Mission, Vision, PoTAYto, PoTAHto
13 days ago
- #mission-vision
- #business-purpose
- #startup-strategy
- Mission and vision statements are often seen as grandiose and irrelevant, especially in early-stage startups focused on product-market fit.
- Definitions of 'mission' vary: it can mean a higher purpose (e.g., Patagonia's 'save our home planet') or an execution goal (e.g., McDonald's 'favorite place to eat').
- Purpose-driven companies (e.g., Khan Academy, TOMS) often enjoy benefits like loyal customers, passionate employees, and differentiation in the market.
- Empirical evidence on the profitability of purpose-driven companies is weak, but 'purpose + execution' can yield superior returns.
- A 'Purpose' is a transformation in the world bigger than the company, like Tesla's sustainable energy transition or Khan Academy's free education.
- An 'N-Year Vision' outlines a specific future state, detailing what the company will build, for whom, and the unique insight driving its success.
- The 'Next Milestone' is a tactical, measurable step toward the vision, like acquiring 20 paying customers or reducing operational waste by 12%.
- Companies can be 'purpose-derived' (e.g., Apple, WP Engine) rather than purpose-driven, where the purpose emerges as the company evolves.
- A genuine purpose, integrated into strategy, can create meaningful impact and legacy, even if the company didn't start with one.