Today’s blog is the 3rd in a 10 part series on the Entrepreneurial Puzzle. For the first blog in the series on the IDEA, click HERE. To read part 2 on the NEED, click HERE.
If you set out on a journey without knowing your destination and the waypoints, it is impossible to track progress. The map is an essential part of tracking the progress and knowing alternate routes if your primary routes are blocked.
Such is the entrepreneurial journey.
For the entrepreneur that has an amazing idea (step 1), and that has completed the research to validate the need (step 2), a written plan can often feel like a waste of time, particularly if it is not necessary to raise money.
I must admit, I have fallen prey to that particular malady myself. In my current technology venture, I had decided that I did not need investment, and so I jumped right in. Without a plan.
The only way to reach a goal is to set one.
While this seems totally obvious, more often than not,
entrepreneurs just assume that they will reach their goals.
As shown in this diagram, in order to reach a goal, you have to set it and make a plan to reach it.
Then you actually need to get to work and stick to the plan. This implies having milestones and timeframes for each milestone.
Goal setting is specific and it is measurable.
Goals must be attainable (although it is ok if they are a stretch for you) and they must be relevant to the idea and the market need.
Most importantly, they are time-bound. Without a timeframe, it is impossible to tell if you are on track.
The bottom line? Without a plan, an entrepreneur is just a dreamer. Nothing more, nothing less.
Tomorrow, we will talk about DETERMINATION. Because, without it, a plan is but a dream.
Stay tuned.
Chicke Fitzgerald
dreamer, planner, determined entrepreneur