Understanding Business
Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Question

Should a new venture have a formal mission statement? Why? What downside or risks might there be without one?

Expert Solution
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Step 1: Define mission statement:

An organization's or entity's fundamental purpose, core values, and primary goals are outlined in a succinct and declarative mission statement. It articulates the reasons behind the organization's existence, its goals, and the principles that guide its operations and serves as the organization's guiding framework. In order to effectively and clearly convey the identity and mission of the organization, mission statements typically aim to be succinct and memorable.

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