Apply the concepts of mission and vision to create your Business Description, Vision Statement, Mission Statement, and Personal Motivation.
Business Description
This section describes what the proposed business will do and what products or services it will produce or deliver to the customer. This should be specific and fully describe the business for the reader.
Vision Statement
As the founder of the business, it is your vision that becomes reality in the form of a new venture! You are creating something new. This section should be a statement of what you visualize the business to be at some definite point in the future based on present realities. This represents your vision of what the proposed business could be in the future based on what you currently know.
Mission Statement
The mission statement is a guiding document in the life of a business. It states the reasons for the existence of the business and the principles that you intend to apply within the operation of the business. This section should represent a succinct statement detailing the reason(s) for the business’ existence and the guiding principles of the business. This statement should be short, succinct, and accurate.
Personal Motivation
While not usually a part of a business plan, this section has been included both as the instructor’s assessment of your motivation and as a self-reflective exercise as you examine why you want to start and operate your own small business. This section should represent a personal reflective discussion of why you want to own and manage a small business in at least 100 words. Starting a new business involves making many decisions! Since it is critical that the entrepreneur make good decisions, it is a good practice to approach decision making in a consistent and orderly way. In this section, you should briefly discuss your motivations for wanting to own and operate your own business and how you could use each of these decision steps in your own planning process.
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