Non-financial aims and objectives
Non-financial aims and objectivesA business aim is the overall target or goal of the business, whereas business objectives are the steps a business needs to take to meet its overall aims. are linked to anything other than making money for the business. These are usually linked to personal reasons behind an entrepreneurA calculated risk-taker who sets up a business in return for financial gain. setting up a business.
Non-financial aims and objectives are categorised as:
- Social objectives are linked to doing things in an ethical or environmentally friendly manner, or having a business whose sole purpose is to meet a social need. For example, an entrepreneur may aim to provide only products that are sustainably sourcedA process where products are obtained in a responsible way, workers are treated fairly, and environmental and social factors are considered. or use only solar energy to power their business.
- Personal satisfaction relates to an entrepreneur feeling satisfaction that they have created a successful business. It may be that an entrepreneur is able to make a business out of a hobby or personal interest.
- Challenge relates to an entrepreneur setting up a business with the intention that making it successful will challenge them or take them out of their comfort zone.
- Control relates to an entrepreneur’s goal of being able to control the business and make decisions about how it is run. These aims and objectives may relate to decisions around what the business sells, where it buys raw materials from, and how much its product or service is sold for.
- Independence relates to an entrepreneur working for themselves and running their own business. It is also to do with them making their own key business decisions. A desire for independence is a common reason for an entrepreneur to set up a business.
