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Mistakes Entrepreneurs Make When Setting Goals

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Mistakes Entrepreneurs Make When Setting Goals

Mistakes Entrepreneurs Make When Setting Goals

As a solopreneur, the end of the year makes me feel nostalgic for the days when I worked a full-time corporate job and received an annual review.

I’m someone who craves feedback, appreciates year-long goals, and likes to track progress. When you start your own company and become your own boss, recapping the past year and planning for the year ahead falls only on your to-do list.

That’s why I’m spending the final weeks of 2021 taking inventory of the past 12 months as well as setting goals for 2022. I’ve been doing this for the past seven years, and it wasn’t until a few years ago that I realized there’s a strategy to goal-setting for the new year.

To do so properly, it’s important to avoid these mistakes that can be common among entrepreneurs.
1. Forgetting to take inventory

Before deciding what milestones I want to hit in the new year, the very first thing I do is take inventory of the past year.

Doing this allows me to have clarity on what worked in 2021 and what didn’t and how that can be applied to the new year.

2. Ignoring current and projected trends

Setting goals for a new year doesn’t just involve your bottom line and plans for scaling the business. Your goals have to incorporate industry trends that are projected for the year ahead so you can capture the attention of your audience and move your business forward.

I spend a few weeks reading news articles from industry publications to wrap my head around how other businesses, brands, and my target audience will evolve in the year ahead.

Next, I study data from social-media monitoring and website analytic sites to find trends to focus on for upcoming marketing sites. I use free news and analytics websites like Social Media Today and Similar Web to create a digital-marketing trend report. This allows me to have a more streamlined focus for the goals I set.

3. Thinking too macro

Just like when people set New Year’s resolutions, entrepreneurs can also tend to set high-level goals for their business that are too vague to implement.

Without structured and detailed goals, it can be hard to understand what you need to do to make those things happen. Now, I set end-of-year goals as well as smaller monthly goals that help me take regular steps forward and make consistent progress.

4. Keeping your goals a secret

As a business owner or entrepreneur, it can be easy to set goals for your company and keep them a complete secret. But doing this pushes out feedback and potential ideas from other people and stunts your growth as an entrepreneur.

At the end of 2020, I showed my 2021 goals to my mentor, an entrepreneur friend of mine whom I respect, and a colleague I used to work with. Through their collective feedback, I found myself feeling confident on some goals and pivoting others in a way I never would have without their feedback.

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