Focus on the Intermediate Term

We live in a goal-oriented society in which long-term visions and aspirations are encouraged and expected.?When we’re young, we’re invariably asked what we want to be when we grow up.?We may aspire to a great relationship, perhaps to find the right partner to settle down with or to form a special bond.?We might dream of becoming a doctor, engineer, chef, writer, or owning a bed-and-breakfast.?On the other side of the spectrum is our daily checklist: pick up the dry-cleaning, schedule a dental appointment for the kids, complete a business report that’s due this week.

These are two ends of a spectrum that stretches from our daily tasks—and the tiny habits that drive us—to the “Big Hairy Audacious Goals,” or BHAGs as author Jim Collins calls compelling, long-term objectives. Far too many of us focus solely on these two poles—our immediate responsibilities and distant aspirations.?

The problem is that there’s a lot of space and time between these two poles, which means there’s plenty of room to lose energy, change focus, or stumble in some other way. As the old saying goes, “There’s many a slip ‘twixt the cup and lip.”

This matters because our goals drive our actions, and our actions drive our success in work, relationships, and life.?But if we only have short-term goals and long-term aspirations, then we’re severely limiting ourselves and possibly limiting our success. This is where intermediate goals come into play.?

Intermediate goals are the bridge between our daily tasks and our BHAGs.?

For example, we may have a goal to someday run a marathon. Yet, for many of us, that seems too far in the future to affect our daily habits. While our goal of running a marathon scintillates in the distance like a star in a faraway galaxy, the gravitational pull of the here and now draws us with greater force.?In my experience, it’s the chasm that lies between what is immediately accessible and what is distantly imaginable that requires the strongest bridge.?

If you’ve never run more than three miles, running 26.2 miles seems absurd. And only running a handful of miles today seems woefully inadequate as a way to prepare for such a long distance. So, instead, set your goal at five miles and ask yourself, “What do I need to do to work my way up to five miles?”?If you’re already able to run three miles, adding another couple of miles seems feasible. Five miles then becomes 10, and 10 becomes 15. Now, running a marathon seems within grasp.

The other reason intermediate goals matter is they help drive second-order consequences, which, in turn, help us make better decisions and improve life outcomes.?Ray Dalio writes about first-, second-, and third-order consequences in his book Principles. As he put it, “The first-order consequences of exercise (pain and time spent) are commonly considered undesirable, while the second-order consequences (better health and more attractive appearance) are desirable.” Because the first-order consequences are unpleasant, we tend to avoid them, which means we don’t enjoy the benefits of second-order consequences. The third-order consequences of exercise, of course, are a longer, healthier life. But it can be tough to translate pain and effort in the present to a healthier life 50 years from now. By creating intermediate goals that optimize second-order consequences, however, we can get past the pain and discomfort of first-order consequences and make meaningful progress toward beneficial higher-order consequences, like actually running a marathon, starting a business, saving for retirement, or living longer.

The fact is, people who only focus on first-order consequences will have a harder time finding success in life, regardless of their goals. They won’t be able to sacrifice their comfort in the now to reach the positive higher-order outcomes needed to reach goals or fulfill dreams. But when you have a clear intermediate goal and keep track of your progress, first-order consequences are much easier to handle, and beneficial second-order consequences are much easier to reach. You can see your progress. You can feel its value. This can help keep you motivated and consistent so you can eventually reach your long-term goal.

This mindset is particularly critical in our industry of science-driven venture capital, where a business can take a decade or longer to mature. Along the way, there are many critical milestones that are stepping stones to achieving market relevance. Engaging in and celebrating these milestones creates a bridge between the founding of the company and the commercialization of its first product.

Ultimately, setting intermediate goals is important because it provides us with small wins and keeps us motivated toward our overall aspirations. When we see tangible progress and success, it gives us the energy to persist and work harder. Intermediate goals create a sense of pride and satisfaction, helping to make the process of achieving our goals less intimidating. They create a sense of progress, which boosts our motivation and enthusiasm and keeps us focused on the bigger picture.

So, dream big. Set high aspirations.?Yet don’t forget to chunk it down to digestible bites so that when you act in the moment it feels meaningful to your journey.