Notes for Business Plan Assignment #10: Mission Statement

Introduction to Business Plan Assignment #10: Mission Statement

• Instructor: Sherif Ozni, adjunct faculty at East Texas A and M University

• Objective: Guide students step-by-step on completing the mission statement for their business plan.

Formatting the Mission Statement

• Position in the Plan: This assignment follows business plan assignment #9 (background history).

• Instructions for Submission:

  • Type "mission statement" after assignment nine header.

  • Capitalize the first letter of every word in the title.

  • Select Heading 3 style from the Home tab.

  • Update the table of contents to include the new mission statement.

Viewing and Interaction Features

• Students may:

  • Pause, rewind, and fast forward the video for note-taking or accessing web addresses shared.

  • Note: Orange highlighted texts are instructional only. Use standard black font on a white background; do not use colors.

Previous Assignments Reference

• Complete prerequisites: Watch previous business plan assignments 1-4 for structural guidelines relating to cover page, table of contents, executive summary, marketing plan, and financial plan.

Writing Style and Quality

• Mindfulness and Meaningfulness: Ignore wishful thinking; aim for professional-level writing (CSD cube) which is:

  • Clear: Straightforward language.

  • Specific: Avoid vague terms.

  • Detailed: Provide appropriate context.

  • Defined: Use the best synonyms in context.

  • Descriptive: Convey comprehensive information.

Mission Statement as the Guiding Light

• The mission statement serves as a guiding principle for the business amidst challenges and uncertainties.

• It should evolve as the management and marketing plans progress.

Critical Thinking and Data Usage

• When crafting a mission statement:

  • Engage in critical and analytical thinking.

  • Use factual quantitative data and qualitative adjectives, nouns, and verbs.

• Avoid subjective opinions; be grounded in reality.

Key Points for the Mission Statement

• First Point: Watch Simon Sinek's "Start with Why" video for foundational insight.

• Second Point: Address ethical, legal, political, social, environmental matters—focus on either local or global scope; do not mix too many focal points.

• Third Point: Understand the mission as a calling, not a simple product or service description.

• Fourth Point: Ensure the statement is grounded in measurable realities, avoiding exaggeration.

• Fifth Point: Craft the statement meticulously and mindfully, reflecting on each word's impact.

• Sixth Point: A mission champions a cause, elevating it beyond mere business concerns.

  • Examples include Nike and Victoria's Secret, who incorporate social and ethical messaging in their branding.

Characteristics of a Good Mission Statement

• Reflects the company's culture, values, ethics, and goals.

• Impactful and meaningful for employees, suppliers, customers, and the community.

• Unique to the business, differentiating it from others.

Examples of Effective Mission Statements

• Nike: "To bring inspiration and innovation to every athlete in the world."

• Walmart: "We save people money so they can live better."

• Starbucks: "We nurture the limitless possibilities of human connection."

• Tesla: "To accelerate the world’s transition to sustainable energy."

Pitfalls to Avoid

• Do not use weak, uncertain, or wishy-washy language (e.g., "we hope," "we strive").

• Avoid substituting specific product mentions in place of the fundamental mission.

Wrap-Up

• The mission statement is a vital component that requires thoughtful consideration and alignment with the overall business strategy.

• Aim for clarity, purpose, and significance rather than flair.

• Next Steps: View additional resources and video content for continued learning and clarification on mission statements.

Introduction to Business Plan Assignment #10: Mission Statement

• Instructor: Sherif Ozni, an adjunct faculty member at East Texas A and M University, brings extensive experience in business planning and strategy development to guide students through this assignment.

• Objective: The assignment aims to assist students in crafting a comprehensive and impactful mission statement, which is a crucial element of their business plans, reflecting their unique values and vision. This guide aims to enable students to articulate their business's purpose effectively and inspire both internal and external stakeholders.

Formatting the Mission Statement

• Position in the Plan: This assignment is strategically placed after business plan assignment #9 (background history) to help students build upon their previous work and ensure a seamless flow in their business plans.

• Instructions for Submission:

  • Type "mission statement" after the assignment nine header.

  • Capitalize the first letter of every word in the title to maintain professionalism.

  • Select Heading 3 style from the Home tab to ensure proper formatting in the document.

  • Update the table of contents to include the new mission statement, ensuring that it is clear and accessible to readers.

Viewing and Interaction Features

• Students may:

  • Pause, rewind, and fast forward the video for effective note-taking or for accessing important web addresses that are shared during the instruction.

  • Note: Text highlighted in orange is provided solely for instructional purposes. For the actual submission, use standard black font on a white background, avoiding the use of color to maintain professionalism in presentation.

Previous Assignments Reference

• Complete prerequisites: Ensure to watch previous business plan assignments 1-4 as they provide essential structural guidelines relating to the cover page, table of contents, executive summary, marketing plan, and financial plan. These resources are crucial for contextual understanding of how the mission statement fits into the larger business plan.

Writing Style and Quality

• Mindfulness and Meaningfulness: Cultivate a focus on professional-level writing (CSD cube) which is:

  • Clear: Utilize straightforward language that can be understood by various audiences.

  • Specific: Avoid vague terms that may lead to misunderstandings.

  • Detailed: Provide appropriate context and depth in your writing to convey your business's unique value proposition.

  • Defined: Use the most relevant synonyms in context to convey precise meaning.

  • Descriptive: Offer comprehensive information that helps paint a picture of your business's mission and values.

Mission Statement as the Guiding Light

• The mission statement serves as a guiding principle for the business amidst challenges and uncertainties, acting as a touchstone for decision-making and strategy.

• It should be flexible and evolve as the management and marketing plans progress, reflecting not only the current state of the business but also its future aspirations and growth trajectories.

Critical Thinking and Data Usage

• When crafting a mission statement:

  • Engage in critical and analytical thinking to reflect deeply on the business's core values and objectives.

  • Use factual quantitative data and qualitative adjectives, nouns, and verbs to create a robust statement that stands up to scrutiny.

• Avoid subjective opinions; be grounded in reality by providing measurable goals and attainable objectives for the business.

Key Points for the Mission Statement

• First Point: Before crafting your mission statement, watch Simon Sinek's "Start with Why" video for foundational insight into the importance of purpose in business.

• Second Point:Address ethical, legal, political, social, and environmental matters in your mission statement; however, ensure that you focus on either local or global scope to maintain coherence—do not mix too many focal points that could dilute the message.

• Third Point: Understand the mission as a calling, representing a higher purpose rather than merely a description of a product or service.

• Fourth Point: Ensure the statement is grounded in measurable realities, avoiding exaggeration, which can harm credibility.

• Fifth Point: Craft the mission statement meticulously and mindfully, reflecting on each word's impact and ensuring it resonates with the target audience.

• Sixth Point: A mission should champion a cause, elevating the brand beyond just business concerns—consider successful examples like Nike and Victoria's Secret, who effectively incorporate social and ethical messaging into their branding strategies.

Characteristics of a Good Mission Statement

• A good mission statement mirrors the company's culture, values, ethics, and strategic goals, serving as a concise summary of what the company stands for.

• It resonates meaningfully with various stakeholders, including employees, suppliers, customers, and the community, fostering a sense of belonging and shared purpose.

• Unique to the business, it differentiates it from competitors, providing clarity and direction that can inspire loyalty and engagement.

Examples of Effective Mission Statements

• Nike: "To bring inspiration and innovation to every athlete in the world," highlighting their commitment to inclusivity and passion for sports.

• Walmart: "We save people money so they can live better," emphasizing their core promise of affordability and improved quality of life for customers.

• Starbucks: "We nurture the limitless possibilities of human connection," reflecting their focus on community and relationships.

• Tesla: "To accelerate the world’s transition to sustainable energy," underscoring their commitment to environmental sustainability and innovation.

Pitfalls to Avoid

• Do not use weak, uncertain, or wishy-washy language (e.g., phrases like "we hope" or "we strive" do not convey confidence).

• Avoid the temptation to substitute specific product mentions in place of articulating the fundamental mission; focus on the core purpose of the business to maintain clarity and intention.

Wrap-Up

• The mission statement is a vital component that requires thoughtful consideration and alignment with the overall business strategy.

• Aim for clarity, purpose, and significance rather than mere flair; it should inspire and guide all organizational members.

• Next Steps: Engage further with additional resources and video content to deepen understanding and gain clarification on crafting impactful mission statements.