Idea 016: Goal Setting

My friend told me what she has achieved this year – she has started to learn Spanish, completed two marathons throughout the year, and attended yoga class at least once per week. These are the resolutions she set to herself on 1st Jan 2019.

I felt happy for her. It is so excited to see one of your friends who can stick to the goals and achieve them one by one. I am sure not so many people do that. Most of us do not set any goals or resolutions on the 1st day of the year, or even set some, they might not be able to compete any of them throughout the year.

In fact, what went wrong?

I believe that it is crucial to set goals for entrepreneurs or someone who want to be successful, because they will know their direction when you set their goals.

For example, if you set a goal about reading, say you target to read 12 books throughout the year, you will then know what is your next step – to pick your 1st book and complete it within one month. If you can do it every month, you can probably meet your target.

Directions are necessary when you want to be successful. Everyone wants to be successful, but most of them just say it without any execution, and a while later they will forget why they want to be successful.

As a result, their lives will remain unchanged, and they will complain about their unsuccessful live as before.This is definitely not a sad story because they deserve that, but what if they can have some directions on their way to success? The end of the story will be totally different.

Daily Income Goal (DIG) from Dan Lok

Dan Lok is one of the most successful entrepreneurs in Canada who has 2m subscribers in his Youtube Channel. If you search “Dan Lok Net Worth” on Google, you will find that his net worth is estimated to be around USD 50m.

I am sure he got a lot of fans and haters, but that doesn’t change the fact that most of his ideas are very useful. One of the ideas he has mentioned in his book “F. U. Money” is that he always believes in goal setting. Without a goal, people will not be successful.

F.U. Money: Make as Much Money as You Damn Well Want and Live Your LIfe as You Damn Well Please!

He didn’t create a new way of goal setting, but he has showed us how he set his goals throughout the year to help him achieve his goals – by his idea of “Daily Income Goal”, or DIG in short.

Long story short, he has broken down his yearly income goal into daily. By checking if his daily goal is met, he will know if his monthly goal can be met, and his quarterly goal, and finally his year goal.

I am sure this is not something new to most of the people, but many of us might not use this way to achieve our goals. Yes, as long as we can achieve our goals, we can use whatever ways we want, but this has been proven by Dan Lok and his success.

Smart Goal settling

In another book called, “Smarter Faster Better: The Secrets of Being Productive in Life and Business”, written by Charles Duhigg, the author shared his idea of goal setting which helps improve the productivity of our work.

Smarter Faster Better: The Secrets of Being Productive in Life and Business

This goal setting technique is similar to Dan Lok’s one, and similar the SMART goal setting we learnt at University.

Charles believes that, in order to achieve the goals, we need to set two kind of goals for ourselves. The first one is the large goals which show the big picture to ourselves. That will not be about how to achieve the goal, the details of working procedure, etc because that is to show the direction – see if we are on the right track.

The second goals are some tiny goals which show exactly the way to achieve the big goals using SMART system – Specific, Measurable, Achievable, Realistic, and Timely. By following these 5 elements, a achievable goal will be set.

For example, I want to build up my own business, this is the big goal of mine. Then I need to set tiny goals which can help me achieve this big goal, eg, my first tiny goal will be to spend 10 hours per week to absorb knowledge from entrepreneurs via their Youtube channel. My second goal will be to meet with my fellows one to two times every month to brainstorm the business ideas.

By achieving the tiny goals I will be able to evaluate if I am on the right direction towards my big goal.

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