Today, I will be sharing with you an underground secret to building a business from scratch. This secret is one of the contributing factors to the success of any business; yet, it's often ignored. This secret is nothing more than the "Business Mission Statement."
“The thing I really care about is the mission; making the world open.” – Mark Zuckerberg
The importance of a mission statement can never be over emphasized. I have seen so many startups without a mission; even some established firms also make the mistake of operating without a mission.
"Being an entrepreneur, I have come to realize that all successful businesses are driven by three fundamentals. One is the cash flow, two is the team and three is the mission. Of these three, the mission is the most important." – Ajaero Tony Martins
Now what has a mission statement got to do with building a business? What’s the impact of a mission statement on an entrepreneur undergoing the entrepreneurial process? Is a mission statement a source of competitive advantage? While I am not going to answer these questions directly, the following points will help you further understand why you need to develop a mission statement for your business?
Why Your Business needs a Mission Statement
1. The mission is the foundation on which your business will be built. It's the true purpose of your business and that purpose is reflected in the mission statement. Without a strong mission statement, you don't have a true business. All you have is just a profit making venture that will soon be wiped out with time.
"To turn really interesting ideas and fledging ideas into a company that can continue to innovate for years, it requires a lot of disciplines." – Steve Jobs
2. The entrepreneurial spirit is found in the mission statement. When I look at the mission statement of any business, I get a peep into the life of the entrepreneur that founded that business. The entrepreneurial spirit is what drives the entrepreneur forward. If the mission is strong, your spirit will be strong towards the pursuit of your goal.
“The IKEA spirit is strong and living reality. Simplicity in our behavior gives us strength. Simplicity and humbleness characterize us in our relations with each others, our suppliers and our customers.” – Ingvar Kamprad
3. Your mission statement is the bond binding you, your team, employees and your customers to the business. Take away the mission and other key elements will fall apart. Your mission also has the power to attract other like minded individuals and entities to your cause. The reason is that people with the same mission align together; more like birds of the same feather flocking together.
4. With a strong mission, your business will weather any storm. Take a look at businesses that has been around for over 100 years and you will see businesses with a strong mission. As an instance:
General Electric has stood the test of time because the spirit of its founder "Thomas Edison" continues to guide the company through its mission.
Henry Ford's mission statement was: "To democratize the automobile" and that mission has kept the Ford Motor Company going.
Aliko Dangote's mission statement goes: "Providing your basic need" and this mission drives the Dangote Group to dominate the commodities market of
The Rich Dad Company; founded by Robert Kiyosaki keeps waxing strong because of its mission, which is "To elevate the financial well being of humanity."
And for us at StrategicBusinessTeam.com, our mission statement goes:
"To provide entrepreneurs with street smart information and uncommon business development strategies in an easy to understand manner, that will help them develop the required entrepreneurial skills and grow their business respectively."
This is the mission on which our company was founded and we hope it guides us on our entrepreneurial journey. The moment we deviate from this mission, we are dead.
By contrast; I have come to observe that when a company forgets its mission, its starts to lose its relevance. The bond holding the business will be broken and good customers will leave, employees will resign and the business will dwindle. Just as the case of the Dot com burst, many profitable Dot com companies went under because they forgot their mission.
If your business is going to stand the test of time, then you will have to build it upon a strong mission. Now how do you develop a strong mission? Below are three steps to developing a strong mission statement for your business.
Three steps to developing a strong business mission statement
1. Sit down in a quiet spot and reflect upon your thoughts. Ask yourself what drives you forward? What keeps you motivated? When you have figured out the answer to these questions, put it down in writing.
2. Ask yourself how best you can serve your customers? What will your business stand for in the heart of your customers? What will be the ultimate benefit your customers can derive from your business? When you figure the answer to these questions out, put it down in writing.
3. Now the combination of the answer to the questions above will help you determine your business mission. Now I want you to know that no one can help you develop a mission statement. You alone can develop your mission and as a final note, it's worthwhile you know that of the entire business system, the mission is the most important.
Written by Ajaero Tony Martins
