• May 20, 2009  |  1:07 PM MDT

BHAGS

Several years ago, while reading James Collins and Jerry Porras’ business treatise, Built to Last: Successful Habits of Visionary Companies, I came across their concept of “BHAGS,” an acronym for “big, hairy, audacious goals.” According to the authors, the most successful companies regularly set such goals. The mere existence of an extreme goal unites members of work teams and gives them a focal point for a shared vision.

I am convinced that it is equally important for individuals to set personal BHAGS. In fact, I believe that in tough economic times establishing and then working to achieve those goals may become absolutely critical to establishing some form of inner peace. After all, most of us cannot exert one bit of influence over the stock market or push banks to restart the flow of credit. We can, however, assume control over our personal activities, and to the extent we do, we can re-establish some sense of being a master of our own fate.

I know that setting personal BHAGS has made all the difference to me over the past several months. Like lots of other small business owners, in late December and early January, I worried about the economy and what it would do to my numbers for the year. At some point, rather than continue to fret, I accepted there was little I could do about it. I then moved on and made my focus the accomplishment of certain personal goals.

How audacious are my goals? As far as I’m concerned, one is big-time audacious, and this weekend we’ll see if I can finally accomplish it. I have registered for the Great Hudson River Swim, a 1.3 mile swim from Pier 45 to Battery Park in New York City’s Hudson River. This goal has been made extra audacious by the very fact that up until about a year ago, several decades had passed since I had last entered a pool. Now, I have a long trek ahead of me in water that will be frightfully cold and so dirty that you cannot see your own hand once it is submerged in it. And there’s no lovely black line on the bottom of the river to keep me on track.

I believe the economy has hit bottom and will slowly but surely begin to turn. Before it heats up, and while you still have time, set a personal BHAG and strive to accomplish it.