States that a sense of mission can be a powerful force in shaping and guiding an entrepreneurial venture. Discusses how it focuses the entrepreneur’s vision and gives it a real strategic direction. Articulated as a formal mission statement it can be used to bring together disparate stakeholder groups within the organization. Posits that it also acts as an aide‐mémoire for communicating what the venture has to offer customers, suppliers, and potential employees. States also that a clear mission can also help in attracting investment. It catches the attention of potential investors and suggests professionalism in management approach. Explains, however, if it is to be effective, the mission must be right for the venture, developed with sympathy to the organization and be communicated effectively. Presents a practical, five‐stage approach to developing a mission for an entrepreneurial venture. This approach ensures that the strategic, competitive and organization context of the venture has been considered and is properly reflected in the final mission statement.
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