Vision, Mission, Value (With Examples and Tips) | From A Business Professor
Summary
TLDRThis video from Business School 101 delves into the critical components of a business's strategic plan: mission, vision, and value statements. It explains the purpose of each, offering real-world examples from companies like Microsoft, IBM, and Nike. Tips for crafting compelling statements are provided, emphasizing the need for clarity, ambition, and uniqueness. The video clarifies the differences between these statements, highlighting how they guide an organization's actions and decisions, and concludes with a call to action for viewers to reflect on which company's statements resonate most with them.
Takeaways
- 😀 A clear mission, vision, and value statement are crucial for starting a business as they communicate the company's purpose, direction, and principles.
- 🔭 The vision statement is a futuristic and inspirational description of what the company aspires to be or achieve in the long term.
- 🛠️ An effective vision statement should be concise, realistic, and specific to the organization, avoiding generic terms.
- 🏆 Examples of strong vision statements include Microsoft's focus on helping people realize their full potential, IBM's aim to be a leading IT company, and Nike's goal to inspire athletes worldwide.
- ✍️ Tips for writing a vision statement include outlining the company's highest achievements, speaking to employees, being ambitious, keeping it short, and ensuring uniqueness.
- 🎯 The mission statement defines the organization's purpose and guides its day-to-day operations, focusing on the core solutions it provides to society.
- 🌟 Good mission statements are brief, clear, and emphasize the organization's service to its customers and stakeholders.
- 🚀 Tesla's mission to accelerate sustainable energy, LinkedIn's aim to connect professionals, and PayPal's goal to provide secure payment solutions are examples of mission statements.
- 🤝 A values statement reflects an organization's core principles and ideals, influencing internal decisions and signaling external stakeholders about what's important.
- 🏛️ Core values should be memorable, actionable, and timeless, with formats ranging from single words to short phrases.
- 🌈 Companies like Disney, Zoom, and Airbnb have distinct values that shape their culture and conduct, such as openness, care for community, and embracing adventure.
Q & A
What is the primary purpose of a vision statement for a business?
-A vision statement describes the future of the organization, revealing what the company aspires to be or hopes to achieve in the long term. It serves as a guide for choosing current and future courses of action and is meant to be inspirational and motivational.
What are the key characteristics of an effective vision statement?
-An effective vision statement should be concise, futuristic, realistic, aspirational, and inspirational. It should not be generic but focus on outcomes specific to the organization.
Can you provide an example of a vision statement from a well-known company?
-Yes, Microsoft's vision statement is 'to help people throughout the world realize their full potential.'
What is the main goal of a mission statement in the context of an organization?
-A mission statement defines an organization's purpose or reason for being. It guides the day-to-day operations, communicates core solutions to external stakeholders, and motivates employees toward a common near to medium-term goal.
What should a good mission statement focus on according to the script?
-A good mission statement should focus on what is most important to the organization, be brief, clear, informative, simple, and direct. It should avoid elaborate language, cliches, and generalizations, and emphasize outcomes and the people the organization is serving.
What are the four essential questions a company's mission statement should answer according to Forbes?
-The four essential questions a mission statement should answer are: 'What do we do?', 'How do we do it?', 'Whom do we do it for?', and 'What value are we bringing?'
What is the purpose of a values statement in an organization?
-A values statement highlights an organization's core principles and philosophical ideals. It is used to inform and guide the decisions and behaviors of the people inside the organization and signal to external stakeholders what's important to the company.
How should a values statement be formatted according to the script?
-The format of the values statement depends on the organization. Some use one, two, or three words to describe their core values, while others provide a short phrase.
What are the differences between a vision statement, a mission statement, and a values statement?
-Vision statements are forward-looking and state what an organization is striving to achieve. Mission statements are action-based, declaring the purpose of organizations and how they serve customers. Values statements highlight the core principles and philosophical ideals, guiding how the organization works, makes decisions, and takes action.
Why are mission, vision, and values statements important for an organization?
-Mission, vision, and values statements serve as the foundation for an organization's strategic plan. They convey the purpose, direction, and underlying values of the organization and provide meaningful guidance, especially in times of rapid change.
What are some tips for writing a vision statement as mentioned in the script?
-Tips for writing a vision statement include outlining the basics, speaking to your employees, being ambitious, keeping it short, and making it unique.
Outlines
📈 Crafting Your Business's Vision, Mission, and Values
This segment of the video script focuses on the importance of having a clear vision, mission, and values for a business. It explains that these statements are crucial for attracting talent, ensuring viability, and aligning stakeholders. The video aims to elucidate what these statements are and how to craft them effectively. Vision statements are described as future-oriented and inspirational, guiding the organization's direction and actions. Real-world examples from Microsoft, IBM, and Nike are provided to illustrate effective vision statements. Tips for creating a vision statement include outlining achievements, speaking to employees, being ambitious, keeping it short, and ensuring uniqueness. The segment emphasizes the vision statement's role in defining the company's aspirations and setting a course for the future.
🚀 Understanding the Role of Mission Statements
The second part of the script delves into mission statements, which define the purpose and reason for an organization's existence. It explains how mission statements guide daily operations, communicate core solutions, and motivate employees. The segment provides examples from Tesla, LinkedIn, and PayPal, highlighting how these companies articulate their missions. Forbes's four essential questions for a mission statement are discussed to ensure clarity and relevance. Tips for creating a mission statement include focusing on importance, avoiding clichés, and emphasizing outcomes and the people served. The segment concludes by emphasizing the mission statement's role in painting a picture of the company's identity and actions.
🏆 Establishing Core Values for Your Organization
The final segment of the script discusses value statements, which highlight an organization's core principles and ideals. It explains that value statements inform and guide internal decisions and behaviors and signal external stakeholders about what the company prioritizes. Examples from Disney, Zoom, and Airbnb are provided to show different approaches to value statements. Tips for creating a value statement include gathering ideas from stakeholders, selecting core principles, thinking of examples, writing clearly, and considering display locations. The segment concludes by summarizing the differences between vision, mission, and value statements, emphasizing their distinct roles in an organization's strategic plan. It stresses the importance of these statements in providing meaningful guidance, especially during times of rapid change.
Mindmap
Keywords
💡Business School 101
💡Mission Statement
💡Vision Statement
💡Value Statement
💡Stakeholders
💡Top Talent
💡Real World Examples
💡Inspirational
💡Concise
💡Unique
💡Core Values
Highlights
The importance of having a clear mission, vision, and value statement when starting a business.
A vision statement describes the future of the organization and what it aspires to achieve long-term.
Vision statements should be concise, futuristic, realistic, aspirational, and inspirational.
Examples of real-world vision statements from Microsoft, IBM, and Nike.
Tips for writing a vision statement, including outlining the basics and speaking to employees.
A mission statement defines an organization's purpose and guides its day-to-day operations.
A good mission statement is brief, clear, informative, simple, and direct.
Examples of mission statements from Tesla, LinkedIn, and PayPal.
A mission statement should answer four essential questions: what, how, for whom, and what value.
The values statement highlights an organization's core principles and philosophical ideals.
Values statements should be memorable, actionable, and timeless.
Examples of values statements from Disney, Zoom, and Airbnb.
Tips for creating a values statement, including gathering ideas and selecting core principles.
The differences between vision, mission, and values statements and their roles in an organization.
Mission, vision, and values statements as the foundation for an organization's strategic plan.
The significance of developing thoughtful and deliberate mission, vision, and values statements.
Transcripts
hello everyone welcome to business
school 101 when starting a business you
should have a clear picture of the
problem you're solving how you plan to
resolve it and which values drive your
team and hook customers to attract top
talent and ensure your idea is viable to
stakeholders you need to be able to
reduce these Concepts down to a simple
Mission Vision and value statement in
this video I'll explain what firm's
vision mission and value statements are
and provide you with some real world
examples and tips to help you better
craft your own statements
Section 1 vision statement the vision
statement describes the future of the
organization it reveals what the company
aspires to be or hopes to achieve in the
long term the vision statement is not
only inspirational and motivational but
also provides Direction mapping out
where the organization is headed in this
regard it serves as a guide for choosing
current and future courses of action an
effective vision statement should be
concise futuristic realistic
aspirational and inspirational it
shouldn't be generic but rather focus on
outcomes specific to the organization
here are a few real-world examples of
companies vision statements first
Microsoft's vision statement is to help
people throughout the world realize
their full potential
second as a traditional technology
company IBM's vision statement is to be
the world's most successful and
important information technology company
last Nike as the world's top
manufacturer of sports equipment its
vision statement is bring inspiration to
every athlete in the world and make
sport a daily habit
here are some tips for writing the
vision statement tip 1 outline the
basics ask yourself questions like what
are the highest level of achievements
your company wants to fulfill what is
your company's long-term goal write down
your answers to these questions can help
you form your vision statement
tip 2 speak to your employees one of the
primary goals of your vision statement
is motivating your team because they
will be carrying out your vision so it
should speak to them try brainstorming
with your employees to get a better
understanding of what drives your
Workforce
tip 3 be ambitious be bold and ambitious
in your vision statement to inspire
potential stakeholders in the scope of
your vision also be realistic about what
goals you can promise you'll meet
tip 4 keep it short a vision statement
should be concise enough for your
employees to remember consider your
vision statement an extended tagline and
make sure it's no longer than one
sentence
tip 5 make it unique you want your
vision statement to address how your
organization is the only one that will
be able to meet that specific goal even
if other companies technically offer the
same or similar service your unique goal
will differentiate you from the pack
section 2 mission statement
the mission statement defines an
organization's purpose or reason for
being it guides the day-to-day
operations of the organization
communicates to external stakeholders
the core Solutions the organization
provides in society and motivates
employees toward a common near to
medium-term goal in short the mission
statement paints a picture of who the
company is and what the company does
a good mission statement should only
focus on what is most important to the
organization it should be brief clear
informative simple and direct it should
avoid elaborate language cliches and
generalizations and it should emphasize
outcomes and the people the organization
is serving here are a few real world
examples first as one of the most famous
electronic vehicle brand Tesla's mission
statement is to accelerate the world's
transition to sustainable energy
second LinkedIn as a business and
employment-oriented online service
company its mission statimist is to
connect the world's professionals to
make them more productive and successful
last papal an American multinational
Financial technology company its mission
statement is to build the web's most
convenient secure cost-effective payment
solution
Forbes suggests that there are four
essential questions a company's mission
statement should answer
what do we do
how do we do it
whom do we do it for
what value are we bringing if you have a
mission statement make sure it can
answer these questions it makes all the
difference
Section 3 value statement
the values statement highlights an
organization's core principles and
philosophical ideals it is used to both
inform and guide the decisions and
behaviors of the people inside the
organization and signal to external
stakeholders what's important to the
company an organization's core values
shape daily culture and establish
standards of conduct against which
actions and decisions can be assessed a
values statement should be memorable
actionable and Timeless the format of
the values statement depends on the
organization some organizations use one
two or three words to describe their
core values While others provide a short
phrase
here are some real world examples
first Disney's values include openness
honesty Integrity courage respect
diversity and balance
second zoom's values include care for
Community customers company teammates
selves
airbnb's values are be a host Champion
the mission Be A Serial entrepreneur
embrace the adventure
here are some tips to create a value
statement tip 1 gather ideas by seeking
input from Key stakeholders at your
organization
tip 2 select core principles that best
reflect your organization's values
tip 3 think of examples of how your
chosen values affect the company's
actions
tip 4 write up your value statement and
clear concise terms and seek feedback
tip 5 think about where you will display
your value statement
section 4 differences in summary
sometimes it's easy to confuse a values
statement with a mission statement and
vision statement but they reflect three
very different aspects of who you are as
a business vision statements are
forward-looking statements that state
what an organization is striving to
achieve it should Inspire current and
prospective employees and customers by
showing its aspirations as an
organization in contrast mission
statements are action-based statements
that declare the purpose of
organizations and how they serve their
customers this sometimes includes a
description of the company what it does
and its objectives the values statements
highlight an organization's core
principles and philosophical ideals in
essence it is the moral direction of the
organization that guides how it works
makes decisions and takes action
to sum up Mission Vision and value
statements serve as the foundation for
an organization's strategic plan they
convey the purpose Direction and
underlying values of the organization
when developed and implemented in a
thoughtful and deliberate manner these
statements can serve as powerful tools
that provide organizations with
meaningful guidance especially in times
of Rapid change consequently taking the
time to craft relevant Mission Vision
and value statements should be carefully
considered
all right that's all for today's topic
so which company's vision mission or
value statement inspires you the most do
you have any questions about writing
your own please leave your thoughts or
questions in a comment below I hope that
you guys have enjoyed this video and if
you did make sure you give it a thumbs
up and subscribe to my channel thanks
for watching and I will see you next
time
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