UNIT 3: SETTING PERSONAL GOALS
Key unit competence: To be able to set achievable
entrepreneurial goals
Introductory Activity
Imagine that you are dreaming of standing at the top of Mount Karisimbi,
Rwanda’s highest mountain. Do you think that this dream could become
a reality one day? How should you go about achieving this dream?
3.1. Meaning of entrepreneurial goal
Activity 3.1
1. What is a goal?
2. Think of an example of a goal.
3. Identify and explain various types of goals that you know. Giveexamples.
Goals are defined as the lifelong aims, which an individual or entity endeavors
to achieve/pursue..
A goal, in business, describes what a company expects or hopes to accomplish
over a specific period. People commonly use the term ‘entrepreneurial goal’
with the same meaning. On a personal level, a goal is an idea of a desirableor future result that people envision, plan, and commit to achieving.
Reaching a short-term goal can be like harvest, it is a good step on the way.
Picking the low-hanging fruit on a tree…
To be able to achieve our goals we need people and resources around
us that is why our personal development depends on our goals. For us to
achieve our goals we imagine ourselves as a fully-grown tree with fruits,
thorns, roots, stem and many branches meaning that
• Roots mean values and skills
• The stem means areas in our lives that give us strength e.g. churches,
families, friends etc.
• Branches mean our main interests and goals (what we always want to
do or accomplish)
• Leaves mean resources that will be needed to reach our goals i.e.
people, information, etc.
• Thorns mean obstacles or challenges we always meet toward
achievement of our set targets
Fruits mean the benefits an individual achieves in relation to the set goal e.g
earning a salary after becoming a doctor.
Types of goals
There are mainly two types of goals
• Short term goals
• Long term goals
Note: Some goals take a long time to reach. For example, completing an
education level or starting a new business.
Long-term goals and milestones, when long-term goals are far in the future
you should set milestones.
A milestone is a stepping stone i.e. it marks the completion of an event.
For example, completing Entrepreneurship Senior 2 is a milestone towards
completing your O’level education.
You should always celebrate reaching a milestone.
Short-term goals
A short-term goal is a goal that you can reach within a short period of time,
such as a day, a week or two or even a month. Often short-term goals can
lead to long-term goals. For example, selling your first product is a short-term
goal towards the long-term goal of being a business owner.
You can compare short-term goals to a low-hanging fruit. When the fruit on
a tree ripens, it is easy to pick the fruit at the bottom. By picking the lowhanging
fruit, you will not harvest all the fruits on the tree.
Long-term goal is something you want to do in the future usually above
one year. Long-term goals are important for a successful career. A longterm
goal is something you want to accomplish in the future. Long-term
goals require time and planning. They are not something you can do this
week or even this year.
When setting goals, it is good to think about:
• Where do I want to be in the next 3 months, 6 months, 1 year? Etc.
• What do I need to do to get there?
• What can I do that will help me reach there?
• What obstacles might be in my way and how can I deal with them?
Both short and long term goals should help you to do all of the following:
• give direction and purpose to life;
• make life more interesting and challenging;
• guide decisions in life;
• must be clear to know exactly what is required to achieve them;
• there are time limits on goals;
• some goals are made with teamwork;
• in life, people do not achieve goals all at once, but step-by-step.
Application activity3.1
Study the picture below and answer the questions that follow.
Explain the following parts of a tree in relation to your personal
development goals. What do the following represent?
According to you:
1. Roots ……………………………………………………………
2. The stem (tree trunk) …………………………………………
3. Branches …………………………………………………….……
4. Leaves ………………………………………………………...……
5. Fruits …………………………………………………………...…6. Thorns ……………………………………………………….……
3.2. Characteristics of a good goal (SMART)
Activity 3.2
a. Write any five SMART Goals of your choice basing on your
values, skills, interests and talents
b. Discuss five characteristics that a good goal should have?
Note. Sometimes a goal seems like it is just a dream. You may wish to
do something one day that never seems to happen but it takes courage,patience and hard work to get where we desire to be
A useful tool for setting goals that you can reach is a SMART goal. When we
set a SMART goal, we can direct our actions into achieving the goal.
Therefore, the major Characteristics of a good goal should be Specific,
measurable, attainable, realistic, time bound
Application activity 3.2
1. Define the following:
a. SMART goals
b. Long term goals
c. Short term goals
d. A goal
2. Using an example differentiate between personal and professional
goals
3.3. Strategies of setting entrepreneurial goals
Activity 3.3
As a student of entrepreneurship:
1. What do you understand by a mission statement?
2. Set at least one entrepreneurial goal?
3. Identify unexpected life events that might come your way and
prevent you from accomplishing your goal?
4. What can you do to overcome/avoid such events and minimizetheir impact?
3.3.1 Meaning of mission, goals and objectives of an
entrepreneur
In simple terms, and as defined by Merriam-Webster, a mission statement
is “something that states the purpose or goal of a business or organization.”
A mission statement explains why a company was formed and what the
organization does. It defines the culture, ethics, values, fundamental goals
and it all applies to key stakeholders.
Written mission statement when starting your business provides a guideline
for decision-making that will help align and motivate your team. It allows and
welcomes healthy changes -- and gives you a vision for the future. Most
importantly, a mission statement gives your business direction.
A mission statement should accurately and honestly sum up your organization.
The following four questions guide an entrepreneur to formulate a mission
statement:
i. What do we do?
ii. How do we do it differently from others?
iii. Who do we do it for?
iv. What value do we provide to our audience?
Example of mission statement, Build the best product, cause no unnecessary
harm, use business to inspire and implement solutions to the environmental
crisis.
Therefore, it’s important to note that a mission statement defines what
an organization is, why it exists, and its reason for being. At a minimum,
your mission statement should define who your primary customers are,
identify the products and services you produce, and describe the geographical
location in which you operate. The mission statement explains why your
business exists and why people can feel good working for you and buying
from you,
The mission statement supports the vision and serves to communicate
the purpose and direction to employees, customers, vendors and other
stakeholders. Values. A values statement describes what the organization
believes in and how it will behave. Values create a compass for the company
and its employees.
On the other hand, a goal is a description of a destination, and an objective is
a measure of the progress that is needed to get to the destination therefore
goals are the long-term outcomes you (or the organization) want/ need to
achieve.
In summary therefore a mission statement is “something that states
the purpose or goal of a business or organization, explains why a
company was formed and what the organization does” and a goal is
a description of a destination an entrepreneur wishes to reach while
an objective is a measure of the progress that is needed to get to the
destination therefore goals are the long term outcomes you (or the
organization) want/ need to achieve.
Note: Setting goals is more than deciding what you want to do. It involves figuring
out what you need to do, to get where you want to go, and how long it willtake you to get there.
The first step to success is knowing where you want to go. The second step is
having a plan to get there. Your goals are your roadmap, follow them and you
will be on your way to success.
The steps listed below are posed in question form.
In order to set smart goals, the following steps should be observed:
1. Where do l want to be in the next period of time say 4 months, 6
months, one year etc.? Consider the example of a goal, I want to
start a big business project after my secondary studies i.e after two
years. This shows exactly what the person wants to be in next two
years.
2. What must I know to get there? Example To start my business
I will need to discover which type of business to get involved in,
I have to know how many are doing it, how they do it, for whom
they produce for (market), prepare my Weaknesses, Strength,
Opportunities available and Threats (SWOT analysis) and where to
do the business from.
3. What steps must I take in order to know and be able to do
these things?
Example I have to prepare a business plan i.e. production, marketing,
organisation, financial, action plans etc. Obtain a trading license and a
business registration among others.
4. What abilities and experience do I already have that are going
to help me take these steps?
Refer to the qualities of an entrepreneur. Do you possess any?
5. What obstacles might be on my way and how can l deal with
them?
You have to list the challenges that you may meet on the away to achieving
your goal. This is because you don’t expect everything to go on smoothly. A lot
of challenges can be met. Refer to the above goal in the question, suggest
possible challenges that can be met.
Many of your responses may be:
• Inadequate funding (capital)
• Small market size, may be because of strong competition
• Strategic business location.
6. What should I do first, second and so on?
In setting goals, one has to specify short term goals first then the longterm
goals, a person can suggest short term goals stating when it should be
achieved and resources needed to achieve them
Application activity 3.3
1. Write a SMART goal for a business project you want to start after
school.
2. Outline the major steps that you would put into consideration in
order to achieve the above goal.
3. Distinguish between mission, goals and objectives of an
entrepreneur.
3.4. Steps of creating an action plan for entrepreneurial
goals
Activity 3.4
Based on entrepreneurial goals set previously, make a plan in order to
achieve that goal in the period set.Use template below
An action plan is a useful tool that can help you to reach your goal. A plan
helps you determine:
• What needs to be done?
• When the tasks must be done?
• Who will do the tasks?
Step 1
Create a list of the tasks that need to be done. Start each task with a verb
(doing word) because a task is something that you can do.
Step 2
Break down the tasks into short-term and long-term actions. To identify
short-term actions, ask yourself ‘What can I do right now that will bring me
closer to my goal?’
Step 3
Write a to-do list of actions and include guidelines (describe how to do each
task).
Step 4
Create a timeline for your actions and include milestones.Creating a timeline
A timeline is a tool that shows the progress of a task. It shows how much
time a project will take and how each task fits into the overall project. The most common type of timeline is the bar chart or Gannt chart. The chart
shows the activities that need to be done. The chart also shows the start and
finish date of each activity. It shows how the activities relate to each other.
For example, if you build a house, you cannot fit the roof before you build
the walls.
How to create a timeline
Step 1 Draw a graph where the X-axis (horizontal line) represents the time
period for your project. You can use days, weeks or months as the time
units. The Y-axis (vertical line) represents activities or tasks. The activities
can be practical such as designing, constructing or installing. They can also
include periods where there are no tasks, such as holidays or waiting for
approval for your plans. Waiting time also influences how long it will take you
to complete the project.
Step 2 Add tasks to your graph. If the first task (A) will take two weeks, then
fill in a bar across two weeks on the X-axis. The next task (B) will take one
week and can only start when task A is complete.
Step 3 Identify start and end points for your project. Write the date when you
can start the project. When you have added all the tasks, you can also see
the date when your project will be complete.
Resources
To reach your goals you also need resources.
These can be:
• Money
• Materials
• People.
The resources must also be included in an action plan.
Importance of setting goals
• It helps in allocating scarce resources
• Setting goals is important in decision making
• It’s a tool for planning
• It helps a person to stay focused on achieving the set targets
• It’s motivating to the entrepreneur
• It helps to allocate tasks to employees and setting employment targets
• It helps to avoid wastage of resources
Achieving SMART goals
An action plan is a tool that you can use to break up a large goal into smaller
actions.
The action plan uses the four Ws (What, When, Who and whenever) to reach
the goal.
A timeline is a tool that shows the chronological progress of a task.
It has a start date, end date, all the activities that must be completed and
how activities relate to one another.To reach a goal, you need to allocate the correct resources.
Application activity 3.4
Your class has been appointed as festival coordinators for the annual
Umuganura celebrations. Every year the harvest is celebrated as a
day to give thanks. The event occurs on the first day of August. This
year, you have been asked to plan a festival with decorated trucks and musical processions.
You are given the following list of responsibilities:
• Create a route for the procession through your community.
• Ask the cell council for permission if you need to close roads.
• Arrange a theme for your truck to celebrate the harvest and the
importance of agriculture for Rwanda.
• Arrange bands and musicians and other forms of entertainment.
• Allocate spaces for stalls that offer food and drinks.
• Advertise the event to attract as many visitors as possible.
To plan the festival, you need to:
• Draw up an action plan where you identify the tasks and resources
needed.
• Develop a timeline that shows start and end points.
Answer the following questions:
1. a. What are the obstacles (things in the way) that you need to
overcome to plan the festival?
b. Which skills do you need to run the festival?
c. Which opportunities do this festival give your community?
2. a) Write a smart goal for a business project you want to start after
school.
b. Outline the major steps that you would put into consideration in
order to achieve the above goal
Skills lab 3
1. Referring to the vision and mission of the your Business club, discuss
and set annual “SMART” Goals for the business club and clearly
indicate activities/Action plan that will be done/followed to achieve
the goals, with persons or departments that responsible for each
specific goal or action step.
2. Draw a goal tree for one of your personal career goals. This will be a
portfolio assignment in the tutor’s guide
End unit 3 assessment
1. Read the case study. Then answer the questions that follow.
The future is bright for Haguminshuti’s chicken empire Dieudonne
Haguminshuti discovered farming opportunities in 2003, while working
on a project in Kanombe. Here he developed poultry farming projects
for people living with HIV. The work gave him an idea to start a
business in agriculture. However, it would take him several years to
make his dream a reality. After learning about poultry farming in the
United States, Dieudonne Haguminshuti returned to Rwanda. His first
application for a bank loan was rejected. He did not have collateral
security (property or other wealth) for the loan. Dieudonne also faced other difficulties such as an irregular
supply of birds. He also had problems with the quality of the birds.
However, he did not give up on his dream. He continued applying
for funds and eventually the Rwanda Development Bank agreed to
fund the project. There were many conditions for the loan. Dieudonne
had to invest all his savings to get the project going. Today, he runs a
successful poultry farm in Bugesera district in the Eastern Province.
The farm contains four chicken houses that each house accommodates
25 000 birds. Haguminshuti’s customers include supermarkets such
as Nakumatt and Simba. Dieudonne is an ambitious business man
and he has further plans (goals) for his chicken empire. He is currently
looking for investors who can assist him with his plans to increase
production. He estimates that he can increase meat production to 70
000 kilograms in nine months. Then he will spend the next six months
increasing production at the chicken hatchery from 60 000 to 300,000
chicks per week.
Questions
i. What was the goal that Dieudonne Haguminshuti had in 2003?
ii. Describe some of the obstacles that he had to overcome to
reach his goal.
iii. The chicken business is still growing. List his goals for growth
as SMART goals.
iv. Create a timeline to assist Haguminshuti with planning.
2. Jeremy wants to improve his results in mathematics. He set the
following goal: I want to increase my grade from 80% to 90%.
Compare his goal to the SMART framework.
a. Which of the SMART elements did Jeremy incorporate in his
goal?b. Which SMART elements are missing?