What Separates A Successful Entrepreneur From An Unsuccessful One

The top three Goal setting tips for entreprenuers.

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Grant Cardone in his famous book, “10 X Rule- The only difference between success and failure”, goes on to explain the 10X rule by driving home the following points:

1) You should set targets for yourself that are 10X greater than what you believe you can achieve and 

2) You should take actions that are 10X greater than what you believe is necessary to achieve your goals. The biggest mistake most people make in life is not setting goals high enough.

Over my working life, across sectors like Automobile, Banking, Financial Services, Startups, I have had the opportunity to personally know and interact with a lot of successful entrepreneurs and unsuccessful ones. Particularly when you evaluate small business owners and a company of One (One-person company) promoters, they have in all probability check-marked most of the Quadrants necessary for success and yet seem to be falling short, on their path to creating wealth.  

One of the key items which really seems to separate those who are crushing it, vs those who never achieve true wealth, is their goals are too small. Also, at times, you would be surprised that there were no goals that the entrepreneur was chasing and he was all along focused on sustenance month on month. Yet there was this another category who just couldn’t bring themselves to latch on to a number, for fear of non-achievement!

The “average” entrepreneur will be happy making Rs.10,000/month. There’s nothing wrong with that, but that’s exactly why they’re average. 

If you aim low, you’ll fail low. 

If you aim high, you might fail — but you’ll fail higher. 

If you aim for Rs.10,000/month, you might not hit it.

If you aim for Rs.100,000/month, you might hit Rs.50,000/month. 

The idea here is that you need to set your sights high so that you make yourself work towards something greater than average. 

You could set a goal that could be clear — help 1,000 clients transform their lives. 

Obviously, build into that, the fact that these clients should be paying you Rs.7000/-. 

But, when it comes to aiming high, you need to set a goal beyond that of monetary aspirations

The truly great entrepreneurs; the ones that build generational wealth are those who set their sights high. 

“Goal Setting” is an absolute essential for professionals and entrepreneurs who want to succeed. Without clear goals, you will not have a clear direction on where you want to head out in life.

The Top Three Go-To Tips For Goalsetting Are As Enumerated Below:

1. Set SMART Goals 

Ensure that your Goals follow the Specific, Measurable, Attainable, Relevant, and Timebound (SMART) approach.

This methodology ensures that the objectives are not vague, irrelevant, and unachievable. This gravitates your efforts towards the achievement of your set out goals.

2. Refine And Redefine Your Time:

Lack of time is a great excuse. You should redefine your tasks and priorities allocating your time. Time allocation can be made into three segments – focus time, buffer time, and free time. Focus time is the slot where the high priorities get efforts deployed with surgical focus to achieve stellar results. Buffer time is where you have time for attending to deviations and free time is the time allocated to reflect, review, and recalibrate.

3. Share Your Goals:

It is highly recommended to share the goals with your team and make them custodians of the goals. This will ensure their buy-ins for collective efforts to be deployed for achieving the set-out goals.

What drives you? What motivates you? What’s your why for doing what you do?

It’s an introspective question that every entrepreneur needs to answer at some point so that you know whether or not you’re on your life mission. Because once you find your life mission, everything becomes that much more enjoyable and easy. 

To Summarize:

You need to aim high. But to aim high, you need to set a non-monetary goal. 

However, to set a non-monetary goal, you need to ask yourself why you’re doing what you’re doing — what’s the driving mission behind your business?

Once you start to realize that these tangible goals & thoughts eventually become active, you’ll start making more progress than you initially thought possible, because entrepreneurship is a slog in the early goings; having an overarching vision guiding you makes the process much more enjoyable.

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