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Theme 1: Marketing and People
1.5 Entrepreneurs and Leaders
1.5.3 Business Objectives
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What are business objectives?
Specific goals a business aims to achieve
A financial objective focuses on profitability, revenue, and cost
control
What does the SMART framework stand for?
Specific, Measurable, Achievable, Relevant, Time-bound
Effective objectives should be
realistic
and attainable.
What is a market-based business objective example?
Capture 20% market share
A measurable objective allows progress to be
quantified
Achievable objectives should be aligned with
business goals
.
Why is setting business objectives important?
Provides clarity and direction
Steps for achieving clarity and direction through objectives
1️⃣ Define overall business goals
2️⃣ Create specific objectives aligned with goals
3️⃣ Develop strategies to achieve objectives
Well-defined objectives inspire employees and teams to work towards a common
goal
What does a SMART financial objective for a startup look like?
Increase revenue by 20%
Business objectives ensure effective resource allocation for
startups
.
Business objectives provide a clear direction for strategies and
decision-making
Match the business objective type with its description:
Financial ↔️ Focus on profitability and revenue
Market-Based ↔️ Aim to increase market share
Social ↔️ Focus on ethical responsibility
How do business objectives provide clarity and direction?
By defining overall goals
Applying business objectives to entrepreneurial ventures requires SMART
goals
What is a positive impact of business objectives on leadership?
Objectives provide clear direction
High-pressure environments driven by rigid objectives can lead to
employee
burnout.