ENTREPRENEURSHIP

Detailed explanation-1: -The vision statement describes where the organization wants to be in the future; the mission statement describes what the organization needs to do now to achieve the vision. The vision and mission statements must support each other, but the mission statement is more specific.

Detailed explanation-2: -A mission reflects the organization’s past and present by stating why the organization exists and what role it plays in society. Goals are the more specific aims that organizations pursue to reach their visions and missions. The best goals are SMART: specific, measurable, achievable, realistic, and time-bound.

Detailed explanation-3: -A Mission Statement is a definition of the company’s business, who it serves, what it does, its objectives, and its approach to reaching those objectives. A Vision Statement is a description of the desired future state of the company. An effective vision inspires the team, showing them how success will look and feel.

Detailed explanation-4: -The mission statement communicates the purpose of the organization. The vision statement provides insight into what the company hopes to achieve or become in the future. The values statement reflects the organization’s core principles and ethics.

Detailed explanation-5: -The CEO (Chief Executive Officer) is responsible for developing the company’s vision and mission statements, ensuring that such statements are communicated to and understood by all employees, reviewing the vision and mission statements, and ensuring that changes are made to each, as needed.