"Provides motivation to try new tactics" — When Shark Tank star Robert Herjavec explained the benefits of setting goals

Shark Tank investor Robert Herjavec once stated that setting short-term or long-term goals was always helpful for a business. In a LinkedIn post from June 6, 2017, Robert commented on the importance of setting goals, explaining how it was a crucial step for small businesses to take themselves to the big leagues.

The Shark Tank star admitted that goal setting can be a daunting task and comes with the possibility that one could fail. However, he emphasized its many benefits, particularly for small business owners, as it empowers them to expect more of themselves. Additionally, according to Robert, goal setting provides "motivation to try new tactics" and brings a sense of satisfaction once a goal is achieved.

"Setting that stretch goal gives a small business owner the power to expect more of themselves. It provides motivation to try new tactics. It gives the small business owner an enormous sense of satisfaction once achieved," he wrote.

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Shark Tank star Robert Herjavec explains how goal setting can be crucial for a small business owner

In the LinkedIn post, Shark Tank star Robert Herjavec admitted that setting a goal can be a daunting task as it involves the risk of failure. However, he pointed out that there was also the possibility of success.

Robert shared that he and his fellow Shark Tank investors meet a lot of entrepreneurs on the show who take risks by seeking to take their business to a national audience.

The Herjavec Group founder noted that the Sharks always ask these entrepreneurs one key question: What is their goal for the future? He added that this was a crucial question—one that many small business owners fear not only answering but even considering.

Robert then shared an incident from when he was filming for the second season of Small Business Revolution, a show where he helps small business owners to revitalize their company.

"During a great meeting with Miguel, one of the six business owners from Bristol, we talked at length about how well he is doing... Yet when we discussed setting goals to achieve greater success, he balked. His reluctance isn’t surprising. In fact it is all too common," he shared.

The Shark Tank star continued:

"Miguel provides a needed, and exceptional service, and he boasts a loyal customer base... His business is doing fine, so setting a target he may not achieve can seem like failure. But it isn’t."

Robert noted that small business owners often fear setting long-term or even short-term goals because they are afraid to fail. He added that even successful business owners often avoid setting expectations in fear of not reaching them.

The Shark Tank investor explained that setting far-stretch goals gives a small business owner the power to expect more from themselves. Moreover, it helps business owners by providing motivation to try new tactics, and then the satisfaction that comes along with achieving big goals.

Robert emphasized that this satisfaction isn’t just about fully reaching the goal—it also comes from achieving 20, 30, or even 50 percent of it. He further noted that a business doesn’t fail simply because a goal isn’t met in its entirety; rather, every step forward is a victory.

“'Successful businesspeople retain a quality most others not only lack but often fail to comprehend, and that’s the unrelenting drive to convert a vision into reality'... By setting goals, you keep pushing yourself further to become even more successful and more inventive," he concluded.

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New episodes of Shark Tank season 16 air every Friday on ABC.