MBA2513 Q&A Wednesday: Do I Need a Vision or Goals for My Business?

The $100 MBA Show

Omar Zenhom

Careers, Entrepreneurship, Business, Marketing

4.9 • 1.2K Ratings

🗓️ 28 August 2024

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

Do you ever wonder if your business really needs a vision or specific goals to succeed? Maybe you're just starting out, and the idea of setting three-year or five-year goals feels overwhelming and unnecessary. You're not alone—many entrepreneurs grapple with whether to jump in and start working or take the time to carefully map out a long-term plan.

Transcript

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0:00.0	Hey everyone. Welcome back to the $100 MBA show. I'm your host Omar Zenholm and today's
0:10.8	episode is Q&A Wednesday.
0:12.8	On Q&A Wednesdays, we answer a question
0:14.7	from one of our listeners, one of our audience members.
0:17.6	If you got a question you want to ask,
0:19.1	go ahead and email me over at Omar at 100MBA. I'll make sure to answer it right here on
0:24.5	Q&A Wednesday. Today's question is from Sharon and Sharon asks, do I need a
0:29.8	vision or goals for my business? I love this question because when I was starting out 20 years ago
0:34.5	in entrepreneurship, I was like, what's up with all this vision talk
0:37.0	and setting goals?
0:38.4	Is it even feasible or realistic to set a three-year goal
0:41.4	or a five-year goal? Is it necessary? Can I just roll up my
0:44.2	sleeves and get going and get started and start building my business? And what I
0:47.6	realized was I was skipping a vital step and I'll tell you why.
0:51.9	Did you know that businesses with clear goals are 10 times more likely to achieve success?
0:59.0	That's according to a study by the Harvard Business Review.
1:02.0	I actually read a statistic that was similar to this about
1:05.1	15 years ago and that's really what turned things around. I was like 10 times more likely to be successful.
1:10.9	I'll take that. That's amazing.
1:12.9	Just to set a clear vision and some goals, let's do it, right?
1:17.6	So sometimes you need to hear some sort of really shocking stat like that
1:21.6	to wake you up out of your
	...

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