Developing Mission and Vision Statements: A Guide for New Businesses

This report, crafted for an entrepreneurship assignment, delves into the crucial role of mission and vision statements and a code of ethics when starting a new business. It highlights that developing a clear vision and mission is essential before launching any venture, as it establishes the company's purpose, direction, and values. The report explains the distinct purposes of mission statements (defining the company's existence and goals) and vision statements (outlining long-term aspirations), emphasizing their significance in strategy development and ethical considerations. It details the key elements of a mission statement (purpose, strategy, value) and vision statement (long-term outcomes, ethical standards) and explains how a code of ethics—comprising principles, values, and management support—can shape a shared landscape from founders to employees. The report also addresses the interconnectedness of these elements, highlighting how a strong ethical framework informs both mission and vision, ultimately affecting a business's success and stakeholder relations. The report also includes references to academic sources such as Bell & Harrison, 2018 and Crane & Matten, 2016.

Running Head: VISION AND MISSION 0
Management

VISION AND MISSION 1
Development of new mission and vision for the new business
It is true that development of vision and mission is required before starting any
business. It plays an essential role in the organisation. Therefore, company is required to take
some time in order to collaborate and discuss regarding the mission and vision of the
company. An effective discussion regarding these elements always makes the time well spent
(Bell & Harrison, 2018). These kinds of discussions also help in formulating the purpose
regarding why and how the company will start in the first place.
In addition to this, the mission statement states why the company exist in the
marketplace. Ad compare to this, vision statement states where company wants to go in the
future. Therefore, both vision as well as mission is quite helpful in preparing the new strategy
for the organisation. by taking the time for these elements in the business, founder of the
company can put their total emphasis on the core areas of the business. It is true that vision
and mission statements are the core and essential elements of how should a business operate
across the world. In the further discussion, discussion is carried on the mission as well as
vision statement. It is also described why and how they are significant. It has also explained
how a business ethic can help in creating the shared landscape from the founder to employees
(Dopplet, 2017).
Mission statement means the purpose, nature, focus resources, role of the organisation
as well as guide planning. The main questions that are asked in mission statement are: what
does the company achieve? And who is the company? Due to this most of the mission
statement are associated with the realistic business goals such as maximisation of profit
including the interest of the shareholders and stakeholders. In addition to this, it also includes
the elements such as purpose, strategy and value.
Mission statement explains the two purposes in the communication. First: the mission
statement of the organisation communicates the intent in order to serve the community by
ensuring the proper understanding of the skills, needs of the member, capacity, as well as
resources needs to fulfil various needs. The outcome that is coming from that will benefit the
whole community.
In addition to the mission statement, vision statement is also essential for the creation
of new business. Vision statement of the company states the long term outcome of the

VISION AND MISSION 2
company (Yallop & Mowatt, 2016). Strategy and purpose are also including in the vision
statement. Companies also outline the ethical standards and priorities in the vision statement.
Leaders in the organisation are also responsible for promoting the vision, mission and
ethics. It is essential for the leaders to be consistent as well as fair in encouraging the
employees for meeting the objective of company.
In this way, mission statement is the external part of any company. As compare to
this, vision statement of the company described the internal activities of the company.
Therefore, vision statement is required to be communicating properly with every employee
because it is the post on which entire decision is measured against. Therefore, vision
statement likely to include the ethical concern for the company (Kickul & Lyons, 2016).
In various organisations, vision as well as mission statement are required to be clear.
Similarly, shareholders also view the company based on the published set of vision and
mission statement. According to this only, they make their choice whether to invest or not.
Several companies have also invested their time on the vision and mission statement.
However, some of the companies have not live in the same way that is underlined in their
statement. These companies include the Tyco, Enron, WorldCom, and some others. It also
require the commitment from the CEO, Chairman, and some other C level employees in order
to bring the vision, mission, and ethical standards that are outlines in the corporate element.
The group as well as individual such as corporation define ethics as the set of rules
and moral conduct that are observed. Ethics has also become the hot topic in the today’s
business environment. Corporate leaders in the recent time are responsible for the non ethical
outcome in the business. Employees are also required to participate in the yearly training
classes of business conduct.at the time of these classes, ethical dilemmas are also divided into
the two questions. The first question, “what I will do if my family knew this? What will I do
if will publish in the newspaper of tomorrow? These two questions will help in providing the
clear and quick view of the actions in order to avoid or undertake. This straightforward
approach will also help in leading the several decisions of the individual (Trevino & Nelson,
2016).
Several components are included in the code of ethics. These are as follows:

VISION AND MISSION 3
 Principles: the clear and ethical ways through which employees will conduct the day
to day transactions of business.
 Values: it is the notion that company is based on fairness and honesty.
 Support of management: management will effectively listen to the concern of
employees. According to this, it will take the required actions upon it.
 Responsibility of persons: It is true that each person is responsible for their own
actions including lower level employee and higher-level manager.
 Compliance: all the laws will uphold in each of the business transaction.
In addition to this, several elements are included in the code of ethics. The first
element in the code of ethics states that stakeholders who violate the code of ethics are
required to have implementation and enforcement. It is also not limited to the decision
framework, as well as resources that will assist the employees to make right decisions.
At the time of training, an effective human resource manager always includes the
examples regarding violation of code of ethics of the company (Crane & Matten, 2016). Each
employee also tests in order to confirm the understanding regarding company’s code of
ethics. This testing and training also retain the human resource record of each employee.
Testing is therefore done on the yearly basis.
It is true that code of ethics and mission, vision of the company are connected. Code
of ethics provides the general guidelines that further helps in creating the vision and mission
accordingly.
In summary, it can be said that the distribution and development of company vision
and mission statement along with the code of ethics of company. These are also essential for
the creation of new business. In the recent time, all these things are standard operating
policies.

VISION AND MISSION 4
References
Bell, J., & Harrison, B. T. (2018). Vision and values in managing education: Successful
leadership principles and practice. United Kingdom: Routledge.
Crane, A., & Matten, D. (2016). Business ethics: Managing corporate citizenship and
sustainability in the age of globalization. Oxford University Press.
Doppelt, B. (2017). Leading change toward sustainability: A change-management guide for
business, government and civil society. United Kingdom: Routledge.
Kickul, J., & Lyons, T. S. (2016). Understanding social entrepreneurship: The relentless
pursuit of mission in an ever changing world. United Kingdom: Routledge.
Trevino, L. K., & Nelson, K. A. (2016). Managing business ethics: Straight talk about how to
do it right. United States: John Wiley & Sons.
Yallop, A. C., & Mowatt, S. (2016). Investigating market research ethics. International
Journal of Market Research, 58(3), 3.