c) Need to Plan Well and Set Realistic Goals to Accomplish Set Objectives

Entrepreneurs and managers of SMEs in developing countries also need to set specific, measurable, attainable, 

realistic and timely objectives in order to stay competitive and profitable. To be competitive against large firms, 

SMEs must set high goals because a low goal exerts low motivational force and setting specific objectives in line 

with the high goal may offer the entrepreneurs a much greater chance of being accomplished. To make such 

objectives attainable is not just setting them, but entrepreneurs need to identify the objectives that are most 

important to them and figure out how to achieve them. Establishing concrete measurable criteria for assessing 

progress toward the attainment of each objective by developing different attitudes, knowledge, abilities, and skills 

could help SMEs to stay on track and reach the greater part of their set goals. Through these initiatives, new 

opportunities can be attained when the necessary steps are taken to establish a time frame that allows the 

entrepreneurs to carry out their plan successfully. Indeed, one needs to be both willing and able to work towards 

one’s goals and show substantial progress in reaching them through the achievement of the related objectives. 

Entrepreneurs need to accomplish the objectives set and examine the necessary conditions in order to accomplish 

their goals. An objective should also be grounded within a time frame to give it a sense of urgency. Entrepreneurs’ 

objectives can also be tangible when they make them specific, measurable and attainable. These objectives can be 

met successfully if they are well-planned on their daily, weekly, monthly, quarterly, mid-year and annual activities 

to track progress based on set targets as well as by setting up reminders such as to-do lists, daily planners, and 

other forms of record keeping. This study argues that to be successful, entrepreneurs must understand their 

business strategy and develop effective marketing strategies.