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Vision and Mission of Business Venture

Vision

It defines the anticipated future orientation of business venture.

Mission Statement

A mission statement outlines the company's business objectives and its approach to reach those objectives.

Characteristics of a Good Vision and Mission Statement

  1. Philosophy
  2. Aligned vision and mission statement
  3. Customer orientation
  4. Market
  5. Technology
  6. Competitive Advantage
  7. Concern for society
  8. Concern for the employees
  9. Future orientation

Business Plan Main Questions

  • What is your general business description
  • What is your business model
  • Is it sustainable viable business idea

Benefits of Vision and Mission Statements

  • Brings unanimity of purpose and direction among strategic partners.
  • Provides Standards and procedures for execution plan.
  • Bring focus in allocation of resources.
  • Establish a culture and tone of your venture.
  • Serves as a direction and quality standard.
  • Set rule to deter those strategic partners who cannot from participate for further growth.
  • Facilitate in translating the long-term and short-term goals and objectives into a work structure.
  • Motivates for further growth.