What They Don’t Teach You in Harvard Business School About Goal Setting

by | Jul 19, 2013 | General, Business Growth Tips Blog, Success Mindset, Success Mindset

In the book, What They Don’t Teach You in the Harvard Business School, author Mark McCormack tells a study about the students in the 1979 MBA program. The students were asked, “Have you set clear, written goals for your future and made plans to accomplish them?”
The results were striking–only 3% of the students had written goals. Another 13% had some idea of goals but they weren’t written down. The other 84% had no specific goals.

10 years later, the graduates were interviewed again. The 13% who had goals were earning an average of twice as much as the 84% who had no goals. The 3% who had clearly defined and written their goals, were earning an average of 10 times their classmates.

Clearly, setting goals is powerful. Writing them down is more powerful. They’re important in achieving not just financial success but success in your health and relationships too.

But, to be effective, goals must be specific and clearly defined with a time limit. They can drive your “to do” list forward so you make measurable progress each day.

Goals are personal. It’s not enough to say you want to be “successful”. Define that, what does success look like for you? Is it flexibility with your time? A certain amount of money in the bank? Living debt free?

Be honest with yourself as you set your goals so you’re setting ones that will give you energy and motivation.

Here are 3 questions to ask yourself to set the goals that are right for you:

1) Set specific and measurable goals– otherwise, you won’t know when you’ve achieved them. Do you want more time off? If so, what does that mean? 2 mornings a week? Every Tuesday? Be specific. Likewise, it’s not enough to say you want to make “more money”. How much money? Do you want to increase your net worth by $100,000 in the next three years? Do you want to increase your pay rate by 10% in the coming six months? Once you define the goal, you can look at the big picture to know how you can make it happen.

2) Set the right goals for you–Your goals should energize and inspire you. If they don’t, re evaluate. May be they’re not big enough. Or, may be they’re too big. Goals should be big enough to push you but if they’re overwhelming you may need to readjust.

3) What has to go? As you grow and transition in your business, you will need to let go of some things. They may be tasks, habits or even people. Be aware of things/ideas/people that give you energy and what depletes you. Delegate or outsource your energy draining tasks and replace them with ones that energize. Recognize habits that move you forward in your goals such as getting regular exercise so you’re able to perform at your optimum level and continue doing them.
You’re in charge of your business! Design your business around the life you want to live and watch your achievements grow!

If you need someone to come alongside you to help you plan your goals so you reach them quicker, I’m only a phone call away! (215) 292-4947

QUESTION:  What has been your most effective strategy to help you set and achieve your goals? Please share your comments in the box below.

About Yoon Cannon: Top business coach Yoon Cannon has helped thousands of small business owners, entrepreneurs, coaches, consultants and sales teams achieve dramatic results in growing your business. Over the past 20 years Yoon has started 4 successful companies and sold 3 of them. She offers fresh insights as a seasoned business growth expert. Yoon delivers proven process for your sales, marketing and management development.  Grab free valuable gifts and resources at https://www.ParamountBusinessCoach.com  To book Yoon to speak at your next event email: YoonCannon@ParamountBusinessCoach.com To schedule a complimentary business coaching consultation call (215) 292-4947. 


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