Many people want to do business without knowing what the real goals is. Most people think that business is merely a way to earn money and nothing more. However, the purpose of a business is not only about money but also involves other aspects. The journey of starting a business does not always run smoothly; obstacles and challenges await in the middle of the journey, ranging from insufficient capital to a lack of interest that could lead to bankruptcy.
Nevertheless, businesses must have general and specific objectives from the entrepreneur‘s perspective. What are they? Read the full explanation below!
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General Business Goals and Objectives
Business goals and objectives
There are several general business goals, namely:
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Gaining profits
As previously explained, the main objective, or what is commonly known, is to gain profits. Almost all entrepreneurs have this objective. Even non-profit companies still need profits to support their operational activities. Therefore, entrepreneurs should be skilled at identifying opportunities and seeking ways to develop their businesses to generate profits.
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Creating job opportunities
This business goal is highly virtuous as it focuses on the broader community. When a new business is established, the company automatically absorbs labor. The larger the business, the more likely it is to create job opportunities and hire more people.
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Meeting society’s needs
Society has diverse needs in the form of products and services. Business enterprises can help people meet these needs, starting from primary, secondary, and tertiary needs. On the other hand, without companies producing the goods and services people require, society’s needs will remain unmet. Society and companies need each other and mutually benefit from one another.
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Gaining achievements
The next business goal is to achieve success, both through recognized competitions and awards, such as when a promoted product goes viral or benefits many people. These achievements serve as a form of public recognition, proving that the company’s product or service is superior to its competitors. The more awards a company receives, the greater the consumer’s trust in the company and its leaders.
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Promoting and developing business
Every business in the world aims to promote and develop itself. Every business owner wants their venture to advance and grow in terms of products and services, human resources, and profits. The more developed and advanced a business becomes, the more profits it can generate and the more employment opportunities it can create.
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Increasing economic growth
From a broader perspective, establishing a business can also aim to increase the economic growth of the community and even raise the income level of an area. For example, when a group of people sets up a factory, it not only absorbs labor from the surrounding environment but also has a wider impact. The emergence of food stalls around the factory, for instance, can improve the economy of the residents in the neighborhood.
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Demonstrating existence
The final general business goal is to demonstrate the company’s existence. Without a clear presence, both directly and through social media, the trust of the public and consumers can continue to diminish, hindering the company’s development.
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Business Goals and Objectives for Entrepreneurs
Business goals and objectives
In addition to the general business objectives, entrepreneurs have their own set of objectives. Here are several business objectives from an entrepreneur’s point of view:
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Meeting basic needs
Every human has basic life needs such as food, clothing, and shelter. Additionally, there are secondary and tertiary needs that contribute to a well-rounded life. Business can serve as the primary source of income to meet these needs.
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Gaining prosperity
In line with the first point, business profits can be used for purposes beyond basic necessities. Once basic needs are met, entrepreneurs can use business income to bring prosperity to their families and even the families of their workers.
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Making innovations
In today’s era, setting up a startup is easily achievable. Technology-based businesses are often established with the aim of making previously unimaginable innovations. The goal is to make people’s lives easier or solve problems. For example, an online shopping startup allows consumers to avoid the need to shop at physical stores.
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Gaining experience
Many people become addicted to doing business, even after experiencing losses numerous times. Throughout the course of running a business, entrepreneurs gain valuable experience, including the ups and downs of building a business from scratch, expanding connections, creating production and distribution strategies, and more.
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Continuing the family business
Some people do business solely to continue the family legacy from generation to generation. Culinary businesses, for instance, often endure from parents to children and grandchildren because consumers have cherished the original recipe for decades. By continuing the family business, a long-established enterprise can be preserved, securing the family’s economic stability for generations.
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Desire to have their own business
In contrast to the fifth point, some people aspire to own their businesses. Individuals who desire to have their own businesses tend to dislike working in an office or under the pressure of a boss. They choose to be their own boss by building their own business, which offers more flexibility in terms of working hours and methods compared to being an employee.
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Channeling their hobby
Not everyone can turn their hobby into their primary source of income. Many people choose to have a main job that can provide for their needs and open a side business. Aside from supplementing income, this side business also allows them to indulge in their hobby. This is where the fun business ventures come to life.
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Therefore, these are several business goals from both a general perspective and an entrepreneur’s point of view. Overall, it can be concluded that almost all business objectives are positive. However, achieving these goals also requires a well-thought-out strategy. It is important not to employ unethical methods to reach these objectives.
