Are they goals or are they fantasies?

Everyone who attempts to do anything, wishes to be successful. 
Success can come accidentally but rarely so.

If we desire to be successful by design and not by fluke then objective /goal setting is a must. It is essential not only for individuals and organisations but also economies and countries. 
In the absence of objectives one runs the risk of running aimlessly. Pursuing activity without direction and pace, it is to waste resources and opportunity and even failure and collapse. 

If one wants to succeed in any venture, then objectives are essential. We may define them formally or subconsciously. It's better to write them down so that one is clear and able to share them with other team members.   

Objectives should have these 4 characteristics. They must be,

1. Specific
2. Time bound
3. Measurable 
4. Challenging

Specific, because objectives must be clear, providing no scope for of misunderstanding to anyone.
Time bound, because if there is no time limit, the objective will remain elusive, taking for ever to achieve, if at all.
Measurable, because if it cannot be measured it cannot be attained with certainty.
Challenging, if attaining an objective does not demand effort, its an existing reality not an objective.

Without possessing these four characteristics, a goal is but a pipe dream, a mere fantasy.