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Mission and vision are statements from the organization that answer questions about who we are, what we value, and
where we are going.
1. The overall purpose of your business - what are you trying to achieve
2. What your business does – products and services it provides
3. What’s important to your business – the values your business live by
Examples:
Dell Computers: “With the power of Dell’s team of talented people, we are able to provide customers with superb value;
high quality, relevant technology; customized systems; superior service and support; and products and services that are
easy to buy and use.”
Pfizer Pharmaceutical: “We dedicate ourselves to humanity’s quest for longer, healthier, happier lives through innovation
in pharmaceutical, consumer and animal health products.”
Unilever: “Our mission I s to add vitality to life. We meet everyday needs for nutrition, hygiene and personal care with
brands that help people look good, feel good and get more out of life.”
Typically, vision statements are relatively brief, as in the case of Starbuck’s vision statement, which reads: “Establish
Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles as
we grow (Starbucks, 2008).” Sometimes the vision statement is also captured in a short tag line, such as Toyota’s “moving
forward” statement that appears in most communications to customers, suppliers, and employees (Toyota, 2008).
Examples:
BDO: “BDO Foundation aims to be a leading, dynamic and responsive organization that creates opportunities and supports
initiatives to improve the country’s socio-economic development.”
Globe Telecom, Inc.: “We see a Philippines where families' dreams come true, businesses flourish, and the nation is
admired.”
Petron: “To be the leading provider of total customer solutions in the energy sector and its derivative businesses.”
Jollibee: “Jollibee Foundation envisions that every Filipino is able to access basic community services and live a life defined
by dignity, purpose and active participation in nation-building.”
Ideas come from a variety of sources including hobbies and interests, past experiences, discovery and invention.
Hobbies and interests – many people get business ideas from their hobbies or interests (state examples). Making a list
can help you decide what business is right for you.
Past experiences – past experiences and jobs can help you come up with ideas for business. People who excel at their
jobs have generally learned much about their profession and how to satisfy their needs.
Discovery and invention – someone may invent or discover something new. The next step would be research and find
out if the idea can be patented, who the competition is, the manufacturing process, and the target market.
Investigate Opportunities
Research (Internet, library, other entrepreneurs) can help you determine what is missing in a particular market.
Trade shows – special meetings where companies of the same or related industry display their products
Is there a market in my community for this kind of business? Will people buy my product or service?
How much money is required to start the business? Will I be able to borrow that much money?
How many hours per week will it take to run the business? Am I willing to commit that much time?
What are the risks associated with this business? What is the rate of business failure?
Do I have the right background to run this business?
What income will this business generate?
One of the best strategies for learning about different careers is to interview people who currently have those careers.
Tell students that is not too early to start interviewing successful entrepreneurs and business people to find out what it
takes for success.
Setting Goals
For everything you do in life, you set goals. Goals help you stay on track and follow through with your plans.
SMART Goals
Specific Goals should be specific and answer “What?”, “Why?”, and “how?”
Measurable Goals should establish ways to measure your progress
Attainable Goals should not be too far out of reach
Realistic Goals should represent things to which you are willing to commit
Timely Goals should have a timeframe for achievement
Financial Goals - include how much money you will earn and how quickly you will pay off debts.
Realistic
Measurable
Easily attainable in the time allotted.
Money is always the most vital concern in any business. Everyone knows you need to spend money in order to make
some, but taking this idea as an absolute rule might be too extreme.
Having a small profit margin might seem like a good idea in the beginning. However, if there are plans for growth and
expansion then one should set high goals. In order to expand your business, you will need an inflow of more capital. This
means that at some point in time, you will raise the cost of your products. It is better to do so in the beginning, as it can
ruin the bonds with customers when they see prices soaring randomly.
Know that the market is always diversifying and developing at a rate beyond your control. To think that there are no
direct competitors can disillusion you and make you lose your market share targets.
Being aware of industry standards is part of knowing about your competition. Finding how your competitors operate
and studying their products will help you close the gap between your current performance and targets.
One of the tenets of entrepreneurship is the ability to create new and useful ideas that solve the problems and
challenges that people face every day. For example, entrepreneurs invent new products and services, develop new
technology, discover new knowledge, improve existing products or services, and find different way of providing more
valuable goods and services with fewer resources.
Creativity is the ability to develop new ideas and discover new ways of looking at problems and opportunities.
Innovation is the ability to apply creative solutions to problems and opportunities that enhance or enrich people’s lives.
Entrepreneurship is the result of a disciplined, systematic process of applying creativity and innovation to needs and
opportunities in the marketplace. Innovation must be a constant process because most ideas do not work and most
innovations fail.
A paradigm is a preconceived idea of what the world is, what it should be like, and how it should operate. These ideas
become so deeply rooted in our minds that they become blocks to creative thinking, even though they may be outdated,
obsolete, and no longer relevant. A paradigm may also be defined in the following ways:
A shared set of assumptions—The way we perceive the world helping to explain and predict its behavior.
An overarching model—A concept that is either so widely accepted, or applicable to so many different areas,
that it can be used as a type of template for understanding.
A set of rules and regulations, written or unwritten—It establishes or defines boundaries and tells you how to
behave inside the boundaries.
Paradigms stifle creativity when they limit or restrict the way people think about possible solutions. Paradigms set
parameters and cause thinking to be based on past “rules and procedures” rather than open, creative thinking that can
lead to innovative solutions. Creative and innovative thought must break through the barriers that paradigms can
present.
…
References:
James Tallant (Author), 2009, Importance of Vision, Mission, and Values in Strategic Direction, Munich, GRIN Verlag,
https://www.grin.com/document/167258
http://open.lib.umn.edu/principlesmanagement/chapter/4-3-the-roles-of-mission-vision-and-values/
Bart, C. K., & Baetz, M. C. (1998). The relationship between mission statements and firm performance: An exploratory
study. Journal of Management Studies, 35, 823–853.
Bart, C. K., Bontis, N., & Taggar, S. (2001). A model of the impact of mission statements on firm performance. Management
Decision, 39(1), 19–35.
Paul von Wittgenstein. 2012. Vision and Mission . CanadAsia Management Development Ltd.
https://www.slideshare.net/selectee4/vision-and-mission-of-companies
https://www.slideshare.net/lidhiyababu/vision-mission-goals-and-objectives
https://www.omahamediagroup.com/blog/article/common-pitfalls-in-entrepreneurship
DAVID MOLNAR. February 2017. 5 Common Entrepreneurial Pitfalls (and How to Avoid Them)
https://www.business.com/articles/david-molnar-avoiding-failure/
https://www.slideshare.net/FaizanAli100/inside-the-entrepreneurial-mind-70561914
Inside the Entrepreneurial Mind: From Ideas to Reality. Copyright ©2014 Pearson Education, Inc. publishing as Prentice
Hall