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How To Keep Your Big Goals In Mind When Starting A New Business
The beginning of your entrepreneurial journey is an exciting time. You’ve got so many good business ideas, and you’re actually starting to make them a reality. From building your team to developing and launching your products/services, every step is a part of your unique business path.
Unfortunately, your initial big-picture goals can get a little lost in the chaos of those first few months – or even years. Building a company from the ground up requires an abundance of dedication and inspiration, and no matter how passionate you are, your large scale goals can get swallowed by the minute details and stresses.
Here’s how to keep those over-arching goals visible through all the development and changes.
Determine How Each Little Step Contributes to the Big Goal
Think of building your company like climbing a ladder. Your goal is to reach the top, but you still need to climb plenty of individual rungs along the way if you don’t want to fall. Take your large goals and break them down into smaller, more achievable steps, sub-goals, if you will.
This makes the process seem more manageable and gives everyone, including you, the chance to highlight small accomplishments that are usually overshadowed. At the same time, each rung you climb toward the top keeps you on the right path toward your big goals.
Recent scientific studies have highlighted how difficult it is for the human brain to keep track of more than three to five tasks at a time. The practice of “micro-productivity,” or breaking down large tasks to make them more manageable, gives employees the chance to set specific goals and cross them off one at a time. Whether you’re writing down a to-do list for the day or a game plan for the future of your company, you should apply micro-productivity to avoid overwhelming your team.
Even if you know that it will take years to reach your ultimate goal for the company, give yourself a break: the human mind instinctively seeks instant gratification. That hit of dopamine we feel when we are pleased is addictive, so get accustomed to achieving small goals while working towards your future accomplishments. As long as your small goals are a part of your path to larger success, they’re worth recognizing.
Embrace Failure, Especially at the Beginning
Prepare yourself from some disheartening stats. Roughly 20% of small businesses fail in their first year, 30% fail in their second, and 50% fail after five years in business. By the time a decade has passed, 70% of small business owners have failed to succeed. Although the reasons stretch from a lack of cash to a loss of focus, the results indicate one thing: surviving as a startup is challenging.
Roughly 20% of small businesses fail in their first year, 30% fail in their second, and 50% fail after five years in business. By the time a decade has passed, 70% of small business owners have failed to succeed. Click To Tweet
Don’t let those statistics discourage you. Instead, view them as a testament to how important each success is. If you survive one year as a profitable company, you’re in the top 80% of small businesses. If you last a decade, you’ve beaten the odds in a way most entrepreneurs can’t. Don’t let small failures outweigh the might of your other accomplishments.
When you do fail, take the chance to learn from your mistakes. It might sound cliche, but the only way to learn what works is to learn what doesn’t. Remind yourself that your business is just finding its legs; it’s bound to stumble and fall at points. Even Walt Disney’s and Bill Gates’ roads to success were paved with setbacks and financial struggles, and yet they became some of the most prominent entrepreneurs in the world.
Facilitate a Positive Atmosphere That’s Conducive to Productivity
When it comes to goal setting, attitude is everything. Building a positive company culture is equal parts working together and crafting a workplace culture that defines day-to-day activity. Rather than lamenting your failures or stressing about how far away the company’s goals are, work on defining a positive work environment with a clear path to success.
In the American workplace, it’s estimated that about half of the employees believe that productivity and bottom lines are more important to their organization than people. Is that the kind of culture you want to build in your new company? Instead, contribute to a culture that is full of positivity and enthusiasm for the future. Confidence is key, especially in a startup environment where the future is uncertain. Without a solid team in place, you can kiss your future goals goodbye.
Learn to Be Flexible With Goal Setting and Deadlines
Although ambition is valuable, becoming too rigid can set your company up for failure. Your company is brand new, which means it will take time to understand its processes and get the ball rolling. Additionally, you need to take some time to understand your target audience. Roughly 42% of small businesses fail due to a lack of market need. Your goal should be to determine what the people need and how you can give it to them. That’s a difficult question to answer, and you might juggle a few different options before settling on one.
According to Euwyn Poon, Co-Founder and President of Spin, one of the traits that most successful entrepreneurs share is flexibility. When you fail, you adapt and find new ways to succeed. When something places an obstacle in the path, you maneuver around the blockade. For example, in his own company, Poon realized that bike sharing wasn’t a fit for every city, so he began to implement scooters in some areas. Rather than considering his initial misjudgment a failure, he found a method to achieve his overarching goal in a new way.
To Sum It All Up
Big goals are essential to startups. Your hopes and dreams for the company are the building blocks on which it stands, and without a long-lasting vision, your new company will struggle to find its way.
However, big goals aren’t the only part of the road to success. Celebrate your small successes that contribute to a bigger picture. Build a company culture that will continuously foster success and productivity. It’s entirely possible to keep the big goals in mind while still working on the day-to-day tasks, especially if you and your teammates employ the right attitude.
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Manish Dudharejia is the President and Founder of E2M Solutions Inc, a San Diego based Digital Agency that specializes in website design & development and eCommerce SEO. With over 10 years of experience, Manish is passionate about helping online businesses to take their branding to the next level.
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