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May 25, 2009

By Any Means Necessary: Extreme Goal Setting


Accountability and motivation are two things that many entrepreneurs struggle to maintain.

In the past we have seen a few offerings that are aimed at helping people to work towards a certain goal. Often the services are essentially "virtual tracking systems" or "reminder systems" that include goal setting, virtual reminders, groups of supporters, and financial incentives.

More recently however, we learned about StickK which seems to not only combines many of the features of other systems but also allows you to choose "the stakes" (either financial or reputation incentives).

StickK was built by Yale University economists who tested the effectiveness of Commitment Contracts through extensive field research, which demonstrated that people who put stakes - either their money or their reputation - on the table are far more likely to actually achieve a goal they set for themselves.

(Hummm, putting reputation and money on the line in order to achieve success....sounds like entreprenuership, right?)

Another interesting feature is that if you DO put money on the line, you can choose who gets it if you fail. It could be a person (friend or foe), a charity or even an anti-charity, if you find that to be more motivating.

What's an anti-charity? Good question! According to StickK, an anti-charity is any organization that you strongly oppose (they offer NARAL, NRA, Bush Library, Clinton Library, Freedom to Marry). You choose the specific charity that you theoretically REALLY don't want to support.

Yet another interesting feature is that if you do choose the (real) "charity" option, StickK wont tell you which one gets your money should you fail to meet your goal because they don't want you to feel better about having done so.

Seems like they have us all figured out!

WHAT STAKES WOULD BE MOST MOTIVATING FOR YOU?

1 comment:

Jezra said...

I've motivated myself to start a weekly savings plan by saying that, if I miss a week, Stickk will send $25 to the George Bush Library.

This will not be happening!

Jezra