Four components of good mission statement include

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Reference no: EM132199825

Think about a business idea you may have or have thought of in the past. This may be for a for-profit venture, or a social business enterprise, or a non-profit organization. (Or, if you cannot think of one, then consider a business that already exists, and use that as your focus for this assignment.)

1) Create the beginning outline for a business plan by writing your own MISSION STATEMENT. Remember that the “four components of a good mission statement include”: The role or contribution that the business makes - is it a voluntary organization or a charity? Are you in business to supply goods and services and make a profit? A definition of the business - this should be given in terms of the benefits you provide or the needs that you satisfy. It should not define what you do or what you make. These should have been outlined as part of the first component. An outline of your distinctive competencies - the factors that differentiate your business from the competition. These will be the skills or capabilities you offer that are not, or cannot be, offered by your competitors. The indications for the future - what the business will do. What it might do in the future and what it will never do.

2) Next, create an outline for a business plan by answering the following “nine questions every business plan should answer”: Who is the customer? How does the customer make decisions about buying this product or service? To what degree is the product or service a compelling purchase for the customer? How will the product or service be priced? How will the product reach all the identified customer segments? How much does it cost (in time and resources) to acquire a customer? How much does it cost to produce and deliver the product or service? How much does it cost to support a customer? How easy is it to retain a customer?

3) Finally, provide an “elevator pitch” that you can use to “sell the business idea” to others in 60 seconds or less (the time it takes to ride down a few floors in an elevator). *** If you want to envision yourself starting up a non-profit organization, then consider where you might access sources of funding and ongoing support and discuss this as well.

Reference no: EM132199825

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