To define long term goals, entrepreneurs should start with a thorough understanding of their business vision and mission statement. Here are some steps to consider:
1. Identify Core Values: Understand the fundamental principles that drive your business. 2. Market Analysis: Conduct a detailed analysis of the market to identify opportunities and threats. 3. SWOT Analysis: Evaluate the strengths, weaknesses, opportunities, and threats specific to your business. 4. Set SMART Goals: Ensure that goals are Specific, Measurable, Achievable, Relevant, and Time-bound. 5. Consult Stakeholders: Engage with employees, customers, and investors to gather insights and feedback.