I have recently written an article about 5 goals you should have to succeed in 2022, and it seems pretty popular. Therefore I decided to write a little bit more in depth about what types of goals you can set for yourself.
Instead of just listing the 4 different types of goals and giving a brief description of them, I will demonstrate their usefulness through an example of a friend of mine. I think he has set excellent goals, with proper use of time frames. So lets get into the example and see what types of goals he has set for himself!
Lets name this person David. Now David is a master engineering student, but he aspires to become an entrepreneur. Except he has a few problems. One of them being he has no product or problem to solve and create a a business for. Secondly, being a student with 0 professional experience, he also has very limited understanding of any industry out there. So how does David set goals to solve this problem, well lets find out!
Goals In Terms Of Time
1. Lifetime Goals
As the name suggests, a lifetime goal is a goal that all your hard work builds towards, it is the last goal you hope to accomplish. It is a type of goal that I never really see people around me define. However, most successful people have all had some sort of a life time goal. Think about Gary Vee for example, who is an entrepreneur with a goal to buy the New York Jets, an American football team.
Setting lifetime goals is a consistent character trait you see when analyzing the personality of the most successful individuals in the world. So how does this type of goal fit into Davids example?
Well as we mentioned David wants to become an entrepreneur, except he does not really know what niche and industry he plans to go in. So in order for him to set a lifetime goal, he has simply put a dollar value to it. His goal is to create a business empire worth $3.6 billion.
That is an astoundingly large number, and where it comes from can be anyone guess. But it is very good to set big goals like that. It is a number so big, that you will spend every hour of your day working tirelessly to reach that. Even if he only manages to get 10% of the way there, he has still made a $360 million dollar business!
All the work and effort that David puts into his life is geared for the sole purpose of achieving a business with a worth of that number. He doesn’t waste his time on activities that don’t get him a step closer to that goal.
I have always wondered what happens when we do in fact achieve our life goal, and I think the answer is quite simple. We set an even bigger goal. This will keep us going forever!
2. Milestone Goals
A milestone goal is a goal that needs to be reached, in order to be on track to achieve your lifetime goal. They are just like classic milestones. If you want to pass your 3 chapter math quiz, your milestone goals would be to study chapter 1, to study chapter 2, and to study chapter 3. Having completed those milestone goals means you are on track to potentially achieve your lifetime goal.
Note that I stress potentially, since there can be many reasons you never reach your lifetime goal. The math test may have been unfairly hard, as life can be unfairly hard. You might not have studied the chapters well enough, and the list goes on.
Knowing that David wants to create a multi-billion dollar, he will have to set some milestones, to make sure he is on the right track. One of his milestone goals is to actually figure out a problem, that he can create a solution to. Then he will be able to build a business around this solution, and sell it for a profit.
Another milestone he aims for is to get knowledge of the different industries and sectors. These can include the pharmaceutical, agricultural, aerospace sector and many many more. So how will David be able to discover these sectors?
Well after graduation, he hopes to be able to land a job at a major consultancy firm, like Mckinsey & Co, BCG, Bain, PWC etc. Working as a consultant means that he will spend working on a wide variety of projects in different sectors. It is an excellent opportunity to get to know the different industries. At the same time it allows him to gain an excellent perspective on the troubles that these sectors face. If he finds a generalized solution to those, he might have also solved his business product issue.
These are all examples of milestone goals, because no matter in what time frame they are achieved, they are required to be completed before we can start chasing that lifetime goal!
3. Long Term Goals
I am sure we are all familiar with long term goals. When you search on google, the typical time frame a long term goal needs to be is between 3-5 years. I generally follow this rule, but will also set long term goals with a shorter time frame. I do this if the goal I set means that I change a massive part of my life. So an example of my long term goals is to acquire my degree, which I hope to do in just about 8 months from writing this article.
It is a much shorter time frame than 3-5 years, but its such a big change in my life that still requires so much work that I have decided to make it a long term goal.
For David, his long term goals are looking quite similar. He is hoping to graduate next summer, then do another business related degree, and then to apply for a consultancy job.
His longest term goal is to apply to be a consultant, because what happens after he works as one is still relatively unclear as he has no experience in that field.
You might be wondering how this long term goal differs from the consultancy milestone goal, and that is definitely a good question. The long term goal is to get the job as consultant. The milestone goal is to use the consultancy job as a way to discover different sectors and to stay on the lookout for entrepreneurial opportunities! Massive difference between the 2!
4. Short Term Goals
Like long term goals, you have most likely heard of them. short term goals are the goals you set with a time frame that does not exceed 6 months. They can even last just a couple of hours. You might set a goal to go to the gym today.
David has many different kinds of short term goals, way to many to list in this article. The most common goals all students have is to finish all their projects, study all the necessary material to pass their exams etc.
Why You Should Set Big Lifetime Goals
I wanted to add a small section in here to once again stress the importance of setting incredibly large goals. I think this is a concept that very few people understand. It can be such a powerful tool that will really motivate you to grind it out until you are in life where you want to be.
1. The higher the pressure, the more you will work
When we set an incredibly large goal, such as aiming to create a $3.6 billion company, we set massive expectations of ourselves. No one likes to let themselves down, so if you believe that you are capable of achieving that goal, you will do no matter what to get there, I promise you that!
2. You learn when you fail
I have written countless time why failing is learning here on this website. When you fail at something, you found out why you failed. Make sure you are honest and use this one exercise to figure out the truth. Once you know what went wrong, fix your mistake and try again. You keep trying until you succeed, never give up!
3. You will exceed what you thought was possible
Whenever you are working at your limits, and seeing yourself succeed, you will undergo a massive amount of self discovery. Often times people never expected to be capable of such dedicated and efficient work. You will truly stretch your believe of what you are capable!
4. It changes the way you think
When you set almost unattainable goals, you will have to get creative if you want to reach them. This will often push you out of your comfort zone, through which you will learn new strategies and methods of working. You will become a more creative person with the ability to come up with out-of-the-box solutions to almost any problem.
I have written a more in-depth article on the reasons why setting goals is important. I also used an example style of writing for that article, so if you like that kind of reading you can find that article here! I hope this post inspired you all to have a look at the goals you have set, and maybe I have been able to encourage you to set some larger goals in life.
I wish you all the best of luck and hope you enjoyed the read, till next time!