What are businesses

Nature and purpose

Mission Statement

What is a mission statement?

• A mission statement sets out what a business is trying to achieve and why the business exists. It lays out the purpose and direction of the business.

What does a mission statement include?

• The organization’s values.

• non-financial goals

• Benefits of the business for the community.

• How the business will satisfy its customers.

what are the benefits of mission statements?

• Mission statements can provide clarity and direction to everyone within the business.

  • This makes decision-making easier and quicker.

• Improves motivation. A clear mission can improve motivation in employees; they know exactly why they are there and what they are trying to do.

• Can give a sense of belonging and unity among employees.

What are the drawbacks of mission statements?

• Mission statements can be unrealistic.

• Mission statements can also only be a public relations exercise

• Mission statements will only have value if everyone in the business supports and works toward it.

What are some real-life mission statements?

• Rolls Royce - To provide the finest, most technologically advanced power systems. Whether our products are for air, land or sea.

• Ferrari - We build cars, symbols of Italian excellence, and do so by win both on the road and on track.

Aims and objectives

Importance of profit

Different forms

private sector

What are private sector businesses?

Private sector businesses are businesses or companies that are owned by individuals or shareholders.

what are types of private sector businesses?