This document discusses goal setting in entrepreneurship. It defines goals as providing future orientation and consistency. Goals can be target oriented, achievement oriented, specific, overall, or secondary. Goals also have long or short-term timeframes. Setting goals requires defining the goal, setting specific goals, and getting feedback. Goals must be clear, reformed if needed, and restated to be achievable. A plan of action, performance standards, risks, and periodic review are also important. Visionaries who can translate abstract ideas into concrete results through imagination and understanding are well-suited to goal setting.

1. 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.

5. 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.

6. 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.

8. 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.

10. 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.