There are many business goals you should set when starting a business. However, you should also set meaningful personal goals for entrepreneurship. Personal goals for entrepreneurship are impactful goals that you set for yourself that can help drive you.
While it is easy to realize when you’ve accomplished a business goal, personal goals are harder to measure. These goals are more internal and only the entrepreneur can really say if they have been accomplished. Oftentimes new entrepreneurs will confuse their business goals and personal goals. That is why it is important to know and understand these goals well.
In this article, we’ll list some of the most popular personal goals entrepreneurs set for themselves. Not every entrepreneur will have the same goals. Many have goals that are much different than the ones listed here. However, these will give you some insight into some of the most important and meaningful reasons for starting a business.
Be Your Own Boss
If you are still working a 9-5 you may be dreaming of becoming your own boss. Maybe this is because your current boss is a jerk. Or perhaps you know that you can do a better job of managing yourself than others can of managing you. Whatever the reason, becoming your own boss is one of the biggest reasons why individuals pursue entrepreneurship.
There’s more to becoming your own boss than merely getting out of the 9–5 grind. It’s the ability to change course when necessary and look for unorthodox answers. It’s also about taking responsibility for every choice you make and the results they produce. This means that business owners should celebrate their victories and take responsibility for their shortcomings.
Being your own boss allows for personal preferences rather than company standards to determine how each person gets the job done. Would you like to work late hours and skip the mornings? Prefer a workweek of four days? When you have the power to decide, all of these become options.
However, aspiring entrepreneurs need to understand that the grass is not always greener on the other side. The responsibility, isolation, and the amount of work it takes to run an entire company can be overwhelming. That is one of the reasons why many entrepreneurs face more mental health challenges than others. One study found that 72% of entrepreneurs are directly or indirectly affected by mental health issues compared to just 48% of non entrepreneurs. To succeed as your own boss, you need to be able to focus, grow, and take care of yourself in the process. You have to become the best boss you’ve ever had.
Financial independence means having the ability to earn money without relying on one particular person, company, or source. One thing entrepreneurs learn is that money can come from multiple sources besides a paycheck from a company. Entrepreneurs learn how to generate multiple revenue possibilities and sources. They understand that if a revenue source slows, you can launch a new product or service, reinvest profits, or even launch another business. This is contrary to being obligated to wait every two weeks for a paycheck to come in.
Many people mistake financial independence for financial freedom. They are similar but very different in many ways. Freedom means having enough money to live without having a job while having little or no debt. A financially independent person may still need to work or have debt, however, they are not dependent on anyone to make money or help pay those debts.
Financial independence is one of the biggest perks of entrepreneurship that is often overlooked. When you learn how to make your own money, you lose the fear of being fired, demoted, or losing your job because the company closed your department or went out of business. Entrepreneurs understand that as long as they can create value in the marketplace, they will be able to generate income for themselves.
Being an entrepreneur is like riding a roller coaster. The lows might be intimidating, but the highs are thrilling. Every challenge an entrepreneur faces, whether it’s closing a business, dealing with a difficult client, or getting through a financial tight spot, shapes their character. Confidence increases visibly with every obstacle overcome. Building confidence is an important personal development goal entrepreneurs pursue.
But it goes beyond simply conquering external obstacles. Entrepreneurship requires facing one’s inner demons of uncertainty, fear, and worry. An entrepreneur develops personally as well as professionally every time they overcome these internal obstacles. This development goes beyond simply expanding one’s ego. It’s about stepping beyond your boundaries after discovering your potential.
All of this growth builds self-confidence. With every challenge you overcome, you add to your skill set, ability, and belief that you can succeed in life. While you can build self-confidence while working a job, there is nothing like the confidence you gain when reaching your business goals as an entrepreneur.
Initiate Career Change
Many people start their businesses as an escape as much as a way of achieving their business goals outside of a traditional job. Repetitive jobs, unfulfilling obligations, or stalled career advancement have all been reasons why some people leave the 9-5 for entrepreneurship. Launching a business is a great way for people to take a step away from what they’re used to and explore new areas. Even if a person decides to start a business in an industry where they have previously worked, doing so is still a big career change.
It is also important to note that some entrepreneurs opt to return to the workforce as an employee. Typically, when this happens, the person enters a new industry and is compensated more because of their entrepreneurship experience. Even in this case, becoming an entrepreneur kickstarted the change in their career.
Many people find that the current working model, with its set hours, cramped quarters, and daily commute, is restrictive and even oppressive. Entrepreneurs frequently aspire to a more significant change in their daily life. Transformative lifestyle changes that affect relationships, personal fulfillment, and well-being can be brought about by owning a business.
With entrepreneurship comes the potential for lifestyle change. You often have the freedom to select any type of workspace. For example, you can work from a dynamic co-working facility, a small home office, or a cafe. Being able to plan your schedule, surroundings, and tempo is not only a luxury; it frequently boosts creativity and productivity. Better work often comes from people having control over their surroundings. Entrepreneurs modify things to suit ideal working conditions.
Also, the inherent flexibility of a business allows one to more effectively balance personal and professional obligations. Some entrepreneurs are allowed to take spontaneous weekend trips or attend a child’s recital without having to sacrifice their productivity.
The ability to work remotely or travel while working has become a sought-after lifestyle in an increasingly globalized world. Many people are looking for jobs that offer remote work and leaving jobs that require them to return to the office. Many entrepreneurs don’t have this problem which is one of the reasons why people are choosing to start their own businesses.
Although growth and profit numbers are concrete measures of a successful organization, the intangible benefits can have a greater impact. The great sense of personal fulfillment that comes from becoming an entrepreneur is one of those benefits. Seeing an idea grow into a fully functional economic enterprise is a feeling that is nearly impossible to replicate as an employee.
The feeling of fulfillment is increased with each positive client testimonial, each employee thanking you for a great work environment, and each milestone met with a product or service.
One of my favorite moments as an entrepreneur was in my first year when I received an unsolicited email from a team member thanking me for the company culture we had built. This type of stuff serves as proof that the restless evenings, unrelenting problem-solving, and unyielding dedication were all worthwhile. Many entrepreneurs often feel this way.
That isn’t the case in traditional employment roles. Oftentimes, individuals may work hard yet still be a minor cog in a large machine. It is possible for the clear relationship between work and reward to be lost, which could result in feelings of insignificance or underappreciation. But in entrepreneurship, the connection is obvious. Every accomplishment and failure is unique. This makes the highs thrilling and the difficulties more real.
And there’s the fulfillment that comes from leaving a legacy. In addition to starting a company, entrepreneurs are also building a culture, a brand, and possibly an institution that will survive them. Just the idea of these things can bring a sense of satisfaction that helps them continue moving forward.
Intellectual and Creative Outlet
Starting a business is an intellectual and creative effort that provides many opportunities for innovation and strategic thinking. The ideation phase, which is a creative effort in and of itself, comes first. To see beyond what is already available and create something new or better, entrepreneurs must possess both creativity and pragmatism. Creating products and services is another aspect of this creative process. Your ability to stand out from the competitors in a crowded market sometimes comes down to artistic and design qualities.
Starting a business is similar to attempting to solve a challenging puzzle. It requires an in-depth understanding of the market, consumer psychology, and the competitive landscape. It takes critical thinking to overcome hurdles and see opportunities, strategic planning is crucial.
As an employee, it is sometimes hard to express yourself creatively. It can also be hard to stretch your intellectual muscles. However, as an entrepreneur, you can find an endless amount of intellectual and creative challenges that will stretch your abilities while making them stronger.
Starting a business is ultimately more than just a career choice. It’s a very personal journey influenced by a wide range of objectives and drives. Entrepreneurship provides a special route to fulfill dreams of being one’s own boss. But it also presents the opportunity for increased stress and depression. The motivations behind each person’s actions may differ, yet all entrepreneurs have the same desire to create, innovate, and be successful.