Why Our Startup Went Bust. Part II is Goal Setting.

Back in November 2012 I thoroughly enjoyed writing a guest blog post for ExitEvent on “The Case for Startup Community Goals“.  [Thanks, Joe].  In the article I posit:

“Goal setting is a religion at our company. Every startup that wants to be the next big thing, especially those with investors, sets goals. There’s so much talk of goal setting, milestones, and KPIs it’s almost nauseating, but goals work. Period.”

There’s a downside, albeit a necessary one, to goal setting.  Should you completely miss those startup goals you set, you will have very difficult decisions to make.penaltykick

In our case, we did miss our goals.  With our business hinging upon one busy season, we had to execute [psst – that’s Part I] or perish.  That’s also my clue for Part III on busting…Timing.

The upside to that downside?  We had done a good enough job setting goals that the decision to pull the plug was an easy one.  And when I say easy I mean we agonized over it for 3 weeks and it was one of the most difficult emotional stretches of entrepreneurship we faced.

Goal setting didn’t cause our startup to bust. Having the foundation of goal setting allowed us to stay grounded in reality, not in the emotions of shoulda/woulda/coulda, and ultimately make the right decision.

 

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