The Greatest Mistake People Make When Setting Goals - Help Wanted

Summary

Podcast Summary: Help Wanted – The Greatest Mistake People Make When Setting Goals

Episode Overview

In the January 2, 2025 episode of "Help Wanted," hosted by Jason Feifer, Editor-in-Chief of Entrepreneur magazine, and money expert Nicole Lapin, listeners are guided through the intricacies of effective goal setting. Titled "The Greatest Mistake People Make When Setting Goals," this episode delves into the common pitfalls individuals encounter when establishing their aspirations and provides actionable strategies to set meaningful, attainable goals.

1. Understanding the Challenge of Goal Setting

Jason Feifer opens the discussion by acknowledging the universal experience of setting goals for the year ahead. He highlights that while many individuals have ambitions and objectives, the path to achieving them often remains unclear. Feifer states:

“You have goals you want to accomplish. You have things that you are striving for, but you're not sure exactly how to reach them...” (00:28)

This uncertainty can stem from previous goals falling short or the unpredictability of future circumstances. Feifer's mission in this episode is to illuminate the process of setting realistic and achievable goals by identifying and avoiding common mistakes.

2. The Pitfall of Outcome-Based Goals

A significant portion of the discussion centers on the prevalent mistake of setting outcome-based goals. Feifer illustrates this by sharing a recurring goal he hears from various individuals:

“My goal is to be on the cover of Entrepreneur magazine.” (02:25)

He points out that such goals are problematic because they lack specificity and actionable steps. Outcome-based goals are often subjective and not directly controllable by the individual, leading to potential frustration and a sense of failure if the desired outcome isn't achieved.

3. Outcomes vs. Actions: The Core Distinction

Feifer emphasizes the critical difference between focusing on outcomes and concentrating on actions:

“You cannot control an outcome, but you can control your actions.” (05:45)

He explains that while outcomes are influenced by external factors beyond one's control, actions are within one's sphere of influence. This distinction is crucial because measuring success based on controllable actions fosters a sense of accomplishment and progression, irrespective of the ultimate outcome.

4. Personal Insights: From Outcome to Action

Drawing from his personal experiences, Feifer shares his approach to goal setting during the launch of his book. Instead of aiming for a specific outcome like making it onto the New York Times bestseller list, he focused on actionable steps:

“My goal was to write a book that I was proud of and that would matter to people.” (05:45)

This shift from outcome to action allowed him to concentrate on aspects he could control, such as the quality of his writing and promotional efforts, leading to personal fulfillment despite not achieving the specific outcome he initially desired.

5. Crafting Action-Based Goals: Practical Framework

Feifer provides a practical framework for setting action-based goals, encouraging listeners to structure their objectives around specific actions they can take. He recommends beginning goal statements with:

“This year I’m going to...”

Followed by a concrete action. For example:

“This year I’m going to take my newsletter seriously.”
“This year I’m going to work a little less and see more people.”
“This year I’m going to push hard on my speaking business.”

By focusing on actions rather than outcomes, individuals can track their progress based on their efforts and initiatives, leading to a more sustainable and motivating approach to goal attainment.

6. Personal Success Through Action-Based Goals

Feifer reflects on the success derived from his commitment to action-based goals. He discusses the development of his newsletter, "One Thing Better," which originated from his dedication to consistent action. He notes:

“Because of that, I am not measuring myself against some arbitrary number. Instead, I'm measuring myself against my own efforts.” (09:35)

This perspective allowed him to take pride in his accomplishments without being tethered to external validations, reinforcing the effectiveness of action-based goals.

7. Encouragement and Moving Forward

In concluding the episode, Feifer encourages listeners to embrace action-based goal setting. He emphasizes personal control and the importance of driving one's own progress:

“You are in control. You drive it forward. You can make it great. One action at a time and the outcome, well, that will follow.” (09:50)

Feifer invites listeners to subscribe to his newsletter, "One Thing Better," for further insights and to join a community focused on continuous improvement and meaningful achievement.

Notable Quotes

Jason Feifer: “My goal is to be on the cover of Entrepreneur magazine.” (02:25)
Jason Feifer: “You cannot control an outcome, but you can control your actions.” (05:45)
Jason Feifer: “Because of that, I am not measuring myself against some arbitrary number. Instead, I'm measuring myself against my own efforts.” (09:35)
Jason Feifer: “You are in control. You drive it forward. You can make it great. One action at a time and the outcome, well, that will follow.” (09:50)

Conclusion

This episode of "Help Wanted" provides a transformative approach to goal setting by advocating for a focus on actionable steps rather than ambiguous outcomes. Jason Feifer’s insights, backed by personal experience, offer listeners a clear pathway to setting and achieving goals that are both meaningful and attainable, fostering personal growth and professional success.

Timestamps

00:28: Introduction to Goal Setting
02:25: The Common Outcome-Based Goal
05:45: Understanding Outcomes vs. Actions
07:55: Setting Action-Based Goals
09:35: Personal Success with Action-Based Goals
09:50: Encouragement and Final Thoughts

Note: For direct access to the episode and more insightful content, subscribe to the "One Thing Better" newsletter or reach out via helpwanted@moneynewsnetwork.com.

Transcript

A (0:06)

This is Help Wanted, the show that makes your work work for you. I'm Jason Pfeiffer, editor in chief of.

B (0:12)

Entrepreneur magazine, and I'm money expert Nicole Lapin. On Tuesdays, Jason and I answer the helpline and help callers solve their work problems.

A (0:20)

And on Thursdays, I give you one way to improve your work and build a career or company you love.

B (0:25)

And it starts now.

A (0:28)

I bet that as you look ahead at what you want to happen this year, you have goals. You have goals you want to accomplish. You have things that you are striving for, but you're not sure exactly how to reach them, or maybe even what goals to set. And maybe that's because some goals fell flat last year, or maybe this year just feels too full of mystery. So far. Today, I'm going to help you set goals that you can actually reach by avoiding the goals that will drag you down. We're going to talk about the biggest mistake that people make when setting goals. And to start, I'm going to tell you about the goal that I hear all the time and why I keep telling people to ditch it. All right, let's start with that. I was recently talking with the founder of a restaurant company. It's successful, you've probably heard of it. And this person said to me this My goal is to be on the COVID of Entrepreneur magazine. Now, I hear this literally every few weeks. I mean, I hear it from everybody, from big name founders, executives, YouTube stars, investors, small business owners, everyone. And years ago, when I was new as editor in chief of Entrepreneur magazine, the guy people turn to for this kind of thing, this comment made me uncomfortable because here were all these people asking me to fulfill a long held desire of theirs. And here I was with the theoretical ability to do it, even though I probably wouldn't. And now, well, now I'm just used to it. And if the person who tells me this goal seems open to hearing my advice, well, then I always tell them the same thing I say, I really appreciate that. But the COVID is not a great goal. Because here's the thing. There is nothing specific that you or anyone can do to achieve this goal. There are no metrics, no qualifications, no barometer, nothing to work towards. It is not an award, and it does not mark a certain level of success. The decision about who goes on the COVID is completely subjective. It's just whoever a small group of people at Entrepreneur think would be good on the COVID And if you set a goal based on something that you cannot work toward, then you are setting yourself up For a quest with no ending, you might feel like a failure if you do not reach this goal, and unnecessarily so, because you chose a goal that's disconnected from everything else you can achieve. That's why I told this founder, as I tell everyone, if you want to set real, meaningful goals, then set those goals based on actions and not based on outcomes, because. All right, let's talk about actions versus outcomes. There are things we can control, and there are many more things we cannot control. We all know this. I'm not telling you anything new here. But we don't always respect it. We sometimes throw ourselves into situations that are outside of our control, and then we measure ourselves against the outcomes we couldn't shape. That's not fair. For example, I thought a lot about this when launching my book. People kept asking me, is your goal to get on the New York Times bestseller list? And my answer was no. Don't get me wrong. I'd have loved to make the list, but I would never make it a goal. Why? Because I was too many degrees removed from the outcome I couldn't control. For example, how many people bought my book, or whether they bought it at the right time from the right retailers, which impacts the Times calculation. Or whether the mysterious list makers at the Times would decide to include me or not. If my goal was to make that list, then I was basically saying, my sense of worth will be in someone else's hands. So instead, I set a different goal. My goal was to write a book that I was proud of and that would matter to people. And then to use every resource I had to promote it. And in the end, I did not make the Times list. Womp, womp. But I did achieve what I set out to do, and I consider that a success because that is the difference between outcomes and actions. You cannot control an outcome, but you can control your actions. So why not set goals based on what you can control? Now let's talk about how to set action based goals. All right, here's how we usually articulate our goals. It starts like this. My goal is to. My goal is to make the New York Times list. My goal is to be on the COVID of Entrepreneur magazine. I don't love that. I don't love it as a construction. It's like marking a spot on a map, but with no plan to get there. Just boop. Now that's where I'm supposed to get to. How about this? Instead, start your sentence like this. This year I'm going to. This year I'm going to now follow it with an action you will take in 2023. For example, I set the following three goals for myself. Number one, this year I'm going to take my newsletter seriously. Number two, this year I'm going to work a little less and see more people. And number three, this year I'm going to push hard on my speaking business. Now notice what's lacking from each of those things. I never set goals about how many subscribers I would have or how many friends I'd see or how much money I would make as a speaker. I just committed myself to action. Because of that, I am not measuring myself against some arbitrary number. Instead, I'm measuring myself against my own efforts. And I'm really proud of what I did and what I accomplished. I built this newsletter One Thing Better, which what I'm saying to you right now actually comes from that newsletter. I'll tell you more about it later. Anyway, I also I carved out more time for friends and interesting meetings and I did 30 speaking engagements. But you know what? There is still so much more to do. So my goals for 2024 remain the same and I've added a few more. No outcomes, just action. So what's this year for you? You have so much to accomplish and this year you can do much of it, along with many more things that you can't even anticipate yet. So don't handicap yourself at the start. Don't say this year is riding on someone else's decision. No, this riding on you. You are in control. You drive it forward. You can make it great. One action at a time and the outcome, well, that will follow. I'm excited to share the journey of 2024 with you. It's going to be great. And like I alluded to a moment ago, what you just heard was from a newsletter I write called One Thing Better each week. One way to be more successful and satisfied at work and build a career or company you love. I also read them here on Help Wanted, but you can subscribe to the newsletter to get them earlier and in written form and also to learn about a community of readers that I am building. You can find all that at one thingbetter email. That is a web address. Just plug it into the browser. One ThingBetter email All right, we got a year to do great things. Let's go do it. Help Wanted is a production of Money News Network. Help Wanted is hosted by me, Jason.