Creating a Mission Statement for an Entrepreneurial Venture
As a business coach, I am constantly teaching the importance of entrepreneurs taking the time to focus on creating the soul of their business - their MV3 (Mission, Values, Vision, Voice). This is a fundamental step in business development many overlook before spending tons of time and money on marketing tools and strategies meant to build and grow businesses with a clear foundation of who they are and where they are going.
Many of the entrepreneurs that I work with have a hard time explaining exactly what it is that they do, they cannot clearly and concisely articulate their company’s mission. They believe, as most do, that their ideas and drive is enough. They are also under the misconception that a company mission is something that only large corporations need (or have the time to concentrate on). What they begin to realize and something that we reinforce in our teachings is that without a North Star, a guiding direction, an entrepreneur can get lost quickly. Especially in the ever-changing environment of a new venture, a North Star is essential.
A mission statement explains the company’s reason for existence. It describes what the company does and its overall intention. It serves to communicate purpose and direction to employees, customers, vendors, and business partners. This is just as important for a new entrepreneurial venture to have as a large corporation. Without one makes it difficult for new start-ups to attract funding and talent. More importantly, in this day in age of innumerable distractions having a clear and strong mission can help entrepreneurs stay focused and say no to ideas or alliances that do not really fit within the mission of their business.
A very powerful and often quoted mission statement is that of Google – “To organize the world’s information and make it universally accessible and useful.” It so clearly and succinctly puts the core focus of the business out there.
Keep in mind these four aspects when creating your mission statement:
1. Make it simple. It should be simple, straightforward, and consist of jargon-free language that is easy to grasp.
2. It should motivate. It should be motivational to both your employees and customers.
3. Describe the purpose. It should describe the overall purpose of your business/company.
4. Does it make you unique? Does it include sufficient description that clearly separates you from other businesses/companies, particularly ones that provide similar products and/or services?
As an entrepreneur, having a clearly defined mission statement will not only help with fundraising and motivating your team, it also enables potential partners and customers to choose whether they wish to be associated with your business.
As someone who helps entrepreneurs define the soul of their business – their MV3 (Mission, Values, Vision and Voice), I cannot emphasize enough how important it is to your business success to take the time to be intentional when creating your mission. When working with clients, witnessing the light bulbs go on during a collaborative session and the sparkle in the eyes of the entrepreneur during our discussions is magical. So new and aspiring entrepreneurs please do not skip this essential step in your business development. Your business’s future depends on it.
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