Question

Select a personal or professional goal you want to achieve. Address each part of the SMART technique -- specific, measurable, aggressive, realistic, and time-bound– providing relevant details about the goal for each component of the goal-setting process.

Answer 1

My personal goal is to be a successful entrepreneur in the business of fast moving consumable goods. This goal is planned to be achieved using the elements of SMART technique discussed in Chapter of the textbook.

Specific: I plan to open a sales outlet to sell toiletries, such as tissue papers and pads. These particular items are not common in the area I live, most people have to travel long distance before they can buy these items.

Measurable: I would like to generate a profit of 50,000 USD from the business during the first 5 years of the program.

Attainable: This goal is highly attainable by me because I have the knowledge and talent to market my products ina wide geographical location.Also, I will devote 100 % of my time in marketing the items. Since, this will involve hiring people to spread my marketing network. I plan to involve my 2 brothers at the initial stage. They will be compensated from the profit made from the business. We anticipate to hire 5 more people during the second year of the business when the profit is stabilized.

Realistic : One of the main challenges that the business would probably face is where to house the product before sales.For this, I will need to rent a warehouse close to the proposed site for the business. Due to the high demand, the rent is very high in the best location for the site, which may affect the projected profit, but it will still fall within the range projected. However, there are alternative that can be explored if the impact of the rent is too much. For instance, we would rent a far place where rent is cheap, then get a car to convey our goods to the appropriate location.

Time bound: Within the 5 years of creation of the business, I plan to generate 10000 USD each year. I would be starting the business on 1^st of December, 2018. Between now and the time, I will need to raise the initial capital by taking an interest free loan of 3,000 USD from my uncle as the starting capital for the business.