Goal setting - where do I set the bar?

One of my favourite sayings is "Set your goals high enough to inspire you, yet low enough to encourage you".

In my opinion this saying holds very true for someone looking to start out on a new business venture or someone wanting to grow their existing business.

There is no point setting goals so far beyond reach that you are never going to come close to achieving them. All this will do will discourage you to continue on with your business ideas.

Equally, there are also problems associated with not setting your goals high enough. This can lead to boredom and the possibility of missed opportunities.

Of course, the level at which you set your goals is going to vary from person to person and business to business. A big part of being a successful entrepreneur is knowing where to set the bar.

Let me know your thoughts on goal setting.

101 Ways to kickstart your business.

This is the title of a new book by Herald-Sun journalist Claire Heaney. Claire is the editor of the Business Owner segment that features entrepreneurs and business owners each Thursday in the newspaper.

The book is described as "real people sharing real business success stories".

I have been fortunate enough to have been selected to feature in Claire's book. My GripSox success story is featured as Way #76 "Innovation".

I highly recommend the book to both new business start-ups as well as those wanting to grow their existing business.

You can order your own copy of the book through Wilkinson Publishing.

My GripSox article that featured in the Herald-Sun in July 2006 is also available online.

If it was easy, everyone would be doing it.

There are numerous different figures written about the failure rates of small to medium sized businesses. Typically they report that somewhere between 30-50% of all new businesses fail within the first three years.

While this may shock some of you who are "champing at the bit" to become your own boss, the harsh reality is that not everyone is cut out to run their own business.

People who are used to their "cushy" 8 hour day, regular holidays, free weekends, sick pay, holiday pay etc. are rudely awakened when they start out running their own business. For new business owners, their new work choice becomes a 24/7 operation.

Believe me when I say that even when you're sleeping, it is not unusual to be contemplating the forthcoming business day in the back of your mind.

Not that I'm aiming to break the spirit of you "budding entrepreneurs", but it is important that you think all things through before perhaps leaving your existing, secure, family friendly job.

Don't get me wrong. I wouldn't trade being my own boss for anything. The key thing to ask yourself is "do I want to own a business, or own a job?"

Business owners and wannabe business owners- let me know your thoughts.