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The Missing Letter in Your SMART Goals

The Missing Letter in Your SMART Goals

    I love the SMART goal setting technique. It really helps me break my goals into smaller and more manageable pieces.

    However, there is one crucial element (or letter) that is missing from this acronym. This missing letter can potentially make it harder for you to reach your goal – no matter how well you have broken down your goal into different pieces and action steps.

    Playing the SMART game

    If you are not familiar with the SMART goal setting technique and what the acronym means, here is a brief rundown with a simple example:

    • S = Specific

    Your goal has to be specific enough (“I want to lose 4 inches off my waist”)

    • M = Measurable

    “My waist line is measured every week, on Saturday mornings after waking up”

    • A = Achievable

    “Do you think that you can do this? Or are you going too far by getting rid of yet another 10 inches? Or should the goal be 5 inches instead, maybe that would be more achievable?”

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    • R = Realistic

    “Is your lifestyle stable enough that you can commit to this goal?  Are you mentally prepared to do this? Do you want to achieve this goal by next week or in six months?”

    • T = Time-framed

    “It’s January 2012 now, so I want to achieve this by July 1st 2012.”

    As you can see, when you break down your goal like this, they become much more manageable and concrete than just saying “I want to to be slimmer”.

    All fine and well, except that there is a crucial letter missing in this package – another letter “A”.

    So, what is this missing letter “A” all about?

    Other letter “A” stands for accountability and this is a great way to make sure that your defined plan is actually executed and it is not left just on the talking or planning level. Even if you crafted a masterful plan by using the SMART goal technique, it becomes useless if you don’t actually execute it. To make sure you start the execution phase, you want to throw some accountability into the mix.

    By having some external pressure on your back (in the form of accountability), you are more likely to take action on your goal steps than if you just kept the plan to yourself. Accountability is based on the fact that you want to stand behind your words and save face. When you announce your goal to the world, you realize that the world is now watching you and you don’t want to let the world down.

    Accountability is also about keeping the expectations of others. If you announce a goal or a task in public, other people are expecting you will achieve the tasks and goals you have laid out for yourself.

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    Different ways to implement the letter “A” in your goal           

    1. Keep it to yourself

    I was a bit hesitant to include this, since in this scenario you are not telling others about your plans or tasks. However, for some people this might work since your conscience is your accountability partner in this situation. And you don’t want to let your conscience down.

    2. Announce it to the people you are dealing with

    Your people could be your colleagues at work, your local golf club buddies, the subscribers and readers of your blog or your Twitter followers. I would say that accountability is more effective when dealing with “offline people”. Being accountable face-to-face to someone is very effective.

    I’m in no way underestimating the power of “online people” either. If you are trying to form solid relationships with others online, you want to keep your word – even if you don’t necessarily meet the people in the same sense as in offline world.

    3. Accountability partner

    A little bit more intimate way of being accountable is to report to your friend or spouse about your doings. When this route is chosen, you might decide to call your partner on a frequent basis how you are doing and how you are progressing on your task that you promised to do.

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    4. Stickk.com

    If none of the above ways work for you it’s time to put Stickk into play.

    Stickk.com is a web site where you can announce your goal (“Commitment Contract”) and to make you even more committed to reaching that goal, there is money on the stake. Money is not mandatory to get set up with Stickk, but knowing that you will lose a certain amount of money if you don’t reach your goal, can give you an extra push to get stuff done.

    5. Mastermind groups

    Mastermind group is a group of like-minded people, gathering on a frequent basis (online or offline) trying to push each other closer to their goals. This type of accountability is very common in business world. When you are in a mastermind group and you have set the objectives you want to achieve by the next meeting, you want to get stuff done and fulfill other’s expectations.

    Mastermind groups are a great way to improve your productivity and reach your goals with the help of others.

    6. Coach

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    If you really want to get personal attention to your goals and a person who will make you to reach your goals (much faster than what you could do by yourself), then hiring a personal coach may be the best way to stay accountable.

    Not only are you accountable to your coach, but you also have to pay for his/her attention. This makes the coach option even more effective. You want to make sure you do everything you can to get the assignments done before the deadline you two have set. So there is a money factor to keep you accountable as well. Since you want to quickly move forward, this option is a very effective for staying accountable with your goals.

    Next time set the goal using “SMARTA” instead

    The next time you are set on reaching a goal, add that letter “A” to the SMART goal setting technique:

    Specific, Measurable, Achievable, Realistic, Time-framed, Accountable.

    The accountability factor of reaching your goals may be just the thing you need to make them a reality.

    (Photo credit: Letters and symbols in fire via Shutterstock)

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    Last Updated on May 15, 2019

    10 Most Successful Entrepreneurs and What We Can Learn from Them

    10 Most Successful Entrepreneurs and What We Can Learn from Them

    Apart from making crucial decisions for their own businesses, entrepreneurs innovate and grow their ideas. Albeit there being no cookie-cutter answer that fits everyone’s experiences, taking a look at some of the most successful entrepreneurs today, you might spot some similar traits and characteristics.

    Starting and nurturing a business entails a great amount of hard work and commitment. However, for aspiring entrepreneurs who are prepared to dedicate themselves to their vision, here are 10 most successful entrepreneurs you can learn from:

    1. Melanie Perkins: Know Your Worth and Keep Trying

      Melanie Perkins founded Canva, a Sydney-based business valued at $1Billion having successfully raised a number of rounds of successful funding and boasting more than 10 Million users in 179 countries.[1]

      She told BBC that one of the biggest challenges she faced getting into the business was talking about her company’s accomplishments when she first got to Silicon Valley. She attributed this difficulty to a cultural difference where Australians tend to ‘talk down’ their achievements and this would slow down her fundraising progress for a few years.

      Despite hundreds of rejections, Melanie emerged three years later with a much clearer strategy and stronger investor pitch that prompted a series of fundraising rounds netting the company $82Million of funding in total.[2]

      2. Bill Gates: Keep Learning and Exploring

        If you don’t know Bill Gates, you likely know the company he founded – Microsoft.

        Bill Gates’ story is a prime example of nurturing an idea that might seem out of this world but make sense in the future. One of the most successful entrepreneurs in history did not complete his degree at Harvard University to pursue a vision that the technology would soon become the future.

        He told a white lie to Altair, saying that he had made a computer program for them, therefore pushing himself to create a system that would change modern history.

        “The most important speed issue is convincing everyone that the company’s survival depends on moving as fast as possible.”

        Gates’ success is built on self-improvement and the seeds of an idea.

        3. Elon Musk: Never Stop Innovating

          Traditional thinking suggests that in order to become a successful entrepreneur, one must focus in a single field or industry.

          Elon Musk, however, breaks that rule.

          Today, the multifaceted tech entrepreneur, investor, and engineer advocates for the diversification of skills and businesses by delving into various fields of interest.

          When done right, skills in a single domain can be carried over then applied into contrasting industries to create something new the world might need. Musk owes his accomplishments to a constant thirst for knowledge.

          Having birthed Tesla and a myriad of products across the arenas of aeronautics and software design, Musk continues to evolve as an entrepreneur and plans to innovate for the long haul.

          4. Richard Branson: Develop People First

            British entrepreneur Richard Branson founded Virgin Records in the early 1970s. Virgin Records has since grown into the Virgin Group, today responsible for over 400 companies.

            The billionaire is strongly particular about working with a team that shares his core values and aspirations.

            Branson believes that managing a business can become taxing, thus he acknowledges his employees for putting in the effort that they have.

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            A good leader knows how to raise morale for positive productivity. Utilising emotional intelligence and compassion is a game changer in seeing results within a team.

            Branson’s supports the idea of nurturing a positive work environment, with the belief that credentials must go hand-in-hand with an enthusiasm for work.

            5. Jeff Bezos: A Relentless Focus on Customer Satisfaction

              Having founded Amazon, Jeff Bezos is known to be one of America’s most successful entrepreneurs. The e-commerce pioneer fixates himself on angry customers with the belief that a business’s loopholes are found in the experiences of unsatisfied customers.

              For the 8th year in a row, customers have ranked Amazon as the number one in customer service (according to the American Customer Satisfaction Index).

              While numerous companies ignore unhappy customers, Bezos found success in learning from reviews and surveys. By focusing on customer service, Amazon shows they care, both for their customers and for rising above their competitors.

              While praise and recognition are signs that a business is accelerating, criticism is an opportunity to improve a product or a service.

              6. Mark Zuckerberg: Start Small, Think Big

                Valued at over 55 billion dollars today, Mark Zuckerberg built the first version of what would become a social networking giant in his Harvard University dorm room. As one of the world’s youngest entrepreneurs, Zuckerberg undoubtedly took countless calculated risks to get his brilliant idea to its current status with 2.38 billion active monthly users.

                “The biggest risk is not taking any risk.”

                He’s always daring to explore with a fearless mindset.

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                The young tech entrepreneur never shied away from innovating outside of the box. Soon after Facebook became a hit to users and advertisers, big corporations took interest in buying Facebook from Zuckerberg.

                However, he took the risk and decided to stay with his creation. Turning down billions of dollars offered by Yahoo CEO, Terry Semel, he envisioned turning his brainchild into something much bigger than what it already was then.

                7. Steve Jobs: Live Your Own Dreams

                  Steve Jobs lived a rocky path all his life and an aspect of which is a tumultuous career.

                  The founder of Apple endorsed his beliefs on the temporality of life and limitations of time. He preached about the importance of working on the very legacies people wish to leave behind, an achievement he’s undoubtedly etched into the the archives of human history.

                  Never one to hide under someone’s shadow, Jobs did not live by anybody else’s principles so he formed his own. He tirelessly dedicated himself to building a unique brand of products that became the benchmark for contemporary technology.

                  After his highs and lows through his brief battle with cancer, Jobs concludes with yet another lesson to takeaway from his remarkable life. “No matter how much money you have, even the richest man can’t buy time.”

                  8. Warren Buffett: Balance is Essential to Success

                    Despite being the third wealthiest person in the world, Warrant Buffett sported a frugal lifestyle for most of his life.

                    After buying a house in Omaha, Nebraska for just above 31,000 dollars, he has lived there since 1958. As a leading investor and a founder at Berkshire Hathaway, Buffett believes in setting aside an amount to save and spend only on necessities.

                    With a long term goal as a top priority in mind always, treating oneself can be sustainable once in a while. He advices to save money by deciding first and foremost what aspects to scrimp on and what aspects to splurge on to ensure a happy and balanced lifestyle.

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                    9. Jack Ma: Never Give up

                      On every journey to success, everybody stumbles and arrives at roadblocks. Some more than most, like Jack Ma, who survived countless rejections and failures only to get back up and brave every storm.

                      Ma is the founder of multinational technology conglomerate Alibaba Group. Despite being rejected to Harvard after every one of his 10 applications, Ma was never defeated.

                      His grit and tenacity is a fine testament to the fact that grades do not determine a future. While qualifications on paper are important, the development of skills and an attitude is just as helpful in making a recipe for success.

                      Despite finding himself in the verge of bankruptcy in the 1990s, Jack Ma possessed the resilience to put one foot in front of the other until he finally made it. “It’s important to have patience,” he says.

                      10. Tan Min Liang: Passion Can Pay Off

                        Tan Min Liang is the founder of the leading high-performance gaming hardware, Razer. Always on the look out for new opportunities to connect and scale his business, Tan has been bold in making many of his life’s decisions.

                        Having deviated from a traditional path set by a family that consists of doctors and lawyers, Tan was to find his life’s work and passion while gaming with his older brother.

                        The idea was simple: there were so many games out there to play, however, there were hardly any gaming equipment to match this.

                        So he dropped out of law and began going a different direction, into creating solutions in the gaming industry. At the start of 2019, Tan wrote to tech luminary Elon Musk to which Musk’s reply suggested of a joint venture between two of the most successful entrepreneurs today.

                        Final Thoughts

                        In today’s cutthroat world, the road to becoming a successful entrepreneur is a long and arduous process trailed with ups and downs. A valuable lesson that a good hand of entrepreneurs would love to convey to aspiring entrepreneurs is to keep the spirit of innovation and to explore uncharted waters.

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                        Learning from experience and failure is one direction to a desired end goal. Exhibiting the same dedication and grit so many entrepreneurs have through their unexpected careers – today’s budding visionaries ought to hang on their dreams and leave room for improvement along the way.

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                        Featured photo credit: Patrick Tomasso via unsplash.com

                        Reference

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