Unlocking Success: The Importance of Goal Setting for Small Business Owners

Robert Herjavec, renowned investor from Shark Tank, emphasizes the critical role of goal setting for businesses aiming to thrive. In a thought-provoking LinkedIn post dated June 6, 2017, Herjavec elaborated on how defining both short-term and long-term objectives can catapult small businesses into new heights.

The Dual Nature of Goal Setting: Opportunities and Risks

While acknowledging that setting goals can be intimidating and fraught with the possibility of failure, Herjavec highlights the many positives it brings, especially for small business entrepreneurs. He believes that setting ambitious targets not only encourages self-expectation but also ignites innovation and new strategies, ultimately leading to a profound sense of achievement once those goals are reached.

“Setting that stretch goal gives a small business owner the power to expect more of themselves. It provides motivation to try new tactics. It gives the small business owner an enormous sense of satisfaction once achieved,”he wrote.

Insights from the Shark Tank Experience

In his LinkedIn reflections, Herjavec candidly acknowledged the daunting nature of goal establishment, which is often accompanied by the specter of failure. However, he juxtaposed this with the potential for success, especially as entrepreneurs showcase their ventures on national platforms like Shark Tank.

He recounted how he and fellow investors routinely pose a pivotal question to aspiring entrepreneurs: “What is your goal for the future?”This question is not only crucial but also one many small business owners hesitate to contemplate.

A Lesson from Small Business Revolution

Herjavec shared an illustrative encounter from his participation in the second season of Small Business Revolution, where he collaborates with small business owners to rejuvenate their enterprises. He described a meeting with Miguel, a local entrepreneur, during which the conversation turned to future goal setting. Despite Miguel’s successful business and loyal clientele, he was hesitant to set new targets, fearing the expectations that accompany them.

“During a great meeting with Miguel, one of the six business owners from Bristol, we talked at length about how well he is doing… Yet when we discussed setting goals to achieve greater success, he balked. His reluctance isn’t surprising. In fact it is all too common,”he shared.

Herjavec emphasized that such apprehensions are prevalent among small business owners, who often avoid both short-term and long-term goal setting due to fear of failure, even if they have achieved considerable success.

The Power of Stretch Goals

According to Herjavec, aiming high and establishing stretch goals empowers entrepreneurs to push their limits. The motivation derived from these goals not only fosters innovative approaches but also cultivates satisfaction from incremental achievements. He clarified that success does not solely hinge on the complete fulfillment of goals; even partial accomplishments — be it 20%, 30%, or 50% — signify progress and should be celebrated.

“Successful businesspeople retain a quality most others not only lack but often fail to comprehend, and that’s the unrelenting drive to convert a vision into reality… By setting goals, you keep pushing yourself further to become even more successful and more inventive,”he concluded.

To catch the latest insights from Herjavec and other investors, tune in to new episodes of Shark Tank Season 16, airing every Friday on ABC.

Explore more about the benefits of goal setting from Robert Herjavec here.