Simple Goal Setting Formulas for Entrepreneurs

Whether you are saving to start a business, piling up cash to buy a home or funding a project, it is imperative to have a goal. What many call their savings account is usually just a current account with a different name! When you decide to save, you must set a goal for yourself.

You could, for example, start by saving x amount every week till you hit $1000 at the end of two months. After you hit this goal, set another goal to help reach your target of $8000, or whatever amount, in six months. This will work for your business as well as your personal life. Having a specific target sets your destination. Without a destination, how will you know when you get there? Let’s talk about goal setting for entrepreneurs.

As I stated above, this applies to personal goals. See the end from the beginning. Do you want to have 100 stores in the next four years? Do you want 4 billion dollars in profits in three months? It is important to set these targets because it will make it easier for you to achieve them. Think of goals like a bulls-eye. If you can set your mind on those goals without wavering, your body will eventually get there. Do not permit any contrary pictures into your mind. Stand your ground and soon, you’ll achieve that which you planned. If you are tempted to get discouraged, look at Jesus – the author and finisher of your faith. If you continuously consider Jesus over the challenges, the circumstances will not be able to stop you.

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A goal has a time set for its accomplishment. My recommendation is that you set smaller sub-goals and hit those targets. Every step forward counts to winning a race. Your goals may range from losing 20 pounds in the next 2 months to learning how to play the xylophone. Divide these goals into little bits. You can plan to lose 5 pounds every week. Can you practice playing the xylophone for 30 minutes every evening when you get home from work?

There are several formulas on goal-setting but and this method is another suggestion that works. Imagine an old acquaintance sees you on TV or on the cover of some important magazine. What will the article say?

Will it say that in the last 5 years:

  1. You built a billion dollar software engineering company with 30,000 employees across the world?
  2. You bought a black and red Audi R8 V10?
  3. You got married with four kids and now live in a 6-bedroom house with a mini zoo?
  4. Would it be that you just built and fully furnished 10 churches and schools in Ghana, created employment for 30,000 Africans, bought a jet, Audi r8 and a few properties in Dallas and Cape Town?
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Set a cap on how much money you want to put into your business over the next three months. You will know when you are spending too much on the project if you have a goal. Define specific and measurable goals as well as a plan to reach each one. An idea without a plan is an arrow without a target.

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