Actual entreprenuers only,How important is a mission statement to you?

Question

Actual small business owners (past or present) only...

Right now, I'm in the beginning phases of starting a small business. I want to know how many entreprenuers think a mission statement is very important to their success. I have a bachelors degree in Finance from a respected school so we did discuss them but I still remain unconvinced of the mission statements importance. I already made one for my business in like 10 minutes. Personally, I find people who really highly value mission statements as yesmen (or yeswomen) who are probably happier in the corporate world anyways. What's your take?

To No One Answerer...good point on the fact that Wal Mart and Ikea got one.

If curious, my business is to acquire and rehab abandoned commerical centers in urban areas and turn them into indoor flea markets (aka bazaars) and ballrooms and banquet halls. The actual business won't be up and running til Summer of '08. Here's my mission statement I came up with..."a company dedicated to the revitalization of urban properties to enhance neighborhoods and strengthen communities through the power of local commerce. "

Answer 1

Very. If you're not basing on a founding principle. You're not going to get very much done for your employees won't know what the company is about. Communication couldn't be more important than in business. It's almost like the military. You set an objective, and then you carry it out, or if it becomes compromised, you set another set of orders middrift and you continue until your objectives are complete. Without a mission statement that type of "company purpose" idea is only a gray area, and the job becomes less motivational, and somewhat less professional, to the employees, who will then only do their jobs as a 9-5 drudgery, instead of feeling true purpose as if they're making a difference by doing their jobs, helping people and bettering the world, which is a natural feeling that people like to have about their employment. Besides Ikea, Wal-mart, and Microsoft have mission statements, and that to me is more than enough reason to have one myself.

Answer 2

A mission statement is the fundamental guideline or basis of your business. So many times when you start your business it is easy to get swayed into something all together different. A mission statement will keep you focused on what it was that you initially wanted to accomplish. Now I'm not saying that your mission statement can't change down the road, but I think it should take more than 10 min. to figure this out.

I once started a gift basket business and my mission statement was to provide expensive looking gift baskets to a particular market at reasonable prices. Before too long I was doing more than gift baskets, I was flower arranging too. So at that point my mission statement had to change to incorporate my new line of product and my new market as well.

Answer 3

A mission statement is important. It lays the founding guidelines of how the company will treat their costumers, employee, stock holders and vender's.
The business plan can, and will change though the course of the company history but the mission statement will only get amended.

Here is a guide but maybe more that is really necessary
http://management.about.com/cs/generalmanagement/ht/MissionStatemen.htm

Answer 4

I think it really depends on what you are trying to achieve with your small business. Is it retail or some other service to the public such as law, accounting, etc. But, it is never a bad idea to have a mission statement. It sends a message to your clientele about your purpose and intent and how much you are willing to invest to keep your business afloat.