2. Objective and Key Results (OKR)
After having a clear vision and mission, you need to set a framework that will help you to reach your goals and stay on track all the way there. Here comes where OKR plays its part. It is basically a method of goal-setting and progress-tracking. OKR stands for Objectives and Key Results. The Objectives tend to be the desired outcomes that you want, and the Key Results are measurable ways you know you’re on track to reach them. To put it in another way …
An Objective helps answer the question, “Where do I want to go?” A Key Result helps answer, “How will I know I’m getting there?” Example:
Objective: We completed a successful financing round.
Key Result: We have directly contacted 100 potential investors (mail, telephone). Key Result: Participation of at least 10 investor pitches. Key Result: We closed the investment round with at least 50.000€ capital from venture capitalists.
Your turn!
OKR for your project