Live a great lifestyle as an entrepreneur  |


The Secret No One Told You to Boost Business Success |



\n

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