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Goal Setting in Entrepreneurship Introduction: Any human activity, economic or social, is purposive. Rational behavior induces man to define and redefine ‘ purposive’ action into focused goals. Every individual, group, organization (business or social), government, or even a leader has a pre-set goal. Goals provide a future orientation, making all pre-set activities more consistent. Individuals/organizations without goals function for the present, merely reacting to pressures and actions. Reactions to these actions are impulsive as planned and organized approach is non-existent in the absence of specific goals. Goal is set by systemic methodology and planning which smoothens working, thereby leading to a meaningful achievement and result-oriented existence.
Secondary goals take a back seat to specific goals.
But they must not be lost sight of the rush to meet the
primary goal. In the long run, secondary goals become
very important since the degree of effectiveness of the
primary goals rest on their fulfillment.
Long range/short range goals:
It will be well worth the effort to keep in mind that an
individual/organization works as much for the future as
for the present. Each goal, however, has a time dimension
involved. Short range objectives have a sharper deadlines
and are much more planned as their result can be seen in
the near future. On the other hand, long range goals
require perspective planning and a foresight.
These can be either complementary or substitutes or both.
For best results, it is necessary that both personal and
social goals be in harmony.
A performance sensitive organization must always strive to set goals which should be a balanced blend of various categories mentioned above. Once the appropriate mix is identified the task of goal stating and setting becomes easier. Goal Stating and Setting: Goal setting is the achievement of targets and objectives for successful performance, both long run and short run. It helps to measure how well individuals and groups are meeting the performance standards. The goal setting process requires three steps: 1. Definition of Goal 2. Specific goals 3. Feedback about goal achieved Definition of goal: It requires that a leader explains the purpose and necessity of the specific goals to his team members. Whatever the situation, people need goals that are meaningful to them in order to be highly motivated and involved.
Specific goals: Goals must be as specific as possible so that employees can feel a sense of achievement when the goal is attained. Goals must lead to tangible results. Feedback about goal achieved: One should always strive to get a feedback about how far he is on his way to reaching the goals. Feedback leads to better performance. Clarity regarding process smoothens the actual statement of goals. A goal has not only to be largely meaningful but also should be a challenge to achieve motive. Goal clarity is of great consequence to any individual as it defines the focus of a goal. Once the type of goal statement (goal stating) by which one should benefit is determined, the next step is to recognize the various aspects of goal setting . All aspects stated below have to be considered beforehand.
Clear and simple objectives will bring expected results.
Misinterpretation and confusion will not allow to achieve
the set goals.
Clearly defined goal:
I want to do __________
The organization will make effort to ________
We will work on __________
These are likely to bear positive results.
Unclear and ill defined goals:
I will do either this or ____________
Will only lead to confused and uncertain outcome.
b) Reformulation of goals:
Any discrepancy occur in initial formulation will lead
to change the formulation. Goal setting should be
dynamic. Situation may change which would mean a
change in the strategy and perhaps even the goals.
Therefore, constant re-examination of goals is always beneficial. c) Restating goals: Defining or redefining goals results in analytical thinking, the outcome of which could be restating the goal, thereby making it more approachable and practical. The new goal might serve the organization/individual purpose far better. The emerging strategy will also thus be more clear, making the goal more relevant and achievable. d) Plan of action: Chalk out a detailed strategy in advance to achieve the goals after thorough discussion and debate and there- after assign responsibilities and duties, identify and arrange for resources. e) Defining the standards of performance and measurement criteria: This should effectively be able to rate success failure and must be reliable to provide necessary feedback.
Give a fair amount of thought to possible stumbling
blocks on the route to attaining the goals. While doing so,
do not forget to calculate the associated risks.
g) Goal reaffirmation:
It is also important to note that periodical review of the
goal is must since
i) With the passage of time the set goal might become
ii) Organization may have side tracked the original
iii) More time than necessary might be making its
h) Goal attainment:
The questions to ask are:
Have I attained the goals?
Is there a need to modify the goals?
Then, compare the expected results with the goals.
You have to be a Visionary: Goals are not independent of the goal setter. Therefore, one should know: a) Who sets the goals? b) According to him/her what is the purpose of the goal? c) What is the need of the goal? d) How to set and achieve the goal? Goal results can be viewed as “deferred payment”. One has to be visionary, with an ability to make the unknown known. Visionaries have mental acuteness, their dreams and visions of future are realistic, their desire at times translates into needs, and the needs into necessities. Necessities warrant corresponding definite action. Action, therefore, becomes goal oriented. Their vision is a by-product of profound understanding of the environment. Such visionaries equipped with the power of imagination are able to translate the abstract into concrete results.