SMART METHOD FOR SETTING ENTREPRENEURIAL GOALS

Method that allows us to define the objectives of the project and assess the state it is in in relation to its approach. Often part of the problem of not achieving what we want or want lies in the fact that we do not formulate our objectives well, other times we are very ambitious and we propose many things that with time and reality we see that they are not feasible.

In short, we do not realise that we are condemned to failure or non-fulfilment of our intentions before we even start.

When setting your goals to be achieved by participating in mentorDay, remember that they should be SMARTor as the acronym indicates: Specific (Specific), Measurable (Measurable), Achievable (Achievable), Realistic (Relevant) and Time-related (Time-bound).

If you follow the SMART criteria when defining your objectives, you will be able to clearly distinguish effective objectives from ineffective ones.

Let's see how to do it:

• Specific: your objectives must be clear and precise. Instead of proposing "someday I would like to become an entrepreneur", try to spell out your goal more precisely. 

• • For example "I want to complete all the tasks of the mentorDay acceleration programme and have my business operational within the next two months".

• Measurable: As well as being precise, objectives need to be measurable in order to assess progress. This will allow you to stay focused on achieving your goals, meet the deadlines you set for yourself and stay motivated when you see that you are getting closer and closer to achieving them. 

• • For example, "one month after launching my business, I will have received feedback from my first 5 customers".

• Achievable: i.e, logical and reasonable. These goals have to be ambitious but possible with the external and internal situation you have: time, resources, etc. 

• • For example, "at the end of these courses I will have an empire like Jeff Bezos or Bill Gates" is perhaps a bit excessive. Instead you could say "at the end of these courses I will have my product launched and I will have started to make money". If you think about it, that's how Jeff and Bill started out too.

• Relevant: the learning objectives should be important to you, as well as being reasonable and realistic, ideally results-based.
• Time-bound: make sure you set a time horizon both to take the courses and to launch your idea to the market.

PRACTICAL EXAMPLES OF SMART GOAL-SETTING FOR AN ENTREPRENEUR

OBJECTIVE NO SMART: "I WANT TO GROW MY BUSINESS".

• SMART Objective: "I want to increase my business sales by 20% in the next 6 months through a digital marketing strategy focused on social media".

NON-SMART OBJECTIVE: "I WANT TO DEVELOP AN INNOVATIVE PRODUCT".

• SMART Objective: "I want to design and launch a new product in the next 9 months that meets the needs of a specific niche market, and generates at least 50 sales in the first month of launch".

GOAL NO SMART: "I WANT TO SUCCEED IN MY VENTURE".

• SMART Objective: "I want to build a strong and recognised brand in my sector in the next 2 years, achieving a 50% increase in loyalty from my existing customers and the acquisition of at least 100 new customers per month.

OBJECTIVE NO SMART: "I WANT TO IMPROVE MY LEADERSHIP SKILLS".

• SMART Objective: "I want to participate in a 6-month leadership training programme to acquire new skills and knowledge and apply them in the management of my team in the next 12 months to achieve a 20% increase in productivity and reduce staff turnover by 50%.

These are just a few examples, but any objective that is set following the SMART methodology can help an entrepreneur to have greater clarity and focus on their goals, allowing them to work more effectively and achieve success in their project.

How can a mentor apply the smart method to help his or her entrepreneur set goals?

A MENTOR CAN APPLY THE SMART METHOD TO HELP HIS MENTEE ENTREPRENEUR SET GOALS IN THE FOLLOWING WAY:

1. Specific: The mentor can help the mentee to define specific and concrete goals. For example, instead of saying "I want to succeed in my business", a specific goal can be defined as "I want to increase my sales by 20% in the next three months".
2. Measurable: The mentor can help your mentee establish indicators to measure progress towards achieving his or her goals. For example, if the goal is to increase sales by 20%, progress can be measured through monthly sales and compared to the previous month's sales.
3. Achievable: The mentor can help the mentee to define goals that are challenging but achievable. It is important to consider the available resources, time and skills needed to achieve the goal.
4. Relevant: The mentor can help the mentee define relevant goals that are aligned with his or her interests and long-term objectives. For example, if the entrepreneur's long-term goal is to expand his or her business, short-term goals should focus on growth and improving sales.
5. Time-bound: The mentor can help the mentee define objectives with a specific timeframe for achieving them. For example, if the goal is to increase sales by 20%, a timeframe of three months can be set to achieve it.

In general, aA mentor can guide their mentee in the application of the SMART method, helping to define specific, measurable, achievable, relevant and time-bound objectives, and ensuring that they are aligned with the entrepreneur's long-term interests and goals.