As an entrepreneur, setting goals is important. Taking action to realise the goals is even more important. A well-known guideline for setting goals is the acronym, S.M.A.R.T – which stands for, Specific, Measurable, Achievable, Realistic, Timely. I would like to talk about the “R” in this acronym.
The start of something new – such as a new year – is usually exciting. I love the beginning of a new year, mostly because of the feeling of a fresh start and the abundance of optimism. However, from my experience, this enthusiasm has led to me creating unrealistic goals.
But what is a realistic goal? As one explanation of SMART describes, a realistic goal should be “…relevant, reasonable, rewarding, results-oriented.”[1] Goals should relate to our dreams, circumstances, and personality. That does not mean you should limit yourself, but rather that you should consider what is achievable in the present, in order to get to where you want to be. Be practical.
A few years ago, I had a goal to be part of as many start-ups as possible, in the hope that at least one of them would succeed. After achieving the goal, I realised that I did not have sufficient time give to the companies I was a part of. Instead of giving quality time to one or two companies, I ended up stretching myself too thin to too many of them and I became frustrated. This was an unrealistic goal.
Another example of an unrealistic goal would be trying to get a six-pack in one week – when you currently have a potbelly. Stretching the time to several months would be realistic.
The problem with unrealistic goals is, they waste time and resources.
I suggest setting smaller, realistic goals, that when achieved, lead to bigger goals and dreams. I have seen this approach produce great results for me.