How Successful Entrepreneurs Set Goals (And How You Can Too)
Every successful entrepreneur you look up to got there by setting clear goals. Defining your ambitions gives you a sense of purpose, direction, and a real plan to move your business forward. In fact, people who clearly picture their goals are 1.2 to 1.4 times more likely to reach them. In this article, you’ll learn the exact steps you need to set the right goals as a teen entrepreneur.
1. Categories of Goals Entrepreneurs Focus On
The first thing you want to think about is the different areas of your life. You’ll have categories like:
- Business
- Academics
- Social life
- Personal development
Try outlining each category and coming up with one or two things you’d like to accomplish in each. You don’t have to set a goal for every single area—just pick the ones you feel most passionate about.
For example:
- A business goal could be building an email list of 100 subscribers.
- An academic goal might be keeping a 3.5 GPA.
- A health goal could be working out three times a week.
Take some time to really reflect on what’s important to you. Journaling about it can help you figure out which areas you want to focus on the most.
2. Short-Term vs. Long-Term Goals
Now that you’ve thought about the areas you want to focus on, grab a piece of paper and split it into two sections: one for short-term goals and one for long-term goals. Short-term goals are tasks you want to accomplish within the next year. Long-term goals are bigger—something you might reach in a few years, like five years down the road.
For example, a short-term goal could be landing your first customer within the next month. A long-term goal might be graduating with honors while running a profitable business. Taking the time to separate your goals like this makes it way easier to stay organized and motivated.
3. Make Goals Specific and Measurable
Take a look at the goals you’ve written down. Are they specific? Saying objectives like “I want to start a business” or “I want to get a lot of sales” isn’t very clear. You want goals that are easy to measure, like “Launch an ecommerce store with 10 listed products by September 1st.” Go back through your list and spot any places where you wrote something vague. Then, update those goals with specific numbers, deadlines, or time frames to make them more realistic and easier to actually achieve.
4. Work Backwards
Now that you’ve got specific goals, it’s time to work backwards on each one. Start with your short-term goals and break each one into smaller steps. For example, if your short-term goal is to gain 100 email subscribers in three months, that means you’ll need about 33 people signing up each month.
From there, write down what you need to do to make that happen:
- Should you post on social media more often?
- Do you need to create a free digital product to encourage people to join your list?
The goal here is to break everything into smaller, more manageable chunks. That way, under each big goal, you’ll have a clear set of mini-steps you can follow.
5. Review and Adjust
Successful entrepreneurs constantly review their goals to keep them top of mind. Make sure you have your list of goals and mini-goals written down and somewhere you’ll see it every day, so you’re always reminding yourself what you’re working toward. Setting goals isn’t a “set it and forget it” kind of thing—you have to stay focused on them daily. As you move forward, you might realize you have new goals or that your perspective has changed, and that’s normal. You can always go back and adjust your goals as you grow.
Common Pitfalls to Avoid
When you’re setting goals, make sure to avoid a few common mistakes:
- Setting vague goals like “I want to be successful” without specifics.
- Overcommitting to too many goals at once, which can easily lead to burnout.
- Ignoring your personal well-being by only focusing on business goals.
- Failing to track your progress, like forgetting to journal your steps or monitor your revenue growth.
The Big Picture
Remember, setting goals isn’t about doing the absolute most or overwhelming yourself with a million different things. Focus on just a few priorities to stay productive and avoid burnout. Successful entrepreneurs map out their goals consistently and make adjustments when needed, and you can start doing the same today.
Are you a teen entrepreneur in Florida? The Kantner Foundation wants to help you take the next step with a college scholarship. Apply now!
