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Outline: Introduction Mission Vision, Goals, and Objectives Practice Activities A Closer Look Voluntrip 1. Select the mission and vision statements 2. Write your own mission and vision statements. 3. Differentiate between goals and objectives. 4. Write your own goals and objectives INTRODUCTION: Mission, Vision, Goals, and objectives Businesses are built in a variety of ways-from sole proprietorship to major corporation, and everything in between. There are many advantages and disadvantages to each and every prospective business owner must carefully evaluate all of the alternatives before deciding to start a business. Whether you are starting a small business or a larger business venture, the success of any business requires a well thought-out business plan. A business plan is a detailed, written document that describes the nature of the business, the target market, the competitive advantage of the business, the financial resources needed for the business, the operational structure of the business, and the qualifications of the owner(s). A good business plan takes a long time to write. There is no such thing as a perfect business plan, but the development of the business plan requires a prospective business owner to think about the smallest details The development of the business plan begins with a company profile. A company profile defines such details as the business type, the customers it serves, the products it offers, the number of individuals it employs, the market position, and so forth. It can be broken down into the following subheadings: . Company Overview Mission Statement Vision Statement Business Goals and Objectives Legal Form of ownership . Mission Statement The mission is an essential piece of every business. It defines the company vision, it explains why the business exists and how it serves or inspires customers. A company's mission statement defines the organization's purpose and primary objectives both to members of the company and to people outside the company (i.e., bankers, investors, stakeholders). Mission statements tend to be short, clear, and powerful A strong mission statement becomes the foundation for decisions and core values and serves as a moral compass of sorts for leading the business in the right directions. It also serves as a tool for guiding customer service and staff expectations. When a business is starting out or going through change, defining a mission statement is a critical step. A company's mission statement and objectives should feel symbiotic. The mission is broad and needs objectives to measure achievement. The mission statement also serves as a guide for whom and how the business serves others and Vision Statement Like mission statements, vision statements also define an organization's purpose, but focus on goals and aspirations. These statements are designed to be uplifting and inspiring, Vision statements are timeless. Even if your business changes its overall strategy, the vision should remain the same. Business Goals and Objectives After a company creates its mission and vision statements, it must outline its business goals and objectives. Goals are general statements of desired achievement, while objectives are the specific steps or actions a business can take to reach its goal . Goals and objectives can be either short-term (6 months-2 years) or long-term (1-5 years) Why This Matters: Mission and vision statements are similar in nature, but serve different purposes. It is extremely important for any new business to identify the mission and vision of its company. Without an articulated vision, a company's objectives are directionless, Establishing goals and objectives helps to keep a business on track with what it wants to achieve and how Your Task: Read the case about Voluntrip, a start-up sustainable travel company that helps individuals plan trips to areas of the world where tourism dollars can go toward helping to sustain and maintain communities and cultures at risk. Then, answer the multiple-choice questions that follow. Finally, write your own set of mission and vision statements and goals and objectives for Voluntrip. Your instructor will grade your responses manually A Closer Look: Voluntrip Voluntrip-Traveling for a Cause in 2016 a group of three well-traveled individuals came together with an idea to start a business. Ar an English teacher in the Sapa region of Vietnam Luiz a tour guide for a tourism outre based in the United States, and Sarita, an irrigation specialist in Central America. The three met while on holiday in Hoi An, a preserved ancient town on the central coast of Vietnam. They got to talking about what led each of them to this part of the world and discovered that they shared one thing in common a love for travel to places where their tourism dollars could make a difference After parting ways, An, Luiz and Sarita stayed in touch, and all three felt that with their combined knowledge and experiences, they could start a business that focuses on sustainable, affordable travel. Although the specifics of their target market are currently unknown, they envision a business that will appeal to clients who enjoy travelling to experience different lifestyles, cultures, and languages. They are seeking to launch their idea within the next six months domestically, and hope to expand their business globally within the next 12 to 24 months. The company seeks to start their tours in the Appalachia region of the United States, as well as Southeast Asia and Central America, given their collective experiences in these areas. Eventually, they hope to expand their business beyond these regions. To start their business, they will utilize their personal knowledge and experience but they know that in order to achieve a farther global reach they will need to consider hiring additional staff to assist in the sales, marketing, and day-to-day operations of the business. While the capital needs of the business are unknown at this time they ve each agreed to invest $5,000 from their personal finances to start it up The preliminary business focus of the company is to promote traveling with a conscience to areas that have sustainability needs The three decided to name their business Voluntrip. INSTRUCTIONS: In the spaces provided write 3-5 short-term and 3-5 long-term goals that Voluntrip must accomplish to be successful. Note: Your instructors will manually grade your responses As you work on your Goals and Objectives, consider these guiding questions GOALS AND OBJECTIVES: MEASURABLE, OBTAINABLE OUTCOMES What activities must occur to make the business successful? What timeframe will each activity be accomplished in? How will the described goals and objectives meet market demand? Are the goals and objectives described sustainable? Will the goals and objectives described lead to profitability? GOALS Goalt b Goal 2: b Goal 3: b OBJECTIVES Objective : a C Objective 2 b c Objective 3: b C Outline: Introduction Mission Vision, Goals, and Objectives Practice Activities A Closer Look Voluntrip 1. Select the mission and vision statements 2. Write your own mission and vision statements. 3. Differentiate between goals and objectives. 4. Write your own goals and objectives INTRODUCTION: Mission, Vision, Goals, and objectives Businesses are built in a variety of ways-from sole proprietorship to major corporation, and everything in between. There are many advantages and disadvantages to each and every prospective business owner must carefully evaluate all of the alternatives before deciding to start a business. Whether you are starting a small business or a larger business venture, the success of any business requires a well thought-out business plan. A business plan is a detailed, written document that describes the nature of the business, the target market, the competitive advantage of the business, the financial resources needed for the business, the operational structure of the business, and the qualifications of the owner(s). A good business plan takes a long time to write. There is no such thing as a perfect business plan, but the development of the business plan requires a prospective business owner to think about the smallest details The development of the business plan begins with a company profile. A company profile defines such details as the business type, the customers it serves, the products it offers, the number of individuals it employs, the market position, and so forth. It can be broken down into the following subheadings: . Company Overview Mission Statement Vision Statement Business Goals and Objectives Legal Form of ownership . Mission Statement The mission is an essential piece of every business. It defines the company vision, it explains why the business exists and how it serves or inspires customers. A company's mission statement defines the organization's purpose and primary objectives both to members of the company and to people outside the company (i.e., bankers, investors, stakeholders). Mission statements tend to be short, clear, and powerful A strong mission statement becomes the foundation for decisions and core values and serves as a moral compass of sorts for leading the business in the right directions. It also serves as a tool for guiding customer service and staff expectations. When a business is starting out or going through change, defining a mission statement is a critical step. A company's mission statement and objectives should feel symbiotic. The mission is broad and needs objectives to measure achievement. The mission statement also serves as a guide for whom and how the business serves others and Vision Statement Like mission statements, vision statements also define an organization's purpose, but focus on goals and aspirations. These statements are designed to be uplifting and inspiring, Vision statements are timeless. Even if your business changes its overall strategy, the vision should remain the same. Business Goals and Objectives After a company creates its mission and vision statements, it must outline its business goals and objectives. Goals are general statements of desired achievement, while objectives are the specific steps or actions a business can take to reach its goal . Goals and objectives can be either short-term (6 months-2 years) or long-term (1-5 years) Why This Matters: Mission and vision statements are similar in nature, but serve different purposes. It is extremely important for any new business to identify the mission and vision of its company. Without an articulated vision, a company's objectives are directionless, Establishing goals and objectives helps to keep a business on track with what it wants to achieve and how Your Task: Read the case about Voluntrip, a start-up sustainable travel company that helps individuals plan trips to areas of the world where tourism dollars can go toward helping to sustain and maintain communities and cultures at risk. Then, answer the multiple-choice questions that follow. Finally, write your own set of mission and vision statements and goals and objectives for Voluntrip. Your instructor will grade your responses manually A Closer Look: Voluntrip Voluntrip-Traveling for a Cause in 2016 a group of three well-traveled individuals came together with an idea to start a business. Ar an English teacher in the Sapa region of Vietnam Luiz a tour guide for a tourism outre based in the United States, and Sarita, an irrigation specialist in Central America. The three met while on holiday in Hoi An, a preserved ancient town on the central coast of Vietnam. They got to talking about what led each of them to this part of the world and discovered that they shared one thing in common a love for travel to places where their tourism dollars could make a difference After parting ways, An, Luiz and Sarita stayed in touch, and all three felt that with their combined knowledge and experiences, they could start a business that focuses on sustainable, affordable travel. Although the specifics of their target market are currently unknown, they envision a business that will appeal to clients who enjoy travelling to experience different lifestyles, cultures, and languages. They are seeking to launch their idea within the next six months domestically, and hope to expand their business globally within the next 12 to 24 months. The company seeks to start their tours in the Appalachia region of the United States, as well as Southeast Asia and Central America, given their collective experiences in these areas. Eventually, they hope to expand their business beyond these regions. To start their business, they will utilize their personal knowledge and experience but they know that in order to achieve a farther global reach they will need to consider hiring additional staff to assist in the sales, marketing, and day-to-day operations of the business. While the capital needs of the business are unknown at this time they ve each agreed to invest $5,000 from their personal finances to start it up The preliminary business focus of the company is to promote traveling with a conscience to areas that have sustainability needs The three decided to name their business Voluntrip. INSTRUCTIONS: In the spaces provided write 3-5 short-term and 3-5 long-term goals that Voluntrip must accomplish to be successful. Note: Your instructors will manually grade your responses As you work on your Goals and Objectives, consider these guiding questions GOALS AND OBJECTIVES: MEASURABLE, OBTAINABLE OUTCOMES What activities must occur to make the business successful? What timeframe will each activity be accomplished in? How will the described goals and objectives meet market demand? Are the goals and objectives described sustainable? Will the goals and objectives described lead to profitability? GOALS Goalt b Goal 2: b Goal 3: b OBJECTIVES Objective : a C Objective 2 b c Objective 3: b C