ENT630- Mission/Vision Statement and Goal Setting:

Mission and vision statements are integral parts of an entrepreneur’s strategic planning process. Although they focus on similar points, they serve different purposes. As with anything else, it is helpful to start with the big picture and then work on the specifics. The vision, and thus vision statements, are the big picture and the mission statement helps articulate the specifics. Having a clear understanding of both the vision and mission statement helps with clearly articulating a company’s objectives. In turn, clear articulation of goals creates better guidelines for employees. This enables them to effectively work in accordance to these goals and be more intentional and direct in executing them.

The purpose of a mission statement is to provide a clear and concise explanation of a businesses’ reason for being. This statement outlines the purpose and objectives of a business. A mission statement should support the vision, in such properly conveying the purpose to all personnel, customers, vendors, stakeholders and all other parties involved. Questions to consider when drafting a mission statements could include:

•             What is your organization’s purpose?

•             Why is your organization in business?

•             What image of your business do you want to convey?

Just like many things in life, it all begins with a vision. This what an entrepreneur imagines their business will be. Upon making this dream a reality, there are infrastructures that must be put in place. Creating a vision statement is a great first step towards this. A vision statement depicts what it would look like with the completed mission. It describes the big picture, or end goal an entrepreneur strives to achieve. The statement should be ambitions and challenge personnel to rise to the occasion. Questions to consider when drafting a vision statements might include (Cleek, n.d.) :

Collaboratively, the mission and vison statement create the framework for a company to operate with. Once the big picture has been painted, companies can begin setting goals that will help them move closer towards achieving their aspirations. These goals should have small and concise aims to provide better guidelines for employees. One should take the SMART strategy into consideration when establishing goals (Edwards, n.d.). The SMART strategy ensures that goals are: Specific, Measurable, Achievable, Realistic, and Time-bound. Goals should be specific and particular rather than evasive. In doing so, it makes it easier find ways to measure and evaluate the goals once they have been achieved. Achievable goals are the target. It’s important for goals to not necessarily be easy, but realistically challenging and constantly foster growth. Lastly, there should be an establishment of effective deadlines surrounding established goals. This ensures that duties are done and products/ services can be delivered in a timely manner

An entrepreneur should strive to be an effective leader, if they are not one already. There are three main objectives they should abide by to ensure their business has a clear and stable pathway. The first and most important objective is having a vision. A vision leads to creating a vision statement that conveys what the desired future of the business is to be. The next main objective is creating a mission statement. This statement conveys why a business was created and its relativeness in the problems it seeks to solve. Lastly is the objective of having goals. Goals are established to more specifically target areas for a business to focus on in order to achieve their desired mission and vision.

References:

Cleek, M. (2019, August 28). Clarify the Vision – 10 questions to create an effective vision statement. Retrieved from https://fundingsage.com/clarify-the-vision-10-questions-to-create-an-effective-vision-statement/.

Edwards, J. (2014, September 12). Mastering Strategic Management – 1st Canadian Edition. Retrieved from https://opentextbc.ca/strategicmanagement/chapter/vision-mission-and-goals/.