13 business aims and objectives

• aims are the broad targets than at entrepeneur has
• objectives come from aims. aims are general but objectives are specific
• objectives should be:

  • specific
  • measurable
  • achievable
  • realistic
  • timely
• clear objectives give a clear sense of purpose, motivating staff to put in effort to achieve them
• aims and objectives differ because business owners differ. some aim for money and some focus on the business and see money as a secondary factor
• people starting a new enterprise usually have:

  • a financial objective
  • a business objective
  • a social objective
• when starting up, most businesses concentrate on survival
• Many entrepreneurs are reluctant to sell their businesses for large sums of cash because the control they have within 'their' business is a drug that is hard to give up
• Aims in business are a general statement of where you're heading, for example, to get to university
• Market share is the percentage of a market held by one company or brand
• Objectives in business are clear, measurable goals, so success or failure is clear to see
• SMART objectives are targets that are specific, measurable, achievable, realistic, and time-bound
• Social objectives in business are the possible goals of a business based on its contribution to society
• Survival in business means keeping the business going, which ultimately depends on determination and cash
• Personal satisfaction is a non-financial objective for starting a business, especially for those who have struggled to show their talents at school
• Challenge is another non-financial objective for starting a business, as it tests personal skills, character traits, and intellectual abilities
• Independence is a key motivator for entrepreneurs who value their independence greatly
• Control is linked to independence, as entrepreneurs demand to be in control of their businesses