The Importance of Writing Down Your Goals

You’ve likely heard about the importance of writing down your goals (and you’ve probably heard about it more than once). It’s a popular topic; the importance of putting your goals on paper. Both Harvard and Yale have conducted studies on this very subject and their findings are pretty inspiring. If you’re not taking goal setting seriously here are some statistics that will make you rethink putting such a useful tool on the back burner.

A 10 year study of MBA graduates of the class of 1979 showed that…

• 13% of those who had goals, but had not written them down were averaging earnings 2 times greater than the other 97% graduates of that year.
• 3% of the class that had clear, written goals averaged earnings 10 times greater than the other 97% altogether.

Yale’s 1953 graduating seniors participated in a similar study. During their senior year the classmates were asked if they had written down any life goals. Twenty years later the researchers interviewed the class again and found that the 3% who had specific goals twenty years earlier had accumulated more wealth than the other 97% combined.

I’d say those studies make pretty compelling arguments for writing down long-term goals!

While you’re finding your entrepreneurial path I have some tips for your goal setting. As I shared in my The Multi-Passionate Person post, goals change as you grow and develop as a business owner. While my original business goals got me from point A to point B, they are far from my businesses goals of today.

My first tip is to know your longest of long-term goals and your shortest of short-term goals. For example, your longest long-term goals are your lifetime goals- your career, family and monetary goals. Your shortest of short-term goals should be reached within weeks (or days) of being set. Set goals that you want to accomplish in 5 days, 5 weeks, 5 months and 5 years, and give them each the attention they need to be reached.

Second, use your goals as stepping stones. Let today’s goals lead you to tomorrow’s and then to next week’s. Only setting goals that you expect to reach in 5 years doesn’t allow you the flexibility to reach that 5 year mark organically. Setting short term goals gives you a chance to re-evaluate your growth on a regular basis and allows you to redirect your path when necessary.

Lastly, don’t be afraid to toss a goal out the window. If you have a goal that is pulling you in one direction, but your instincts are pointing you in the opposite direction, let the goal go! Give yourself leniency and go where your natural growth takes you.

While we all have different ways of keeping ourselves on track, these three goal setting guidelines gave me all the support I needed while I was figuring out my career and focusing on my passions. I hope they do the same for you.