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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 October 18, 2018

    10 Key Characteristics of a Highly Successful Entrepreneur

    10 Key Characteristics of a Highly Successful Entrepreneur

    When it comes to starting your own business and pursuing your dream of becoming an entrepreneur, it can be advantageous to go all in and embrace the flexibility of finally quitting your day job.

    Keep in mind, though, that it takes a special kind of person to take the business world by storm: a person who has cultivated the key characteristics of entrepreneurial success.

    People with these characteristics are likely to succeed, whereas people without them have difficulty moving forward with even the most brilliant business ideas.

    These characteristics of an entrepreneur are so important that I’ve decided to cover all 10 of them in detail so that you can start your business with your best foot forward.

    1. Successful Entrepreneurs Practice Discipline

    Plenty of business experts claim that you can’t get anywhere as an entrepreneur without vision or creativity, but that’s simply not the truth. Instead, the one quality that no entrepreneur can be successful without is discipline.

    To build an idea into a business, you have to have the discipline to spend time slogging through the least fun parts of running a business (like the bookkeeping), rather than taking that time to do something fun.

    Andrew Carnegie, one of the most financially successful Americans of all time, grew up working dull and difficult jobs in factories. Despite going to bed hungry some nights, he continued doing his best work. He was eventually hired by a railroad company and continued to move up the ladder until starting his own successful businesses. Carnegie is a fine example of an entrepreneur dedicated to discipline and hard work. He truly earned his dreams of prosperity and success.

    When you’re the boss, there’s no one to keep you at work except yourself — and there’s no short-term consequences for skipping out early.

    Sure, if an entrepreneur plays hooky enough he knows that the business just won’t happen, but it’s very hard to convince someone that ‘just this once’ won’t hurt (and to keep ‘just this once’ from becoming a daily occurrence).

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    2. Successful Entrepreneurs Keep Calm

    Things go wrong when you run your own business.

    Most entrepreneurs go through crises with their businesses — and more than a few wind up with outright failures on their hands. But when you’re responsible for a business, you have to be able to keep calm in any situation. Any other reaction — whether you lose your temper or get flustered — compounds the problem.

    Instead, a good entrepreneur must have the ability to keep his cool in an emergency or crisis. It may not make the problem easier to solve, but it certainly won’t make it harder.

    Honestly, losing your calm is a quick path to becoming the kind of person who gives up in the face of adversity. Instead giving in to frustration, remember classic entrepreneur Benjamin Franklin.

    Franklin kept his calm as he experimented and tweaked his inventions again and again in pursuit of success. He didn’t give up during his many failures – he chose to innovate. You can choose innovation, too.

    If an entrepreneur can handle failure without frustration or anger, s/he can move past it to find success.

    3. Successful Entrepreneurs Pay Attention to Details

    Restricting your attention to the big picture can be even more problematic than ‘sweating the small stuff.’

    As an entrepreneur, unless venture capital has magically dropped out of the sky, a small expense can be a killer. It’s attention to detail that can make a small business successful when it has competition and it’s attention to detail that can keep costs down.

    Attention to detail can be difficult to maintain — going over ledgers can be tedious even when you aren’t trying to pay close attention — but keeping your eye on a long-term vision is just asking for a problem to sneak in under a radar.

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    After a business grows, an entrepreneur might be able to hire someone to worry about the details. In the beginning, though, only one person can take responsibility for the details.

    Skeptical about the importance of details? Look no further than Howard Schultz, who grew a small coffee shop called Starbucks into one of the most globally successful coffee businesses in the world through his extreme attention to detail.

    He is famous for taking all aspects of growing a business into account, paying attention not only to financially smart business decisions, but also focusing on socially responsible business decisions. Details can take you far.

    4. Successful Entrepreneurs Embrace Risks

    No entrepreneur has a sure thing, no matter how much money s/he stands to earn on a given product. Even if a product tests well, the market can change, the warehouse can burn down and a whole slew of other misfortune can befall a small business.

    It’s absolutely risky to run a business of your own and while you can get some insurance, it’s not like most investment options. Even worse, if something does go wrong, it’s the entrepreneur’s responsibility — no matter the actual cause. In order to deal with all of that without developing an ulcer, you have to have a good tolerance for risk.

    You don’t need to channel your inner frat boy and take on absolutely stupid risks, but you need to know just how much you can afford to risk — and get a good idea of how likely you are to lose it. If the numbers make you uncomfortable, the risk is too great.

    Embracing risks is essential for growth and additional success, as well. Walt Disney, for example, could have stayed comfortable with his advances in the film and animation industries, but decided to expand his brand with a new dream: a theme park that soared above the competition. Without taking this risk, the incredibly successful Disney theme park empire would never have come about.

    An entrepreneur has to be willing to accept pretty big risks, with some level of comfort.

    5. Successful Entrepreneurs are Balanced

    You can take any characteristic too far. There’s a point at which attention to detail can become obsession or calm can become unemotional response.

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    As an entrepreneur, you have to be able to balance your characteristics, getting the most of them without going over the edge. But balance for an entrepreneur goes far beyond keeping your characteristics in check, though.

    Just as an entrepreneur doesn’t have a boss to keep them at work when necessary, they don’t have one to send them home when they’re done. If you are working for yourself, you have to decide how to balance your work and home life — and if you have a day job to add into the equation, balance just gets more complicated.

    Oprah Winfrey, one of the most successful and influential entrepreneurs out there, understands the importance of balance. Winfrey has a lot going on; she runs her own media kingdom, acts, produces films, publishes print, and more. In an interview with Fast Company,[1] she talks about her efforts to balance priorities and self care, saying that she must ask herself what is truly important in each limited day.

    You may or may not have as much on your plate as Oprah, but learning how to balance whatever you have going on in life will certainly help you farther along down the road as you learn to be a great entrepreneur.

    6. Successful Entrepreneurs are Passionate and Motivated

    In order to develop any of the above characteristics, you must have a foundation of passion. Staying disciplined day after day during the building of your business takes unrivaled motivation.

    Before you start any business, ask yourself if you can sustain true excitement about your idea during even the darkest days ahead of you. If the answer is yes, then good for you! Nurture your natural motivation by taking these action steps throughout your business journey:

    • Commit to making short and long-term goals. Check in with them often to stay on task.
    • Have a plan in place for the inevitable days when you feel discouraged. Make a list of things that will help keep you motivated and focused.
    • Share your ideas with trusted individuals who are just as excited as you are. They will help keep your enthusiasm rolling even when you are feeling down.

    By being prepared for apathetic days and holding fast to your authentic passion, you can actually enjoy your journey to success.

    7. Successful Entrepreneurs Adapt

    Remember this one word: flexibility. Seasoned entrepreneurs know that change is not only a part of life, but also a part of the business world. Expect change and choose to adapt.

    As a new entrepreneur, it will be tempting to cling to your original business plan with no exceptions, even if you notice it isn’t working. Good entrepreneurs know that it’s okay to make smart, informed changes in order to ensure efficiency.

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    8. Successful Entrepreneurs are Marketing and Sales Experts

    No matter what kind of business you are starting, a knowledge of marketing and sales will save you many headaches. A passion for creating a beautiful handmade lifestyle product is not enough to run a successful lifestyle brand; it is critical that you understand key business principles in addition to your natural skills or great product line.

    Not sure how to start? Taking business courses is a great idea, but you can also easily brush up on sales and marketing through free online resources. Check out these 10 Sales Skills Everyone Should Master To Be Successful to begin now.

    9. Successful Entrepreneurs Have Strong Money Management

    Along with sales and marketing skills, money management is a very useful tool in the box of the entrepreneur. Understanding how to best manage your money can be the difference between early success and early failure in the business world.

    If money management isn’t your strongest skill, prepare to hire a financial expert to help you with any tricky business that comes up. Financial guidance and knowledge is never a bad idea.

    10. Successful Entrepreneurs Ask Questions and Continually Improve

    Pride is a natural human quality, but it’s important to humbly conduct some constructive criticism every now and again on both yourself as a leader and your new business as a whole.

    Assess how things are going and be willing to make positive changes if necessary. Here’re 15 ways to cultivate lifelong learning.

    If you are always improving, then how can you ultimately fail?

    The Bottom Line

    Let me remind you of one important fact: the qualities of an entrepreneur listed here are not exclusively available to some people and elusive to others.

    Although some people may have natural strengths and weaknesses, these qualities can be learned by anyone interested in taking up the entrepreneurial challenge. It might not be easy to change old habits, but it is absolutely possible to cultivate these characteristics in yourself.

    Whether you’re a business owner or an aspiring entrepreneur, with hard work, you can train yourself to develop the qualities that truly determine the entrepreneurial spirit and future success.

    Featured photo credit: Unsplash via unsplash.com

    Reference

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