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Mission For Small Business

The Value of Mission Statements for Small Businesses

Charles N. Toftoy & Joydeep Chatterjee Department of Management Science, School of Business & Public Management, 2115 G Street, N.W., Suite 403, Washington DC 20052 202-994-4935 casb@gwu.edu , joy29@gwu.edu

The authors are respectively Director of The Council for the Advancement of Small Business and the Small Business & Entrepreneurship Program at The George Washington University & a consultant at the World Bank. Track: Small Business

Abstract: Presidents of businesses worldwide can benefit from the realization that having a vision and subsequently articulating a mission statement can provide the required competitive edge to their company strategy and enable them to be successful and profitable. In an increasingly competitive and deregulated market, foreign competitors, adverse international monetary affects, and more aggressive small businesses with a strong sense of mission will outdo even large established corporations. This is especially apparent for small businesses where the latitude of error is small. This paper is written with the intent to seek the attention of entrepreneurs who start off their business with high hopes and enthusiasm, but hardly spend sufficient time in planning. The authors have defined mission statement, explained its importance for small businesses, provided tips on how to use it effectively and also included an analysis of survey to determine what percentage of small businesses actually have it. We believe this paper can provide them with a valuable strategy for continued success in their ventures.

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Introduction

This paper is written with the intention of informing the small business owners of the importance of the mission statement to the ultimate success of their ventures. Our concern is that very little academic literature has been devoted to expound the many utilities of a mission statement especially from the perspective of small...