Management Team Case Project
Creating a Vision Statement, Mission Statement, and Core Values
There are many reasons entrepreneurs have for creating a new business. Some are personal and done in self-interest. In other cases, entrepreneurs use their talents, interests, and resources to develop a business that meaningfully contributes to addressing important societal needs.
Now that you and your team have decided on a business concept and a Customer Value Proposition, you next task is to create a Vision Statement, Mission Statement, and a set of Core Values for your new business.
Vision statements are aspirational and describe the reasons for this business to exist, what it hopes to contribute to the betterment of society. Vision statements are generally brief.
A Mission Statement describes the target customers the business is serving, which customer requirements it intends to fulfill, with what products and/or services, and how it intends to do that better than its competitors.
An organization’s Core Values describes the ways in which the organization will conducts its business activities in order to address the needs and concerns of its multiple stakeholders (customers, employees, communities, shareholders/ investors, suppliers, business partners, etc.) in an ethical and socially responsible way.
Individual Activity for Exercise 3A
Your task in this exercise is to draft each of the 3 statements (Vision, Mission, and Core Values) for review and discussion with your team during this week’s team discussion workshop. To prepare for this, you are encouraged to research examples of well-written Vision, Mission, and Core Values statements and refer to your textbook and/or lectures on how to prepare these types of statements.
Complete the draft of each of your statements on the following three pages.