Today, I had my first class in Game Theory, where we discussed "Learning Goals" for the class. There is so much meta-cognition these days! My goodness.
Regardless of the corny classroom nomenclature of the day, I do have a few goals for the semester:
- Spend less money by curbing my Starbucks/Caribou habit to one overpriced coffee beverage per week. I have a mutual fund to establish. Who doesn't want to be a millionaire (corrected for inflation) using index funds?
- Intentionally network by scheduling two networking/professional advice conversations per week. I have a small notebook for documenting these incredibly enlightening conversations. I also have a prototype for a business card and a stack of substantive resume paper ready for action. Thank God for same-day printing. Tip of the day: shop around for printing rates. I guarantee that you could save an arm and a leg.
- Apply for three jobs per week. My internship coordinator has challenged me to raise this number to five. In this economy, I'm up for the challenge.
On a broader note, I believe there are three central components to establishing goals for oneself which I used to formulate my goals. After years of short-lived New Year's resolutions, I ask you to consider what is an appropriate goal.
- Goals ought to be challenging beyond the convenience or difficulty of an ordinary routine. This reasoning assumes that there is diminishing marginal cost of choosing the new habit or activity over what was done previously. Based upon the assumption that it is possible to accomplish this over the course of a few weeks (21 days at the least), the marginal cost of choosing among alternative options approaches zero over time. Yet another assumption is that the initial marginal cost of decision making is positive, indicating that the resolved behavior is counter-intuitive or non-habitual.
- Goals also ought to be possible, or "plausible" as politicians like to say. Though anyone who has watched 2am infomercials will tell you that miracles happen-typically involving the Bow Flex, some goals are simply unrealistic. If you aren't training with Jillian, Bob, and the gang at the Biggest Loser, the odds are against you that you will turn into a body-builder or supermodel within the next few months. This is not Debby Downer speaking. This is Realist Rita. Even so, microeconomics teaches us that we have asymmetric value functions, meaning that people feel loss or failure more strongly than a gain or a win. Don't set yourself up for failure. Allow yourself to experience the benefits of little wins contributing to your main goal. Failure is NOT fun. If this interests you more, click here.
- Goals should be attractive enough to demand your investment. Take ownership of the efforts you are making. Do something you have a passion to do. One word: incentives.
As for accomplishing these goals, I recommend you visit The Five Minute Economist to see what he has to say. Great material. He mentions StickK, an employer of one of my good friends, Tanner. It's a wonderful concept founded by those brilliant Ivy Leaguers that MBAMama likes to befriend.
