2.3 The importance of goal setting

Question 1

What a business goals

Answer 1

A Business goal describes what a business expects to accomplish over a specific periods of time and represents the aspiration of a business

Question 2

What is a business objective

Answer 2

A business objective is the stated, measurable targets of how to archive business goals

Question 3

Business goals are generally what?

Answer 3

• A broad statement about the future and direction of the business
• Representative of aspirations the owner has for the business
• Allows for conceptual thought and not prescriptive steps

Question 4

What are they key ideas a business must develop

Answer 4

• Core values
• Mission statement
• Vision statement

Question 5

Why is it important to set business goals

Answer 5

Because without clear goals, a person or business will have no define purpose and nothing to strive for. Consequently, they will most likely stagnate and struggle for meaningful accomplishments.