MBA505 Business Psychology | Goal Setting

Definition of Goal

As per me, career or professional goal is the specific kind of statement which will help me in explaining the profession which will be helpful in pursuing throughout my career. According to Piispanen, Paloniemi and Simonen (2018), professional or personal is the object which is the ambition of the person to try to achieve the desired results appropriately.

Choice of Goal

The goal which have been selected by me for pursuing after the completion of MBA is to become an entrepreneur wherein I will be starting a food delivery application. In order to become and entrepreneur, the person is required to be confident about the goals and needs to have the determination to become self-starter which will help me in becoming successful in the approaches of becoming an entrepreneur.

Reasons of Importance

I want to become an entrepreneur as I feel the role is challenging and I love to take up different kinds of challenges in my life.Firstly, I am passionate about learning new kinds of concepts and the entrepreneurs have no end to their learning as well.  Nebel et al. (2018), has commented that the entrepreneur in us sees various kinds of opportunities everywhere we look.Furthermore, I do not have the craving for a private firm nine to five job as I want to be creative in learning different kinds of aspects which will be helpful for me to embrace myself and discover something more interesting. Lastly, I cannot fit myself into the core corporate culture as I am born to be my own boss.

Main Standards for Selection of Goal

I selected to become an entrepreneur in the future after the completion of MBA as I feel that I have the specific objective of running my own business and I am confident regarding the same. Moreover, I like risks while completing the different kinds of tasks in the organization which is inclusive of different risks and the entrepreneurs love risks.

Furthermore, brainstorming the new and different ideas and gambling the chance of succeeding in the entire target market will help me in gaining huge confidence in performing the various tasks effectively and without much issues.

Lastly, after becoming a successful entrepreneur, I would be hiring new employees and guiding them to perform the tasks in an appropriate manner. Moreover, I need to streamlining the processes while starting my business and I would be encouraging the other individuals to become entrepreneurs as well.

Goal Setting Theory

According to Piispanen, Paloniemi and Simonen (2018), goal setting theory is defined as the development of the action plan which is being designed in such a manner which will guide along with motivate the person towards attainment of the goals. The goal setting theory is the major component of the personal along with professional development which will be helpful in becoming successful and gaining competitive advantage in the entire market as well (Miner 2016).

Effectiveness along with Applications

There are various kinds of applications of the goal setting theory that helps the entrepreneurs in becoming successful in performing the different kinds of tasks in an effective manner. With the help of the theory, this will help me in the different following aspects:

Firstly, I will be aware about the certain area in which I want to excel my career and check whether the goal is measurable and specific in nature.

Secondly, I need to set deadline for the completion of the tasks such as investing upon the project which will help in managing the different activities effectively and appropriately

Thirdly, with implementation of goal setting theory, I would be able to prepare the different goals which will be helpful for me in achieving the goals appropriately

Lastly, organize the list of the actions steps which are required to be implemented in the plan for becoming a successful entrepreneur as this will help me in becoming successful in gaining competitive advantage

Inferences of GROW Model

Goal- The main goal is to become a successful entrepreneur and start up a food delivery application in different locations

Reality- In the present, I am pursuing my MBA and I have the confidence and different entrepreneurship qualities to run my own business

Options- The different options which is being available for me is to join the corporate firm, however this is not suitable option for me as I want to be my own boss

Will-   After completion of MBA, I will be opening the food delivery application which will help me in managing my business in an appropriate manner

Coaching Plan

Proper coaching plan is required to be created which will be helpful and appropriate for me in order to become more effective in becoming a successful entrepreneur.

Activity 1- Firstly, I will be attending the different classes which will help me in gaining grades and the cost associated with the same is opportunity costs and college fees.

Activity 2- Secondly, I would be providing training to myself and this is the course of six months and the costs which is associated with the same is $2000.

Activity 3- I would be requiring to read different books on entrepreneurship which will be helpful in becoming more adequate in learning the different skills. The time frame is four months and the cost associated with it is $100. 

Activity 4- I would be requiring to attend seminars and meetings as this will help in gaining knowledge on entrepreneurship skills. The time frame is six months and the cost associated with the same is $200.

Activity 5- The internship is the other aspect which is required to be gained by me which will help in gaining knowledge on real corporate world. The course will be of three months and this will help me in becoming successful.

Questions

Question 1- What are the reasons behind choosing the idea of becoming a successful entrepreneur after completion of MBA course?

Question 2- What are the various other options available to me in case I am not successful in opening a start up firm?

Question 3- What will be the different learnings that will be generated from becoming an entrepreneur in the future?

References and Bibliography

Mauro, M.S., 2016. Book Review: Rehabilitation goal setting: Theory, practice and evidence.

Miner, J.B., 2015. Goal-setting Theory: Edwin Locke and Gary Latham. In Organizational Behavior 1 (pp. 175-199). Routledge.

Mohan, K.R., Mohan, A.R. and Ramakrishnan, V.K., 2015. An ideal entrepreneur and his ego state. International Journal of Informative & Futuristic Research, 2(11), pp.4290-4295.

Nebel, S., Schneider, S., Schledjewski, J. and Rey, G.D., 2017. Goal-setting in educational video Games: comparing goal-setting theory and the goal-free effect. Simulation & Gaming, 48(1), pp.98-130.

Piispanen, V.V., Paloniemi, K.J. and Simonen, J., 2018. Qualities of the growth-oriented entrepreneur. International Journal of Entrepreneurship and Small Business, 34(1), pp.112-130.