ENTREPRENEURIAL MIND FINALS

• Goal setting


  The backbone of entrepreneurial success, providing a roadmap for navigating the complex landscape of business ventures
• Goals


  • Define clear objectives
  • Establish a sense of direction, focus, and purpose
  • Enable efficient and effective channeling of efforts
  • Serve as beacons guiding entrepreneurs through challenges and uncertainties
  • Foster accountability and motivation
• Goal setting


  Encourages strategic thinking, fostering innovation and adaptability as entrepreneurs work towards realizing their visions
• "The best goals happen because there is a plan.": 'GOAL SETTING'
• Goal setting


  The process of deciding what you want to accomplish and devising a plan to achieve those desired results
• Importance of goal setting


  • Defines your end game and timeline
  • Gives direction to your life
  • Empowers you
  • Changes your reality
  • Increases self-esteem
• Benefits of goal setting


  • Provides direction to a business
  • Facilitates business planning
  • Motivates employees to perform
  • Limits stress and maintains focus
  • Reduces wasted time
• Goal-setting theory of motivation


  Specific and challenging goals along with appropriate feedback contribute to higher and better task performance
• Why does goal-setting lead to increased performance?


  • Goals focus our energies on things that matter
  • Goals energize us
  • Goals affect persistence
  • Goals force us to use existing knowledge/skills to achieve them
• Components of goal setting theory


  • Goal specificity
  • Challenging goals
  • Goal commitment
  • Presence of feedback
• Advantages of goal setting theory


  • Increases motivation and efforts
  • Improves feedback quality
• Limitations of goal setting theory


  • Goal conflict has a detrimental effect on performance
  • Very difficult and complex goals stimulate riskier behavior
  • Lack of skills and competencies can lead to goal-setting failure
  • No evidence that goal-setting improves job satisfaction
• Social learning theory


  Individuals acquire new behaviors and attitudes through observation, imitation, and modeling of others within their social environment
• Locke's goal-setting theory


  Clear goals provide direction, focus, and a sense of purpose, thereby stimulating effort and persistence
• Types of goals


  • Learning goals
  • Performance goals
• Learning goals


  Emphasize the pursuit of knowledge, skills, and understanding as central to the learning process
• Performance goals


  Provide specific targets for achieving proficiency or outcomes within set timeframes
• Goals are part of every aspect of business/life and provide a sense of direction, motivation, a clear focus, and clarify importance
• SMART goal


  Specific, Measurable, Achievable, Realistic, and Timely
• SMART goal - Specific


  • Well defined, clear, and unambiguous
• SMART goal - Measurable


  • Has criteria for measuring progress
• SMART goal - Achievable


  • Attainable and not impossible to achieve
• SMART goal - Realistic


  • Within reach, realistic, and relevant to your life purpose
• SMART goal - Timely/Time-bound


  • Has a start and finish date
• Key takeaways from the definition and discussion of goals according to Latham & Locke (2002) and Locke (2019)