VISION, MISSION, VALUES, AND OBJECTIVES IN ENTREPRENEURSHIP.

CHAPTETR 02.

2.0 VISION, MISSION, VALUES, AND OBJECTIVES IN ENTREPRENEURSHIP.

In any reasonable development and success, there is a need for four vital things to any human being that stands as bridges for reasonable development and success. These important components for reasonable success and development are; (this book shall concentrate more on Vision and Mission)

      i. Vision

      ii. Mission

      iii. Values

      iv. Goals/Objectives

I. VISION is a broad picture about what entrepreneur wants his or her organization or business. Vision is a future desire that guides the present life of a person, business, or organization that wish to be. Vision provides a picture for future of an entrepreneurial venture. Vision comes from all values of life in which a person, business, venture, firm, organization desire to be. Normally values are feelings of a person himself or herself about what he or she wants to be (or organization, business that a person wants to be). Vision also is what a person, business, or an organization wants to become. Is the first step to be considered in business plan or idea. Moreover, vision is the dream about what a person, business, and organization believes or situated.

II. MISSION describes the strategies and what is going to be accomplished to fulfill the vision. Can be formed by one or more objectives. Vision involves mission and objectives, while mission is formed by strategies to accomplish more than one goal that needed to fulfill values which forms a vision.

III. OBJECTIVES (LONG TERM OBJECTIVES) are derived from mission statements or from vision statements. They should be specific, measurable, achievable, and realistic and time bound (SMART). Is pertinent to the business or organization’s mission. Objectives they have to be clear or clarity that does not use technical words of language. Objectives should use words of intents (like enhance empower…). Short lists of long-term goals are approximately 3years out and updated every two–three years, while mission, vision and values should be permanent.

IV. VALUES are winning ideas that forms vision. Values are short lists known as principles. This involves business, organization, human, social economic and political values.

2.1.0. Vision and Mission Statements.

Vision and mission statements are inspiring words chosen by successful leaders to clearly and concisely conveying the direction of the business or organization.

By constructing a clear mission statements and vision statements, you can powerfully communicate your intentions and motivate your team, or business or organization to realize an attractive and inspiring common vision of the future.

NOTE: Mission and vision statements do two distinctly different jobs.

2.1.1 Why Do We Use and Create Vision and Mission Statements?

The followings are the reasons why do we use and create vision statements and mission statements in business and organization:

(1) To overall the clearly identified culture, values, strategies and views of the future by interviewing the employees, suppliers and customers to address the commitment of the firm or business or organization by ensuring that objectives are measurable, approaches are actionable and the vision is achievable.

(2) Mission statements and vision statements help to the business or organization focus on what is important.

(3) Let other individual and organization or business have a snapshot view of whom your group is and what it wants to do.

(4) Important in having member who focused and bound together in common purpose

(5) Mission statements and vision statements used to.

      (a) Internally:

Ø  Guide managements thinking on strategic issues, especially during times of significant change.

Ø  Help to define performance standard.

Ø  Inspire employees to work more productively by providing focus and common goals.

Ø  Guide employee in decision-making.

Ø  Help to establish a framework for ethical behavior.

      (b) Externally:

Ø  Entist external supports to create closer linkage and better communication with customers, suppliers and alliance partners. Partners serve as public relation tools

(6) For employees, it gives direction about how they are expected to believe and inspire them to give their best shared with customers

  

2.2.0. Vision Statement

Once you have created mission statement, move on to create your vision statement. Whatever your business or organizations dream is, it may be well articulated by one or more vision statements.        

Vision statements are short phrases or sentences that convey community hopes for the future. By developing vision statement (s), your business classifies the beliefs and governing principles of your business, first for yourself and then for the greater community

The vision statement helps to define goals, creating something to work towards in the future. Vision statements also define organization or business purpose, rather than bottom line measures (values are guiding beliefs about how thing should be done). Therefore, vision statement communicates both the purpose (objectives) and values of the business or organization. Is the statement of entrepreneur’s dream that guide him/her

2.2.1. Characteristic of vision statement.

a)      Should be understood and shared by members of the community (stakeholders).

b)      Should be broad enough to include a diverse variety of local perspectives

c)      Should be inspiring and uplifting to everyone involve in ones effort

d)     Should be easy to communicate for

e)      Should draw people to common work

f)       Should give hope for a better future

g)      Should inspire community members (stakeholders) to realize their dreams through Positive effective action.

h)      Should provide basis for developing other aspects like mission, objectives, strategies and action plan

i)        Should provide a sense of direction

j)        Vision should seeks to mobilize the people and resources

k)      Should have to be a vehicle of hope and inspiration for motivating people

l)        Should attempts to depict the core function of the business or organization

m)    Should attempts to influence development of other parts of the strategic plan like Long- term objectives

2.2.2. . How to Write A Good Vision Statement?

Writing a good vision statement is not difficult. Think about what your business or organization does and what is an ideal world (or community) like to do and how you would like to appear to the outside world.

Consider the services and attributes that your company or business provides, then imagine how could be if you provide the very best version of them possible. List those visions and incorporate into a belief statement that gives a good overview of the kind of image you want to present.

Understanding your goals and being able to state them is the first step toward making them happen (vision statement). Once you have created your mission statement, move on to create your vision statement:

1. First, identify the mission of your organizations or business, then uncover the real human value in that mission.

 2. Next, identify what your customers and other stakeholders will value most. About how your business or organization will achieve this mission. Distil these into the values that your organization or business has or should have.

3. Combine your mission and values, and polish the words until you have a vision statement inspiring enough to energize and motivate people inside and outside your business or organization.

2.2.3. Steps for formulating Vision Statement.

(1) Examine the mission statement. Explore mission statement about why do the business or organization exist

(2) Focus on the basic of the mission statement. Extrapolate mental picture where your organization or business going to be for five years from now

(3) Shape the vision statement (Apply a formula). The formula is five yrs from now (name the business or organization) will -------by --------- This will foster you to accomplish your business or organization with a time frame.

(4) Commit to the vision statement. Keep your vision statement alive by committing your employees to know.

2.2.4. Essential roles of vision.

1)      Is an image of the future of the business or venture.

2)      Is the central part of the organizational leadership or business management.

3)      Is the source of motivation and energy to the employees

4)      It is powerful, shape practices within the organization or business

5)      Provide a source of inspiration and frame of reference for developing professional value

NOTE. Vision have to be understood, articulated and owned by the whole stakeholders

             

2.2.5. Where do we get vision OR where do vision come from?

We may get vision from the followings:            

1)      Holy books – like chapters and verses of Bible and Quran.

2)      Philosophical idea – values of people’s idea, knowledge

3)      Personal believes and Hopes

4)      Centrality about the leadership. Leadership at all level is the key factor in the improvement and success. Leaders help to develop the community towards vision.

5)      Locally determined. Localized involves all stakeholders. A business and organizational vision needs to be generated and owned and supported by whole community including all stakeholders. Involving small group will create synergy, so involve all or large group cooperatively.

  2.2.6. Benefits of Vision.

1)      Bringing business or ventures from out of bound of any thinking i.e. narrow thinking

2)      Helps to identify direction and purposes to the entrepreneurs.

3)      It alerts (keep aware) stakeholders to needed change to the business, organization or entrepreneurial ventures.

4)       Provides continuity and avoid the stuff effects of planning fixes (impact for things to be formulated).

5)      Promotes interests and commitment (because vision needs full cooperation).

6)      Encourage openness to unique and creative solution.

7)      Encourage unbinds confidence.

8)      It builds royalty through involvement.

9)      It brings efficiency and productivity

2.2.7. Drafting the vision statement.

 Task force or development research in educational leadership 2003 (of Tanzania) have analyzed the Following ways, you can draft the vision statement:

(1) Eliminate obstacle.

 Do not rush the vision statement because doing so leads to skepticism, stress and destruction that will lead to the statement that eventually is ignored. So arises out of closed approaches to developed vision statement. To avoid obstacles creating Fresh meaningful vision statement with involvement the entire business Organization.

(2) Sharing examples of vision statement.

 Create a group for creating vision statement (as vision team). Sharing with others. Vision statement is an important first step. It is easy to found an example of vision Statement in the organization or business. Before presenting examples of vision Statement to the over side team members, give them time to discuss their impress to the entire team by asking some questions as to generate some dialogue to the Statement. Examples of questions are:

• What patterns do you see to the statement?
• What do you like or dislike in the statement?
• Is the statement easy to understand?
• Is the statement too long or short?
• Does the statement express an idea hope to the future?

Divide the teams of vision into eight people then ask to discuss the following questions.

(a)  What evidence can you think of that we are meeting our current vision?

(b) What kind of organization or business do we hope to be?

(c) What do you think should be reflected in our vision statement?

(d) What do we need to do differently to achieve this vision?

(e) How are we different from other organization or business?

NOTE: Dialogues should be lead by the over side vision team. Vision statement should be into single statement and short to be easy to be understood.

2.2.8. Examples of vision statements that made by some of worlds most innovated and successfully companies and organization.

1)      “To become the centre of excellence that offers value added training, research and public services” (UDOM)

2)      “To become a world leader at connecting people to wildlife and conservation” (San Diego Zoo)

3)      “We help the families of main town live happier and healthier lives by providing the freshest, tastiest and most nutritious local produce. From local farm to your table in under 24hours”

4)      “Our vision is to leave a sustainable world for future generations” (The nature conservation)

5)      “Proclaiming the Gospel of Jesus Christ to people in every country of the worlds” (In touch ministries)

6)      “For every child, life in all its fullness, our prayer for every heart, the will to make it so” (world vision)

7)      “One day, all children in this nation will have the opportunity to attain an excellent education,” (Teach for America)

8)      “Striving to be the world’s leader in patient experience, clinical outcomes, research and education”

9)      “Every person has the opportunity to achieve his/her fullest potential and participate in and contribute to all aspects of life” (Good will)

10)  “Shaping the future by preserving our Heritage, discovering new knowledge, and sharing our resources with the world” (Smithsonian)

11)  “We seek to save a planet, a world of life reconciling the needs of human beings and the needs of others that share the Earth”(WWF)

12)  “Our vision is a world in which every child attains the right to survival, protection, development and participation” (Save the children)

13)  “We envision a world where all people – even in the most remote areas of the globe- hold the power to create opportunity for themselves and others”(Kiva)

14)  “To prepare every eligible youth in America to become a responsible, participating citizen and leader who is guide by the scout oath and Law” (Buy scouts of America)

15)  “Water believes that we can end the water Crisis in our lifetime by ensuring that every person on the planet has access to life most basic need clean drink water”(charity) ;

16)  “To implement sustainable programs that improve access worldwide to investment, opportunity, and lifesaving services now and for future generation” (Clinton foundation)

17)  “Ensure that veterans are respected for their service, always receive their earned entitlement, and are recognized for the sacrifices they and their loved ones have made on behalf of this great country” (VFW)

18)  “Our vision is nothing less than realizing the full potential of the internet- universal access to reach and education, full participation in culture- to drive a new era of development, growth, and productivity” (creative commons)

19)  “Amnesty International: Amnesty international’s vision of a  world in which  every person  enjoy all of the  human right  enshrined  in the universal  declaration  of human right and other  interaction  human   right instrument.

20)  “We  intend  to provide our customer with  the best online shopping experience from beginning  to  end  with  a smart, searchable website,  easy – to – follow instructions,  clear and secure payment methods, and fast  quality  delivering “ (online retailer)

21)  “Our salon will change the way you think about a haircut. Full service comfort, friendly staff, a relaxing atmosphere and the best price in town gives an experience that will leave you glowing   both inside and out “(hair salon).

22)  “Our (Amazons) vision is to be earth’s most customers certain company, to build a   place where people can come to find and discover anything they might want to by online “(quoted from Amazon.com)

23)  “Peps Co`s  responsibility is to continually improve all aspect of the world in which we operate -  environment , social , economic – creating a better tomorrow than to day , our vision is put into  action through  programs and focus on environmental  stewardship, activities to benefit  society  and a commitment to build  share holder value by making  Peps co  a truly sustainable  company” (quoted from peps co. com).

24)  “To help people be healthy”

25)  “To have our product in every home in the united republic of   Tanzania”

26)  “To help people enjoy life, or offer an affordable solution to health care”

27)  27.”To offer fresh and delicious food to our customers along with a fun- filled dining experiences”

28)  “As we move towards our goal of being a world’s – Class University, we will support research on a global. Locally, our campus will service the research needs of the learning community, gravity, access too many informational resources”   

29)  “The naxfra company inspires its employees to be the best they can   be. We will    engage in sustainable practices and anticipate the need of our customer. We will maximize return to the stockholder while still maintaining quality in our product”

30)  “Our vision to bring our student into the  21^st century through innovation and modern technology  learning  will be  enhanced with  computer soft ware  and educational games that will allow  student to process at their own rate according to their ability”.

31)  “We believe that, we are on the face of the earth to make great product and that is not changing. We are constantly focusing on innovating. We believe in the simple not the complex. We believe that we need to own and control the primary technology behind the product that we make and participate only in markets where we can make a significant contribution. We believe in saying no to thousand of project, so that we can really focus on the few that are truly important and cross pollination of our groups, which allow us to innovate in a way that others cannot. In addition, frankly we do not settle for anything less than excellence in every grouped in the company, and the self- honesty- to admit when we are wrong and the courage to change. And I think regard  less of who is in what job those value are so embedded in this company that apple will do   extremely   well” (Apple computer from CNN  money.com)

2.3.0. Mission Statement.

Mission statements vary in length, content, format and specificity. Mission statement derives the organization or business purpose and primary objective or measures of the organizations or business success and its prime audience is the leadership team and stockholders.

In entrepreneurship, the mission statement describes what the business or venture is going to do and why it is going to do that.

 Mission statements they too look at the big picture, they are more concrete and they are definitely more “action-oriented” than vision statement. Vision statements should inspire people to dream, mission statement should inspire them to action.

A mission statement defines the venture or business; it is objective and its approach to reach those objectives.

2.3.1. Some general guiding principles about mission statements.

(1). Concise. While not as short as vision statement, mission statements generally still gather their points across in one sentence.

(2). Outcome-oriented. Mission statements explain the fundamental outcome about business is working to achieve.

(3). Inclusive. While mission statements do make statements about group’s key goals, it is very important that they do so very broadly.

2.3.2. Having clear mission statement can:

(1) Convert the broad dreams of your vision into more specific, action-oriented terms

 (2) Explain your goals to interested parts in a clear and concise manner

 (3) Enhance your organizations or business image as being competent and professional, thus reassuring funding source that their investment was or would be a smart choice.

2.3.3. Main role of mission statements.   

(1). Attempts to influence development of other part of the strategic plan like long-term objectives.

2.3.4. Characteristics of Good Mission statement.   

(1) Has to describe what the organization or business is doing-who it services (client)

(2) Has to show the uniqueness of the organization of business to another. To have competitive advantages over other competitors.

(3) Has to provides an overview of the units purpose, what it does a goals.

2.3.5. Elements or Components of Mission statement.

(1) Customers. Organization or business customers

(2) Product or service. Organization or business major products or services

(3) Market. Geographically where it found. (Targeted group)

(4)Technologically. Is the organization or business current technology e.g. I.C.T (methodology)

(5) Concern for survival, growth and profitability.

(6) Philosophy. Core value of the business or organization. Basic benefit, value, aspiration and ethical priorities of the business or organization.

(7) Concern for public image. Organization or business responsibilities to the community or nation.

(8) Concern for employees. Organization or business care to the employees, or are employee’s valuable asset to the business or organization.

(9) Self concept or self-dependence. Is the business or organizational distinctive competence or competitive advantage

(10)Developing long-term objectives. Usually mission statement should have broader objectives.

2.3.6. Characteristics of effective mission statements.

a.       Should be broad in scope.

b.      Generative range of   possible strategic alterative.

c.       Reconcile interest among divers’ stakeholders.

d.      Finely balanced between specificity and generality.

e.       Motivate leader or manager to action.

f.       Arose positive feeling and emotion.

g.      Reflect judgment and future growth.

h.      Provide criteria for selecting strategies.

i.        Is dynamic in orientation.

j.        Is the basic for generating and screening strategic action?

 2.3.7. Creation of Mission Statement

v  To create mission statement, fist identify your business or approach that will make your organization or business stand out from its competitions, and is the reason that customer will come to you and your competitors. Next, identify the key measures of your success. Make sure you choose the most important measures ( and not too many of them)

v  In creation of mission statement, you have to combine your winning ideas and success measures into tangible and measurable goods. In addition, you have to refine the word until you have concise and precise statement of your mission, which express your ideas, measure and desired result.

2.3.8. Basic components in writing mission statement.

1. It should be simple and direct.
2. It should be kept between 30- 60 weeks.
3. should be contained three (3) question:

·         What does the organization or business do those needs?

·         What are principle and values that guide the organization or business?

·         What are the opportunities?

4. avoid  jargon ( technical word) when creating mission 
5. should be simple and Universal to comprehend old employees in organization or business
6. Should be unique and identify the business or organizational culture or philosophy
7. Should involve employees (or should be bottom approach)

2.3.9. Examples of mission statements.

1. “Promoting child health and development through a comprehensive family and community initiative”

2. “To develop a safe and healthy neighborhood through collaborative planning, community action and policy advocacy”.

3. “Promoting community health and development by connecting people, ideas and resources”

4. “To become the number one produce store in Main Street by selling the highest quality, freshest farm produce, from farm to customer in under 24hours on 75% of our range and with 98% customers’ satisfaction”

5. “Develop each child to his or her own capacity”

6. “Creating excellence in higher education”

7. “Develop literacy skills for effective communication”

2.4.0. Vision and Mission Statement Creation.

Aimed with the better understanding of vision and mission statements, it is time for your organization or business to work for itself. If your group has already developed vision and mission statements, you might wish to look at them in light of the criteria mentioned earlier. If members could be improved upon, this process can be used to modify them. If ready Continue.

  1. Learn what is important to people in your community. Use focus groups, interview, public forums and listening sessions, generating and choosing solutions as well as effective meeting.

  2. Decide on the general focus of your organization or business.

  3. Develop your vision and mission statements.

   4. Obtain consensus on your vision and mission statements.

   5. Decide how you will use your vision and mission statement. Add them to your better head or stationary, use them on your website, give away T-shirt, or books, or other small gifts with them add them to you press kit, use them when you give interview, display them on the cover of your annual report.

2.4.1. General importance of vision and mission statements.

(1) They provide basis for allocation of resources.

(2) They tend to establish organization and business climate.

(3) They translate objectives into a work structure.

(4) They help to assess and control costs, time and performance parameters.

(5) They are focal port for direction.

NOTE. Most of People, Company, organization, business and firms they do not have vision and mission but they do possess a lot of objectives that are not implemented due to a lack of clear strategies.

2.4.2. Steps in developing vision and mission statements.                             

1)      Believe in and commit to the importance of having these formal written documents. (Accept that vision and mission statements are very important)

2)      Finding examples of statement already used by other organization or business venture (large and small)

3)      If there are organization or business venture you admire, ask the owner for a copy of their vision and mission statement and use them as guidelines

4)      After studying sample statements, it is time to write your own on the paper

5)      Look carefully of what you have written.

6)      Allow others to assess or look what you have written. Involve your stakeholders.

7)      Look the spirit of what you want your entrepreneurial venture to be and to become.

8)      Finally look to the statement if describe what is unique about your organization or a venture