The Entrepreneur of the Year #EOY2019 awards is an annual competition which celebrates the achievements of entrepreneurs in South Africa. In celebration of this competition, I am writing an article to share some of my thoughts with you.
If you are thinking of becoming an entrepreneur or you are already an entrepreneur, here are 10 tips structured around the SMART goal setting method.
S – Specific:
Real numbers with real deadlines.
1 .What have you achieved so far and what would you like to achieve? What about your failures and what you can’t see? Take stock of every lesson you have learnt. Sometimes in the moment we think we are not achieving when in actual fact, when we look back in hindsight, we have achieved a great deal. Be specific about what you would like to achieve. Just saying you want to be rich and successful is not good enough and could happen whenever, which could also be never. You need to say that you are going to have a million in reserve by a specific time, for example.
2. What is your purpose? Why are you doing what you do? We can have big dreams, but having a specific purpose is far better. Find your purpose and you will find the journey towards that purpose happens rather quickly.
M – Measurable:
If we cannot measure a goal, we cannot accomplish it. Measurement allows us to plot our process and measure our progress.
3. Don’t micromanage, find solutions. Remember as an entrepreneur you are a leader, know what you want to achieve and learn to trust the people who work with you. If you are going to try and micromanage things, rather don’t become an entrepreneur. Be a leader, be open to possibilities and help find solutions. Providing solutions is the easiest way to clearly measure your success.
4. How much time are you spending on your business? Work and be prepared to put in the hours that are going to make you successful. I believe in the 10,000 hour principle, keep track of your hours. The measurement of the hours you spend in your business will always provide you with a clear indication of just how successful you will become.
A – Achievable:
Our goal must lie just beyond our reach, so we are motivated to push ourselves past our ‘safe’ comfort-zone, but not out of sight, otherwise, you will lose heart and give up.
5. The value of Consistency – What do you repeatedly do that will determine your success? Success is achievable and predictable when you are consistent.
6. When is enough just enough? Sometimes you have to know when to give up and when you have really tried. Don’t just give up though, rather allow people you trust to give you advice and take their advice when you know you have honestly tried your best.
R – Realistic:
Be honest, you know what you and your team are capable of.
7. We all want to be successful, but can we be successfully lazy? No, being an entrepreneur requires discipline and dedication that you will not experience in a job. Be careful of what expectations you set for yourself. Are they realistic? If you have an idea you can be lazy and still succeed, you should rather stay in your 9-5 job and work for someone else.
8. The art of trust and delegation – Know that you cannot do everything yourself, but never hire someone to do what you know you can do really well yourself. First, hire people who have different skills to yours, then trust and delegate the work you cannot do to these people.
T – Time-bound:
There should always be a starting time/date and a finishing time/date.
9. When are you going to start? I have met many people that have planned to do so much, yet they have never started. If you are thinking of starting, start! No matter how much planning or research you do, you will never have all the answers. Most solutions come from trying to do something, and accepting what does not work so that you can find out what does.
10. Legacy – If you don’t start you can’t fail. People will only remember those who never give up. If you give up, you will be forgotten! Those who never give up, those that leave a legacy are the people who have become truly successful and are never forgotten.
Let us work towards even more success as entrepreneurs and #CelebrateEntrepreneurship