Vision is YOUR Compass.
It gives your startup direction & meaning. Your vision statement defines why your startup exists and where exactly are you headed. The vision is certainly not just a statement that you have to write once and then forget about. It comes back again and again throughout your startup journey. Your vision will act as a guiding light so if your focus starts shifting somewhere else, your vision will be there to remind you what you dreamt of for your startup.
We all know the significance of a good team. They say a great idea with bad team will lead to failure and a bad idea can be turned into success by a great team. So, from the beginning you want to surround yourself with people who feel the same way as you, who share your values & your goals. The vision is the key. If your vision resonates with your employees then you know that you have made the right decision.
Lastly, your customers. You, obviously, don’t want to be randomly targeting people. Your vision statement will attract the right kind of customers, your target customers, those who will stick around and those who care.
Vision vs. Mission
Now, vision is usually confused with mission statement so what really is the difference?
A vision statement is futuristic. It talks about where you want your startup to be, what is the ultimate goal. It’s a more holistic concept that envisions the world as you see and dream it.
A mission statement focuses on what you are doing to reach your vision. It answers “HOW” will you get to your goal and then details the current goals and objectives that will lead to your visionary place.
How to develop a vision and mission statement?
Some of the questions you can ask while developing your mission statement are:
What do you do?
What makes you different?
What is your unique value proposition?
Who do you serve?
What is your target audience?
Why you do what you do?
Your mission statement should include the purpose and core values of your startup. It should also indicate the primary audience of your startup and your exact offering. Moreover, the short-term objectives and goals that would help achieve the ultimate aim.
While developing a vision statement, some of the questions that should be on the forefront are:
Where do you aim to be?
What is your ultimate objective?
When are you going to reach that stage?
And how do you achieve the ultimate purpose?
As we have already stressed on the importance of a vision statement, it needs to be clear and vivid, void of any ambiguities. It should portray the startup’s hopeful vision for the future but the aspirations should be realistic and achievable.