15 Sep Whats your GOAL!
While running a startup, we cannot be certain what happens the next minute, how are we supposed to plan for the next 10-20 years? Sounds ridiculous isn’t it? Startups usually are completely unstructured organizations who try to build extraordinary things out of chaos. Does this chaos result into the success or is it the organized chaos.All the successful entrepreneurs we have today will have one thing in common. They had an unachievable goal ie BHAG. What is BHAG and why is it important for every startup entrepreneur to have a BHAG for his business?
“BHAG”- Big Hairy Audacious Goal. The term was coined by James Collins and Jerry Porass in their book, “Build to Last: Successful Habits of Visionary Companies”. It is defined as “A true BHAG is clear and compelling, serves as unifying focal point of effort, and acts as a clear catalyst for team spirit. It has a clear finish line, so the organization can know when it has achieved the goal; people like to shoot for finish lines.”
Whether it is a startup or an established company, everyone needs a BHAG of their own. Usually BHAG (Bee- HAG) is a goal setting for the next 10-30 years and it is supposed to be as the name suggests a goal that is like “Trying to climb Mount Everest in Flip flops” (Piper Chapman- Orange is the new black). As per Collins BHAG gets you out of thinking too small. Your goals as an entrepreneur should be magnanimous.
While deciding what your goals are one needs to understand three major aspects. The goals should be passionate but fitting into your values; your abilities and capacity and finally the economic resources with which you can align the goals. If either of the three aspects are missing you are surely in to never achieve the goals you have set for yourself.
Entrepreneurs need to set short term, medium term and long term goals. All these goals should converge to that ultimate BHAG which you are trying to achieve. The efforts of the entire organization should be focused towards achieving the same. Thus, with the small milestones you achieve quarterly that roll into annually and further into the decade will get you to the finish line.