Goal setting for entrepreneurs can be tough. Stretch goals or think big? Focus on one thing or have mini-goals? In this article you will find out the answers:
Hey, Max Feller here and welcome to day 1 of “The Entrepreneur Hacks Bootcamp”. This session is all about goal setting for entrepreneurs.
This lesson is called “The Inevitability Thinking Formula”
In this video, you will learn:
- Why everything you have learned about goal setting is wrong
- How to create an environment that helps you reach your goals and attract success automatically
- The simple formula to creating good habits that create success for life.
Ok, so let’s jump straight in.
Let’s start with Goal setting. Why is it so important?
It’s the reason why 3% of Harvard MBAs Make Ten Times as Much as the Other 97% Combined.
This research is taken from the book “What they don’t teach you in Harvard business school” by Mark McCormack.
In 1989, a researcher asked a graduating class if they had goals for the future. 84% didn’t have any clear goals. 13% had goals but didn’t write them down. But, 3% had clear goals written down with an action plan on how they would achieve them. 20 years later the researcher followed up with the class and he found out that the 3% with clear goals outearned the rest of the class by 10x .
So now you know the power of goals let’s learn about how to get the most out of them. We’ll go over the basics of goal setting for entrepreneurs then move onto inevitability thinking which is far more powerful and has been described as Goal setting 2.0.
The SMART goal setting acronym first appeared in the November 1981 issue of Management Review.
SMART stands for:
Specific – target a specific area for improvement.
Measurable – quantify or at least suggest an indicator of progress.
Assignable – specify who will do it.
Realistic – state what results can realistically be achieved, given available resources.
Time-related – specify when the result(s) can be achieved.
So your first action step is to create a good SMART goal such as, by Dec 31st, 2016 to have an annual revenue of $200,000.
But the problem people find with this type of goal setting is that it’s not complete. It doesn’t factor in the challenges and plans it takes to succeed.
In James Clear’s blog post ” Forget About Setting Goals. Focus on This Instead” he argues that goals aren’t effective and leave you feeling inadequate until you have met your goal. He says that if you put systems in place that guarantee your goals will come into reality, it will happen more quickly and you will enjoy the process more. This is where the inevitability thinking comes in. Asking questions like “What could I do to guarantee success” is far more effective and it translates into an action plan that works.
Action steps: Map out an action plan like the 3% of those Harvard MBA graduates. Think about problems that could arise and how you will overcome them. Struggling with procrastination? Join a mastermind or get an accountability partner. Get him to make you burn $20 if you don’t get your action steps done for the week, this is a lot closer to the inevitability thinking we’re talking about.
So now we’ve divided our goals into 3 steps : Goal, Information & Action Plan.
We know how to set a goal that works and where to find information to succeed. But how do you take action and create success habits for life? This is where a lot of people struggle. So I’m going to go over a framework to take massive action by Tony Robbins, a man who has mastered human psychology and whose businesses make $5B a year.
This is the success cycle. It goes over the 4 steps to create an upward spiral of success that increases in momentum over time. This is like a catalyst for the previous goal setting for entrepreneurs workshop.
The thing that stops people taking action is the uncertainty that that action won’t create results. They lack belief. That’s why it’s so important to break down your goals into mini-goals and celebrate the small wins along the way. This reinforces the mentality that your actions are creating results and you will be more likely to take more action, which leads to the belief that you have unlimited potential.
Your action steps for this part are to break down your goals into mini tasks like ‘someone responded to your email’, ‘you got a meeting’ – In the long term this trains your brain to take more action.
Email firstname.lastname@example.org about how goal setting for entrepreneurs is different that for other people.