by Business aims refer to the business’s long-term strategy. It is a mission statement offering a clear vision of your supporting objectives and strategic goals to achieve as aim. While the business goals are a three to five-year set time frame. The business objectives determine your actions towards achieving business goals and are the targets and success measures.
Creating an aim for your business means to define the purpose, what it has to achieve, and to know why it exists. Startups must ensure to deliver excellent customer service, offer access 24/7, and sell sustainable locally-sourced products. So, if you are planning to start your own health and wellness line, it is best to work with quality suppliers in your community like your local gummy manufacturer. The setting of business goals is for a long-term defining your business statement. It should be a series such as increasing brand awareness, increasing the business size, capturing market share and improving customer service.
Setting short-term business objectives is a must for startups. It will keep them aware of their target to achieve by the financial year-end. To achieve strategic goals for entrepreneurs in the longer-term, focusing on short-term objectives is a must. Allocate individuals and teams to carry out functions and achieve the targets and milestones.
Entrepreneurial vision is:
- The ability to identify entrepreneurial opportunities that exist, those that represent untapped markets and underserved markets, and those that can be created by applying existing technologies to new fields and new markets.
- The ability to create entrepreneurial opportunities through the invention, development and exploitation of entirely new ideas, products and services, and/or the creation of new industries, infrastructures, and ways of doing business.
Organizational Objectives
Self-driven
People have many entrepreneurship objectives, and it is the act of starting a business. It means to create a job for yourself as an entrepreneur and for others. It means you must be self-driven.
Pursue self-vision
Pursuing your ideas is objective. It is different from work that demands you to do specific duties and handle responsibilities. Handling the responsibilities in your job may not be your true passion. It is the entrepreneurs who have a different destiny, and it works as a motivating factor to initiate a business. You can make decisions and start pursuing your ideas as an entrepreneur.
Own Your Time
As an entrepreneur, the aims and objectives of entrepreneurship are many that you may have to dedicate extra hours at work. It is essential at the inception, though you can choose to work extra hours as you wish. You can work from home and possibly if your family requires attention. People choose entrepreneurship to have control of their time and to own their time. As an entrepreneur, you need not request a holiday to go on vacation. Moreover, you have the liberty of eliminating the community as you can always work from home.
Financial objectives
Because a large percentage of new businesses do not survive much beyond their launch. The entrepreneur discovers that the business idea is not viable – the business cannot be run profitably or it runs out of cash. Start-ups have a high failure rate.
Survival is about the business living within its means. To survive, the business needs to have enough cash to pay the debts of the business as they arise – suppliers, wages, rent, raw materials and so on. To survive, a business needs to have:
If survival can be assured, then profit is the next most important financial objective for a new business. A profit is earned when the revenue of the business exceeds the total costs. The entrepreneur can choose to reinvest (aka “retain”) the profit in the business, or take it out as a personal payment or dividend.
For many small business owners, profit is the return for all the hard work and risks taken. Profit is thereward for taking a risk and making an investment. Ideally, the profit earned is sufficient to provide the entrepreneur with enough income to live. In many cases it will be more than sufficient, once the business has been trading successfully for a few years
However, it is important to appreciate that, to make a sustainable profit, a new business needs to be able to:
- Add value
- Sell into a large enough market
Non-financial objectives
Contrary to popular belief, starting a business is not always about financial objectives. Very often a new business is started with other, non-financial objectives in mind.
Some of the non-financial motives of the entrepreneurs:
- More control over working life; want to choose what kind of work is done. The need for greater independence is a major motivator.
- Need a more flexible and convenient work schedule, including being able to work from or close to home. This motive is an important reason behind the many home-based business start-ups
- Feel that skills are being wasted and that potential is not being fulfilled
- Want to escape an uninteresting job or career
- A desire to pursue an interest or hobby
- Fed up with being told what to do want to be the boss!
- Want the feeling of personal satisfaction from building a business
- Want a greater share of the rewards from the effort being put in compared with simply being paid by an employer
- Fed up with working in a business hierarchy or bureaucratic organisation (people with entrepreneurial characteristics often feel stifled working and having to co-exist with others.
