Topic 7

Creating and Growing Sustainable Ventures

BUSN 101: Day 5

  • Course: Management: Setting Goals and Values
  • Institution: University of San Diego®

Topic Outline – Setting Goals and Values

  • Focus on four primary goals:
    • Achievement
    • Significance
    • Legacy
    • Happiness
  • Manage individual self and actions:
    • Goal Setting
    • Prioritizing
    • Time Management
  • Importance of telling personal stories
  • Developing an entrepreneurial mindset

Essentials for Business

People in Business
  • Doers: Individuals in business act, achieve, and accomplish objectives.
  • Organizational Behavior: Defined as the study of people and how they act within organizations.
Fundamental Business Skills
  • Skills necessary for self-management:
    • Goal Setting
    • Time Management
  • Skills to manage situations:
    • Persuasion, negotiation, and networking

Managing Yourself

  • Work is defined by the equation:
    • Work=AbilityimesEffortWork = Ability imes Effort
    • Ability: Refers to skills and knowledge possessed.
    • Effort: Time and energy devoted to tasks.
  • Importance of time on task as the best predictor of success.
  • Reference to the 100,000 hour problem, underscoring extensive commitment to tasks.

Managing Your Situation

  • Collaboration is essential as the involvement of others cannot be avoided.
  • Success in entrepreneurship relies on leveraging others' strengths.

Goal Setting: The Key to Time Management

Key Issues in Time Management
  • Importance of Problems: Hierarchy of problems based on urgency and significance.
  • Why Set Goals?
    • Specific and challenging goals lead to higher achievement.
    • Specific goals direct actions more effectively than general goals.
    • Difficult goals generally result in improved performance.
    • To achieve, individuals must face challenges; effort is critical.

From Wishes to Goals

  • Clarifying motivations and personal goals; authenticity matters in goal-setting.
  • Steps to successful goal realization:
    1. Identify Goals: Define meaningful objectives.
    2. Take Action: Taking steps is essential to achieving goals.
Setting Priorities
  1. Create a personal mission statement.
  2. Describe short- and mid-term objectives.

Strategies for Managing Goals

  • Simultaneous Goals: Address multiple goals concurrently.
  • Sequential Goals: Shift focus after a designated time on one goal.
  • Alternating Goals: Allocate time blocks to different goals alternatively.
  • Multiple Goals: Integrate several goals into shared activities.
  • Time Management Techniques: Implement strategies to optimize time.

Taking Stock: Act of Creation

  • Transitioning from business start-up activities to ongoing management.
Understanding Commitments
  • Commitments are defined as choices that commit individuals to future actions.
  • Larger commitments necessitate further obligations concerning time, energy, and resources.

Self-Assessment in Goal Setting

Examples of Personal Goals
  • Goals Identified:
    • Financial: Example - Setting aside $100 monthly for gym.
    • Health: Example - purchasing fresh fruits and vegetables.
    • Education: Tuition for additional coursework or training.
  • Time Allocation:
    • Include specifics on time management, e.g., gym visits, studying hours.

Story Development

Crafting Your Narrative
  • Consider significant issues you aspire to resolve.
  • Coherence: Ensure clarity and consistency with one’s values and beliefs.
  • Leverage past experiences for future aspirations and challenges.
  • Reframe past experiences to articulate new ambitions.

Cultivating a Mindset for Change

Assumptions and Perceptions
  • Assumptions can shape opportunities for success in business.
  • Negative perceptions can hinder action and expansion of possibilities.
Frameworks for Possibility
  • New perspectives enable the creation of frameworks for opportunity.
  • Entrepreneurial endeavors are continuous processes, highlighting collaboration over individual success.

Balanced Life

Clarifying Priorities
  1. Achievement: Assess challenges posed by goals.
  2. Significance: Evaluate potential impact.
  3. Legacy: Determine long-term significance.
  4. Happiness: Ensure enjoyment in pursuits.

Achieving Your Goals: Current Activities

Balance Between Achievement and Happiness
  • Work: Contributions to sales and individual growth.
  • Family: Coaching roles and personal involvement in children's activities.
  • Self and Community: Engaging in local organizations and further education opportunities.

Setting Goals for the Future

Exercise for Students
  • Develop at least three specific goals.

Additional Goal Setting Framework

  1. Define general objectives/tasks.
  2. Consider metrics for measuring performance.
  3. Establish standards or targets for success.
  4. Define timelines for objectives.
  5. Prioritize and rate goals by difficulty and importance.

Goals Timeline

  • Include a structured timeline from 2023 to 2027 for goal setting.

Facing Your Fears

Starting the Journey
  • Embarking on the entrepreneurial process necessitates proactive action.
Managing Imposter Syndrome
  • Recognition that expertise develops through involvement and practical experience.
Understanding Perfectionism
  • Acknowledgment that perfection is an impractical goal; pursuing it can inhibit progress.

Approval Seeking and Self-Affirmation

  • Differentiate between helpful feedback and approval on decision-making.

Goal-Setting Worksheet Example

  • Personalize Your Approach: Fill out and prioritize your own goals.

  • Principal Sources/Additional Reading:

    • Gartner and Bellamy, 2008, Chapters 12 and 19.
    • Stevenson and Nash, 2008, ‘Just Enough: Tools for Creating Success in Your Work and Life.’