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Old 11th March 2015, 09:38 PM   #11
DantheMan
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Regarding your speaker friend, his goals were SMART. Specifically one speech a day, which is easily measurable, achievable, realistic and timely. Over a short period of three months, he accomplished those goals. What were his GIANT goals? I'm sure they weren't to become a competent speaker. What did he want to accomplish in three, five, and ten years?

Wilma Rudolph's goals were even SMARTer. More specific in measurements of thousandths (ok maybe less back then) of a second. Achievable and realistic because she continued to improve based on her results. How more timely to set a goal than four years from today? This is a good example of someone who did not accept failure as a final result when it appeared to everyone else she had failed. She knew how much she was improving. She knew the times were getting quicker with each practice and test. Did she plan to be noble and terrific?

How can we apply this to a small business? How can we practice and not go bankrupt in the process? Can we afford to have GIANT goals that are not also SMART?

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Old 12th March 2015, 02:04 PM   #12
Spider
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Aha! Tricky!

There's nothing wrong with the facts of Specific, Measurable, Achievable, Realistic and Timely, except that together they tend towards mediocrity.

Even GIANT goals can benefit from being specific. I am going to be rich is not as specific as I will have over a million dollars in my bank account by my 40th birthday. But how many people will have a million dollars in the bank by the time they are 40? One can argue that it is Specific, Measurable and Timely, but not very Realistic, and not very Achievable.

President Kennedy's 1961 GIANT goal of "landing a man on the moon and returning him safely to the earth" by the end of the decade, was Specific, Measurable and Timely but certainly not Realistic and not even remotely Achievable, considering the knowledge of the day.

Also, any unknown speaker who has tried to get hired to speak to groups of, say, 50 people or more, will tell you getting hired for one speech or more every day for 90 days, is impossible. It is certainly not Realistic. Speaking for an hour or two is also an extremely exhausting undertaking. Speaking, non-stop, for several hours a day for 90 days straight, is hardly achievable, for most peoples' throats.

And, as for Wilma Rudolph, her goal was to be the fastest female runner in the world, when she was crippled with polio. The specificity (fractions of a second) came later; the measurements came later; the achievability came much later; being realistic never happened even up to the start of the last Olympic race; and her goal contained no time element whatsoever.

My point is - and clearly expressed with Wilma Rudolph - SMART goals will have you limiting yourself to only what can be specified, only what can be measured, to what is considered achievable at the time of making the goal and no attempt to achieve the unrealistic and impossible will ever be made.

If mankind was to limit itself to what is specific, measurable, achievable, realistic and timely, we would still be living in the stone age. That is not to say these attributes should be ignored. It means that these are practical consideration to apply to actual events on your way to success.

I think you hit the nail on the head, Dan, when you mentioned planning. Specific, Measurable, Achievable, Realistic and Timely are attributes best applied to planning, not goalsetting.

And that is how this SMART / GIANT debate can be best used in small business - GIANT goals - SMART planning.


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Old 12th March 2015, 04:16 PM   #13
DantheMan
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Then successful strategic planning shall include SMART planning, and GIANT goals will provide a purpose for the relentless pursuit of success.

This article was very helpful to me, thank you gentlemen.

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Old 12th March 2015, 05:01 PM   #14
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Sounds good to me!

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Old 13th March 2015, 11:12 AM   #15
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Any other important habits for entrepreneurs to achieve success?

One of the habits Harry mentioned was improving yourself first. Any ideas about how to improve yourself for business purposes?


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Old 16th March 2015, 05:04 AM   #16
MahaKarthi
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Interesting read and comments here! I believe that a successful entreprenuer has to have a sharp focus on his objectives and a close connect with employees. He should look at solutions that minimise the possibility of errors and work on optimising work flows and interact with his staff to keep them motivated and happy.

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Old 18th April 2015, 06:48 PM   #17
kdaniel171
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Thanks for sharing this article.
It's really useful and interesting for enterpreneur beginners.
I think these three strategies are actually the basis of a successful business.

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