Ep. 3 Avoid These Three Pitfalls To Reach Your Goals Faster

Summary

Locally Owned Podcast Summary

Episode Title: Ep. 3 Avoid These Three Pitfalls To Reach Your Goals Faster
Host: The Street Smart Entrepreneur (Dave)
Release Date: October 26, 2024

Introduction

In Episode 3 of Locally Owned, titled "Avoid These Three Pitfalls To Reach Your Goals Faster," host Dave from The Street Smart Entrepreneur delves into common obstacles that hinder small and medium-sized business (SMB) owners from achieving their goals. Drawing from his 28 years of business experience, Dave provides actionable strategies and introduces innovative techniques to help listeners set, plan, and accomplish their objectives effectively.

Overview of the Three Common Pitfalls

1. Not Knowing What You Really Want

Dave emphasizes the critical importance of clarity in goal setting. Many individuals set goals based on superficial desires rather than deep-seated motivations, leading to disengagement and eventual abandonment of these goals.

• Key Insight: Align goals with your core values and who you aspire to become, not merely with material achievements.

• Notable Quote:
  "Align your goals with who you want to become, not with what you want to achieve or acquire."
  (00:06:30)

Technique Introduced: Root Cause Analysis (Five Whys)

Borrowed from engineering, this technique involves asking "why" multiple times to uncover the fundamental reason behind a desire or problem. Dave illustrates its application in personal goal setting to ensure goals are meaningful and deeply rooted.

• Example Provided:
  Setting a goal to take a spouse to Paris might surface deeper issues such as rekindling romance, leading to more meaningful resolutions like counseling before traveling.

2. Not Having a Written Plan

Merely setting goals without a structured plan is ineffective. Dave compares writing a plan to using a GPS system—providing clear directions and milestones to reach the desired destination.

• Key Insight: A written plan should outline specific actions, deadlines, and significant milestones to maintain momentum and direction.

• Notable Quote:
  "Writing a plan is like having a GPS. You put in a specific address...you know exactly how many miles you're going to know exactly how long it's going to take you to get there."
  (00:12:45)

Practical Advice:

• Set Big Mile Markers: Focus on major milestones rather than micromanaging every detail.
• Maintain Progress Tracking: Regularly review and adjust the plan to stay aligned with the ultimate goal.

3. Setting Goals That Are Too Far Out There

Setting overly ambitious or distant goals can be demotivating and lead to a lack of progress. Dave advocates for setting smaller, manageable goals that build confidence and provide a sense of achievement.

• Key Insight: Incremental goal setting helps in developing the skill of goal achievement, making larger objectives more attainable over time.

• Notable Quote:
  "If you set a goal of losing £40 in a year, you might go after 90 days and only be a quarter of the way there. Instead, set a goal of losing 10 pounds in 90 days."
  (00:16:20)

Strategy:

• Start Small: Achieving smaller goals boosts confidence and prepares you for tackling larger challenges.
• Celebrate Milestones: Recognizing and celebrating small successes keeps motivation high.

Introducing the "Lens of Becoming"

As a bonus technique, Dave introduces the concept of the "Lens of Becoming," a framework to evaluate and align goals with one's personal growth and desired identity.

• Key Insight: Goals should be viewed through the lens of personal development to ensure they contribute to long-term fulfillment and happiness.

• Notable Quote:
  "We are geared as humans to find fulfillment in who we become, not in what we achieve or what we acquire."
  (00:25:10)

Application:

• Evaluate Goals: Before committing to a goal, ask how it aligns with the person you want to become.
• Adjust Accordingly: Modify or refine goals to better fit your personal evolution and intrinsic motivations.

Conclusion and Final Thoughts

Dave wraps up the episode by reinforcing that overcoming these three pitfalls—unclear desires, lack of planning, and setting unrealistic goals—is essential for SMB owners striving to achieve their visions. By implementing the root cause analysis, developing structured plans, setting incremental goals, and viewing goals through the "Lens of Becoming," listeners can enhance their goal-setting practices and accelerate their path to success.

• Encouragement:
  "There's nothing wrong with you. You just gotta learn to spot these pitfalls when you're setting your goals and how to avoid them."
  (00:07:50)

• Call to Action:
  Dave encourages listeners to subscribe to the podcast to support continued content creation and to stay informed on practical strategies for business growth.

Key Takeaways

• Clarity is Crucial: Understanding your true motivations ensures that your goals are meaningful and sustainable.
• Plan Strategically: A detailed and flexible plan acts as a roadmap, guiding you through the journey toward your goals.
• Incremental Progress: Small, achievable goals build momentum and confidence, making larger objectives more attainable.
• Personal Alignment: Aligning goals with personal growth fosters long-term satisfaction and fulfillment.

By addressing these common pitfalls and adopting the techniques discussed, SMB owners can set themselves on a path to not only achieve their goals but to also grow and evolve in meaningful ways.

Transcript

[Dave]

A secondary pitfall of not having a plan is that we begin to stall when we don't know what the next thing to do is. Remember, goal setting is a skill, and skills take time to develop. So you start small, you hit that goal. Think about it like this. If you say, I want to have a million dollars by the time I'm 30, well, the path between now and 30 might involve you getting married, starting a family. You've got kids and what becomes important to you is you want to become a great mom or a great dad and you want to become someone that is building memories into your kids and teaching them life skills and making a million dollars becomes irrelevant. At that point. Align your goals with who you want to become, not with what you want to achieve or acquire. Hey, this is Dave with the Street Smart Entrepreneur. In this mini episode, I'm going to discuss three common pitfalls that prevent most people from ever achieving their goals. I'm also going to offer you a technique that I'm borrowing from engineers to help you identify what you truly want so that your goals are based on that. We're also going to discuss how to write out a plan and track your progress setting manageable smaller goals. And I am going to introduce you to something I call the lens of becoming. So stick around. Got a great little mini episode packed with super helpful stuff. I'm going to show you exactly why you're failing to achieve your goals. There's three really common pitfalls. You're probably falling into one of them. And I'm going to break it down for you so that you know exactly how to avoid them. And stick around to the end because I'm going to give you a set of glasses that are going to give you 2020 vision into your future. I know after 28 years of business how frustrating it can be to work really hard at things and feel like you're not getting anywhere and feel like you're stuck and you begin to think, what's wrong with me? But I want to let you know there's nothing wrong with you. You just gotta learn to spot these pitfalls when you're setting your goals and how to avoid them. Pitfall number one is not knowing what you really want. A lot of times I've, you know, in helping people think about and achieve their goals, they'll sit at a, and stare at a blank piece of paper for a while or they'll come up with something like, I want to make a million dollars because. And they say those things because it sounds cool, but it's not really connected to who they are. And so figuring out what we want is a very, very difficult task. But there's a tool that engineers use, it's called root cause analysis, or the five whys, to figure out the root cause of what went wrong. So, in other words, the car crashed. Why did it crash? Why, number one, the brakes failed. Why did the brakes fail? The caliper failed. Why did the caliper fail? Well, the master cylinder failed to deliver fluid. Why did. And usually it only takes asking why five times till you get to the root cause. And so instead of letting a problem occur and using the five whys to figure out why you didn't achieve your goal, use that to figure out what you really want so that you can set a goal that is achievable and is what you want. Because if it's not connected to what you want, you're going to give up on it. It's not going to be worth going through everything you got to go through. So in other words, you can use it to say, okay, well, I've got a goal to take my wife to Paris. Okay, why do you want to do that? Well, our romance is lacking in our life. Well, why is that? Well, you know, we've just. Our lives are so busy, we don't spend time with each other. Well, what. And you break that down, and maybe what end up realizing is that you really want to reignite the romance in your life. You really don't want to go to Paris. And so maybe instead of going to Paris, you go to counseling and then you go to Paris. But ultimately, by doing this, you're going to discover the real goal that you want and how it's connected to you in a more meaningful way, and it's going to be more achievable and meaningful to you. All right. The second biggest pitfall is not having a written plan. Over the years, I've heard a lot of people say that you should set goals, you should write them, and if you write them down, you're going to be more successful, and you'll even be more successful if you look at them every day. I'm not saying that you shouldn't do that, but that falls way short. That's sort of like saying, my goal is to get to California. Well, just get in the car and start driving, and eventually you'll get there. Or just drive west and keep driving west. Not a very good plan. Writing a plan is like having a gps. You put in a specific address. You not only know exactly how many miles you're going to know exactly how long it's going to take you to get there. You're going to have turn by turn directions. You're going to know exactly where you are, every inch along the way. Now, when you're writing out a plan for your goals, don't overthink it and try to write out everything. But you want the big mile markers. Because a secondary pitfall of not having a plan is that we begin to stall when we don't know what the next thing to do is. So when you have a plan and you write out what you need to do and you need to be here by this date so that you can move on and do these things, it keeps you moving towards your goal. All right? The third biggest pitfall is setting goals that are too far out there. So let's say you set a goal for. You want to lose £40 in a year. Now, remember, if you've never set goals before, goal setting is something that you have to learn and it's a skill that you have to develop. So instead of setting something that's out there for a year, set a goal of I want to lose 10 pounds in 90 days. This way you might get off to a little rough start as you figure out everything. But let's say you hit your goal in 90 days. Well, now you've hit your goal. Whereas if it was to lose £40 in a year, you would go after 90 days. Well, I'm only a quarter of the way there. You wouldn't, you wouldn't have anything to celebrate. So if you set a small goal, you hit the 90 pounds, then you've got something that makes you feel really good. Because remember, goal setting is a skill, and skills take time to develop. So you start small, you hit that goal, it boosts your confidence, and you're ready to take on the next goal. Okay, I promised you a bonus that I'm going to give you, something that's going to give you 2020 vision into your future. You. And this is what I call the lens of becoming. It is taking the goals that you write down. And before you put the effort into creating a plan, look at these lens through or look at these goals through the lens of becoming of the lens of who am I trying to become? Do these goals align with who I'm trying to become? So think about it like this. If you say, I want to have a million dollars by the time I'm 30, well, the path between now and 30 might involve you getting married, starting a family. You've got kids and what becomes important to you is you want to become a great mom or a great dad and you want to become someone that is building memories into your kids and teaching them life skills and making a million dollars becomes irrelevant at that point. So think about who you want to become when you're setting your goals and you have a much better chance of your goals aligning with what's going to be fulfilling to you. Because we are geared as, as humans to find fulfillment in who we become, not in what we achieve or what we acquire. Because there's a lot of people that have achieved great things and have not been happy or they've acquired great wealth and amassed a lot of stuff, but they're not happy. So align your goals with who you want to become, not with what you want to achieve or acquire. Alright, so if you're sitting there thinking, man, this stuff was really helpful. Dave has helped me out a lot and I wish there was a way that I could help him out. Well, you can just go ahead and hit that subscribe button and that helps me out. It helps Apple and Spotify know that the content that I'm putting out there, people are interested in and it keeps me producing more. Thanks for stopping by. Look forward to talking to you again here at Locally owned.