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Create your mission statement

In reviewing the four mission statements in the previous step, you should have gained a better idea of what a good mission statement is.

Did you find out which companies these belong to?

1. Tata International – a global (Indian) trading conglomerate. Do you think the mission accurately describes the scope of this company’s activities?

2. Dangote Group – a Nigerian multinational company. Can you see the clear focus on the basic foodstuffs and people’s welfare.

3. Allianz – a German financial service provider. Can you see the additional CSR measures as well as their core financial message?

4. Petronas – a Malaysian petro-chemical conglomerate. Can you see the clear focus on operations and society welfare?

As we have said, the mission statement defines the reason for a company ‘existing’. It is focused on the present and should fit with the known ‘brand values’ of a business.

The main elements are:

  • what do we do and how we do it?

  • who do we serve and what value are we bringing to them?

The mission statement should be robust and remain constant even with changing short- and medium-term goals.

Your task

Create a mission statement following the guidelines above and share it with fellow learners. You may wish to take this opportunity to ask for feedback from, as well as respond to, others.

How did you find the experience of creating a mission statement? Was it simple or challenging? Do you think that it has developed your understanding of what your business focus will be?

Don’t forget to capture your thinking in the business idea template or in your learning log or portfolio.

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This article is from the free online course:

Business Model Thinking

Coventry University