In preparing a new venture business plan, of critical importance is a compelling
ID: 460139 • Letter: I
Question
In preparing a new venture business plan, of critical importance is a compelling Mission Statement before or in conjunction with the Executive Summary (like the Exec Sum, it always gets read). Identify two business opportunities, one product, the other service, and prepare mission statements for each. In addition, prepare an initial mission statement for your proposed or ongoing venture. In each case, be sure to articulate the beliefs and values, target markets, competitive advantage, and ultimately the goal attainments for measuring success.
Explanation / Answer
Two business opportunities - product - I see an opportunity in manufacturing and selling low cost garments which will absorb sweat from the body of the person wearing the garment and will keep the person comfortable and cool. The product will be targeted for tropical countries where the high heat and humidity cause people to sweat profusely.
Mission statement of the above business: The company will provide high quality specialty and functional garments to customers in tropical countries and will provide satisfaction to our customers by focusing on quality and value. The company will aim to achieve, in its operations, the highest level of efficiency coupled with the highest level of integrity. The company aspires to be known as an organization promoting environmental responsibility.
Two business opportunities - service - I would like to start a consultancy firm providing services only to small scale enterprises. The small scale business operations cannot afford the services of big consultancy firms like McKinsey or Bain. My consultancy firm will provide tailor made solutions for the small scale enterprises.
Mission statement of the above business: To provide the highest quality of professional services while serving our clients operating in the small scale level and helping them to find solutions to their business problems. The company aspires to be a valued employer that will attract the best talent and human capital in the industry. We aspire to create symbiotic relationships with our clients and help them find value through our service offerings.
My ongoing venture is a an education portal which helps college students collaborate with other students for their assignments. The initial mission statement for this venture is: To provide the best in terms of technology for creating a knowledge platform which can be used by students to augment their knowledge. The platform will enable the students to collaborate with other students meaningfully. The portal aspires to be a preferred content provider for assignments and knowledge modules.