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Why Setting Objectives and Missions is not Old School

  • 01 June 2023

I recently spoke with a talented writer who is willing to help me write stories about local entrepreneurs for Support Local 1000+ Stories project. I originally intended to do them myself, but as the number of interviews rises, I require assistance and I’m also feeling anxious and overwhelmed about the upcoming launch.

Additionally, I spoke to several individuals this past few days in order to determine if people have a clear idea of the objective and missions of Support Local platform which I have been building.

Unfortunately, some couldn’t comprehend it and one of the reasons, they did not read the “About us” and our missions because it was too lengthy, and those who did could not understand it properly. Consequently, I examined the writing and made it simpler so that people could understand it better.

During my conversation with the writer, she mentioned that I am becoming too stressed up over this and investing too much time in preparing the objectives and missions. It is out-of-date, so no one cares about it any longer, especially in the digital era.

People’s attention spans have diminished considerably as technology has advanced, resulting in them being able to browse websites for a short time before being persuaded to continue. Therefore, they have to be convinced in that few seconds, of why they should keep on browsing, and what it is all about.

After listening to her, I agreed. Perhaps I was getting too specific, like this post. I took a break from working on this to regain composure and clarify my thoughts.

After much consideration, I decided to proceed with the objectives and missions of the Support Local platform since I still believe this is an important feat and sets the foundation for everything that follows.

Building Support Local, can sometimes feel like, we are operating in a different world than other businesses. The environment is very different when you are focused on serving others rather than making money or providing services that generate revenue. This can pose challenges when trying to establish how you measure success and align your output with your objectives and missions.

I believe as a Founder, we should always keep objective and mission in mind to remind ourself of all the reasons for starting it in order to stay on track and keep focused on the mission. As we move forward in our entrepreneurship journey, we may encounter many obstacles and questions, which might lead us to question our path and whether we should continue or give up.

As founders, we are often entrepreneurs with many roles and our tendencies are usually hyper-focused. We’re the chief executive officer, and chief operating officer, as well as the sole owner of the company. In addition to this, we’re also chief strategy officer, product strategist, and marketing guru. While all these duties are important, they’re not equally weighted in terms of time and attention.

Setting objectives will ensure that we have a plan at hand while executing our business plan effectively. It will also help us track our progress and measure results within our venture so that we can take corrective measures accordingly. Without set objectives and missions for our business, it becomes difficult for us to know where we are going or when we have reached our destination.

And if we have any ambitions of leaving our mark—and not just becoming another footnote in history—setting objectives for our venture is an absolute must.

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]]> Why Failed Entrepreneurs Become Great Business Leaders https://smeresourcecentre.com/why-failed-entrepreneurs-become-great-business-leaders/ Tue, 30 May 2023 09:00:19 +0000 https://smeresourcecentre.com/?p=630

Why Failed Entrepreneurs Become Great Business Leaders

  • 30 May 2023
The failure of a business venture can be an extremely disheartening experience for an entrepreneur. But as clichéd as it sounds, failure is often a great teacher. Entrepreneurs who have faced the bitter taste of defeat and moved on are often among the best business leaders out there, in various fields of work. These people understand the value of failure and how to channel it into success in future endeavours. They know that while they cannot change the past, they can learn from their mistakes and make better decisions going forward. Whether you’re at a crossroad after failing to build your startup or are simply interested in leading a team someday, learning from these five entrepreneurs who experienced unfortunate failures first-hand is essential for your future success.

Mark Zuckerberg – Facebook

The story behind the creation of Facebook is now widely known and has been depicted in various films and documentaries. However, people often forget that Mark Zuckerberg’s initial venture, a website called “The Facebook” failed miserably as a social networking site. In a Harvard dorm room in 2004, Zuckerberg created a site where people could connect and share information on various schools. The Facebook was the first social network to gain critical mass and popularity in the pre-Twitter and pre-Facebook era. However, Mark Zuckerberg failed to monetize the website, and it eventually shut down in 2005. But this did not stop Zuckerberg, who was determined to succeed in what he loved doing—building communities. Two years later, with a new team and fresh ideas, he launched another social networking site that would eventually become the largest online community in the world: Facebook.

Howard Schultz – Starbucks

Starbucks, the coffee chain that has expanded to almost 30,000 stores across the globe, has grown into one of the most recognizable brands in the world. Yet, it almost never happened. In 1971, Howard Schultz, then a salesman at a coffee bean farm in Seattle, persuaded his butterscotch-drinking bosses to try coffee. Schultz and his partner, the late Jerry Baldwin, opened their first coffee shop across from the Seattle’s Pike Place Market in 1971. The venture, called Starbucks Coffee, Tea and Spices, was a flop. It was a time when coffee was seen as a beverage for “coffee snobs” and the “eclectic mix of characters” of the city refused to drink coffee at a coffee shop. For a year, the owners struggled to keep their shop afloat. In September 1972, Schultz and Baldwin decided to sell their coffee shop. But Schultz had a vision, which he shared with Baldwin. He wanted to expand Starbucks beyond a small coffee shop and create a global brand. Schultz and Baldwin decided to sell only the name of their shop to the new owners and keep the brand name: Starbucks.

Richard Branson – Virgin Group

The Virgin Group, founded by Richard Branson, is one of the most famous business empires in the world. But the first venture created by Branson, Virgin Records, was a failure. In 1970, Branson, then a student and a DJ, opened the first Virgin Records store in London, England, to sell records by independent artists. Branson hoped that this would help him break into the music industry. Soon, Branson’s store became the hub for local artists, who performed at the store. But the business was a disaster: The rent for the studio was more than what Branson’s small record store earned in a month. Branson’s friends, who had invested in Virgin Records, threatened to sue him for the money they had put in. He had to either close his store or ask record companies to extend more credit to him. At this point, Branson decided to sell records that his competitors had rejected. He signed up artists who, according to him, “otherwise would never get a chance to make a record.” Branson’s move paid off, and Virgin Records became a famous label.

Oprah Winfrey – Harpo Inc.

Oprah Winfrey’s journey from a poor girl in rural Mississippi to the richest self-made woman in the world is a fascinating story. However, Winfrey’s first venture as an entrepreneur, a cable TV show called “People Are Talking,” which ran from 1978 to 1982, was not successful. Winfrey started the show as a way to connect with her audience, particularly people from the African-American community. People Are Talking was the first African-American syndicated daytime talk show on cable TV. However, the show was not rated high enough to continue with the network. After the show ended, Winfrey’s career was in jeopardy. She had been making plans to leave the show and start a new venture. But now, with no job and no friends in the TV industry, Winfrey decided to start her own company: Harpo Inc., a production company that would focus on making TV shows. Thanks to Winfrey’s determination, her company grew from strength to strength and became one of the largest producers of talk shows in the world.

Mark Cuban – Broadcast.com

Broadcast.com, an audio and video streaming platform, was created by Mark Cuban in 1995. The site was the first Internet streaming company to offer users audio and video content from ABC, NBC, and ESPN among others. As a result, the company saw a huge spike in its valuation. Cuban sold Broadcast.com to Yahoo for $5.7 billion in 1999. However, the dot-com bubble burst soon after the deal was signed, and Broadcast.com’s value plummeted to $1 billion. In 2000, when the dot-com bubble had burst, it became difficult to find investors who would fund Broadcast.com. Cuban had to provide the company with $100 million in funding. Despite the huge setback, Cuban continued to run the company. He managed to turn the company’s fortunes around, and Broadcast.com became Yahoo! Audio.

Conclusion

Failure is inevitable in life, especially for entrepreneurs. Entrepreneurship is a risk-taking journey, and it is typical to find yourself in situations where you have to go back to the drawing board and try again. However, it is important to remember that even the world’s most successful people have had their fair share of failures. Instead of letting the past hold you back, learn from your mistakes and make better decisions moving forward.

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