In today’s episode of The Startup Chat, Steli and Hiten talk about two parts of the business trifecta, the vision and mission statements.
As a founder, you should have a clear mission and vision for your company. Mission and vision statements are similar and knowing the difference between both can go a long way in moving your company in the right direction.
In this week’s episode, Steli and Hiten share their thoughts on what a company’s vision should be, how it differs from its mission, how to create early versions of these statements and much more.
Time Stamped Show Notes:
00:00 About today’s topic.
00:43 Why this topic was chosen.
01:34 What’s a mission statement.
02:28 What’s a vision statement.
03:41 Why you might not need both statements at the same time.
04:04 You can also have a product vision.
05:10 The right time to have a mission statement.
05:43 Why both statements are tools to help you run your company.
06:51 One of the main goals of these statements.
07:19 How these statements can help you make better decisions.
09:20 How to create an early version of your statements.
3 Key Points:
It’s not about if it’s trendy, it’s all about if it’s useful to you.
If you don’t know where you’re going you’re not going to get there.
Mission and vision statements are tools to help you run your company.
Steli Efti: Hey everybody, this is Steli Efti.
Hiten Shah: And this is Hiten Shah. Today, on the Startup Chat, we're going to talk about two parts of a trifecta for a company that we haven't talked about. We've talked about values before, so company values. I don't think you and I have talked about company vision, so the vision for your company, your business, or company mission, which is a mission for your company. I think there are just really really interesting, just like values, in that they can actually, you know, cause people on your team, because this is really about the people on your team, to be motivated toward a common, sort of set of beliefs, set of goals, if you want to go there.
Steli Efti: Yeah. The episode on how to define your company values, is episode 336, 336, for people who want to check that out. Let's talk a little bit, first, maybe let's define what is the company ... What is a company vision and what is a company mission, and how is this different? I see there's a little confusing between vision and mission statements, often times.
Hiten Shah: Take a crack at is, Steli.
Steli Efti: All right. I'll do my best. For me, vision is really all about super long-term, the north star of the company, you know, kind of where potentially even an unattainable future, where you want your company to be. Ideally, the vision statement is something that gives people direction without being hyper-specific about all the specific steps, right? As my example, I always love to bring up Google's original vision statement that was like, take all the world's information and make it universally accessible to people. That's both, very specific, but also so broad that there's a lot of different things a company or people in your company could do that would potentially help the company move closer to that vision. A mission statement, in my definition, the way that I would think about it and talk about, is a bit more on the tactile side, in terms of trying to answer the question on how are we going to get to our vision? Like, how do we deliver this? You know, adding a bit more specifics on like, what are we going to have to do in the kind of more immediate future? Maybe, you know, a vision statement could be like a 100 year thing, verses, a mission statement could be a five year thing, or a three year thing of like, here's the part of the world,