One of the things I’ve found with many startup entrepreneurs is that they get very excited about new ideas and don’t have the patience to actually follow through on the execution part of it. Most entrepreneurs have a million business ideas running through their heads but continue to jump from one to another instead of sticking with just one.

I’m a part of a Mastermind Group here in Toronto where business owners from different walks of life come together once a month to discuss their businesses. We talk about our plans, our problems, and our goals. Throughout the month we also set up a weekly call with one of the members to help everyone stay accountable.

It’s easy to set goals but then never follow through. When you commit to someone else, however, you are more likely to take action and achieve your goals.

Do you have someone to hold you accountable? It could be a family member, a friend, a business partner, or another entrepreneur. What’s important is that you respect the person, ideally they have some business experience, and you will listen to their advice.

Once you find an accountability partner set regular times to touch base. It could be quarterly, monthly or weekly - as long as progress it being made in between check-ins. You could connect by phone or set up a face to face meeting. Choose a format that best suits your learning style.

Connecting with other entrepreneurs on a regular basis also helps you stay motivated through the tough times. It can help rejuvenate you, give you more energy, and fill you with ideas to help you get over the business hurdles you are facing.

Do you have anybody who holds you accountable for actually doing what you say you are going to do?

Evan Carmichael

I run a series of Mastermind Groups for entrepreneurs in the Toronto area and one of the exercises we’ve done with all three of the groups is to set a goal for where the members want to be at the end of the year.

Why goal setting is important
When you have a goal that you are working towards, your business has focus. Too many young entrepreneurs jump from one idea to the next and do not follow through on anything. It is easy to get distracted and end up not accomplishing what you want because you lost your focus. Also, when you set a goal you give yourself something to shoot for. It should be something that motivates you to get up every day and take action because you are reaching for a target.

How do you set a goal?
When you are doing goal setting it is important to find something that is very important to you. If you are not passionate about the goal you are setting then there is no way you are going to put the hard work in to achieve the goal. I would also encourage you to set a numeric goal because it is easier to track. Instead of saying you want to get more customers by the end of the year put down a number. For example, you could want to land 10 new customers or 100, or 1000… or more depending on your business. Having a due date is also important which is why we said December 31, 2007.

Commit to someone else
If you commit to someone else you are more likely to follow through on your goal so once you set them tell others it them and give them updates. Nobody wants to look bad in front of their friends and peers so it will drive you to accomplish what you said you were going to do. You will also build yourself a great support network and people will want to get involved to help you achieve your goal. If you do not commit to others then it is too easy to get lazy and not follow through. A quick example is a personal goal of going to the gym to lose weight. People who go to the gym together are more likely to continue doing it but if you are going alone you will find many reasons not to go and you end up not following through. Having your own Mastermind Group can also be a great way to hold you accountable.

What is your goal?
The goal that I have set for myself is to reach the 35,000 spot in Alexa for my website. I have been hovering at around the 50,000 mark for a while so it will be a stretch but I am excited to strive for it.

What are your goals for December 31, 2007? Where do you see yourself and your company?

Evan Carmichael