What Are Your Goals?

 

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Why is it that you want to start a small business? Money? Fame? Personal freedom? Ego gratification? Retirement income? Inability to get rehired or retrained? Discomfort with larger organizations? If someone were to ask you why you're going into business for yourself, what would you say?

For many people, it helps to translate their expectations and desires into concrete terms by setting goals. We've organized these into three broad categories:

• Economic Goals - For many entrepreneurs, this is a strong inducement. The opportunity to increase personal earnings and achieve their financial potential is often a powerful motivation in starting a business.
• Personal Goals - Unlike money, many of these factors can't be quantified but are important nevertheless. For many people, the chance to build something of their own, according to their own vision, drives them to start a business.
• Retirement Goals - It's vital for everyone, employee and entrepreneur alike, to recognize there'll come a time when you want to kick back and enjoy the fruits of your labor. In this time of growing concern over the continued viability of the Social Security system, any goal-setting you do should involve consideration of your needs after you've built and run your business.

If you're still a little uncertain about goals and what they might mean to you, you should take a look at:

• why goals are important
• how to quantify your goals

Short-term goals. You should also remember that while it's good to have long-term goals, such as getting the business off the ground and helping it grow, you also need to set short-term goals. Your short-term goals should be realistic and achievable. Some short-terms goals might be (1) to select a name for the business that you're happy with, (2) to obtain a business license, (3) to find a good small-business lawyer, or (4) to establish a business credit card account.

It'll be important psychologically in those chaotic first months to be able to feel that you're making some progress. Short-term goals can help you achieve those small but crucial victories.