Week 4: Mission statement and vision statement

The difference between mission and vision statement

A mission statement is to clarify the ‘what’ and ‘who’ of a company, while a vision statement adds the ‘why’ and ‘how’ as well. With other words, mission statement is about doing something – and it has to be very simple, direct –, while vision statement is about the picture what a company wants to be, what a company wants to become. A vision statement is written for the company and its members and not for its customers, clients. For further details take a look at the picture.

What’s the Difference Between Mission and Vision?

A vision statement can be formulated as a picture of a company in the future. It is a framework for all strategic planning. In a vision statement the company is arculating its dreams and hopes for its business. It describes what the corporate is trying to build up. The vision statement answers the question, “Where do we want to go?” A vision statement should be well-written and written with passion. The venture capitals or angel investors invest in passion among others. When you formulate a vision statement, think in terms of writing just one very descriptive and passionate sentence. It is about a view of a future how the company would like to see itself.
Vision statement is not tied to the details.

Alex Leichter, founder of byrd, explains how important it is in a company to clearly define a company culture:

Alex Leichter also describes the most important milestones in creating your own business.

Further reading

Assignment

Assignment 4.2: Bring your business idea to terms

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