Learn Together
Suggested Time: 70 mins
Discussion: Sharing Goals, Taking Stock (10 mins)
Take turns sharing your goal for this course. What are you trying to get out of this learning experience?
What business support resources are available at your local library? What business owners and other people with expertise in your community can you invite as guest lecturers? Add sessions or restructure the course to accommodate these guests as needed
Reading (10 mins)
What is a business model?
A business model is a plan or strategy that outlines how a business will generate revenue and make a profit. A business model typically includes several key components, including a value proposition (what the business offers to customers), revenue streams (how the business makes money), cost structure (how the business spends money), and customer segments (who the business serves).
The organization develops and delivers the customer value proposition and go-to-market to fulfill the needs of the target customers better than competitors, all for the purpose of achieving the mission.
Vision, Mission, and Values
The vision, mission, and values of a company guide a company’s business model.
- Vision is the ideal. What would the world look like if your ideas and dreams for your venture were fully realized?
- Mission contributes to the vision. What is the current big-picture plan for your venture?
- Values are the principles that form the ethos of your organization. What matters most to your venture? Why?
The vision, mission, and values of a company are important because they define the purpose, direction, and culture of the organization.
The vision of a company is a statement of its long-term aspirations and the future it seeks to create. It provides a clear and inspiring picture of what the company wants to achieve and what it will look like when it gets there. A compelling vision helps to align the efforts of all stakeholders towards a common goal and creates a sense of purpose and motivation.
The mission of a company defines its core purpose, what it does, and who it serves. It communicates the reason for the company’s existence and the value it provides to its customers, employees, shareholders, and society at large. A well-crafted mission statement helps to guide strategic decisions, prioritize resources, and ensure that everyone in the organization is aligned with its purpose.
The values of a company are the guiding principles that shape its culture, behaviors, and decision-making. They represent the beliefs, attitudes, and behaviors that the company expects from its employees and leaders. By defining and upholding a set of core values, a company can create a positive and inclusive work environment, foster innovation and creativity, and build trust and loyalty with customers and stakeholders.
Activity (5 mins)
Form small groups and discuss why you think the following statements are a vision or a mission statement.
- Ben & Jerry’s: “Making the best ice cream in the nicest possible way.” (Vision)
- Warby Parker: “We believe that buying glasses should be easy and fun.” (Vision)
- Warby Parker: “To offer designer eyewear at a revolutionary price while leading the way for socially conscious business.” (Mission)
- LinkedIn: “Connect the world’s professionals to make them more productive and successful.” (Mission)
- LinkedIn: “Create economic opportunity for every member of the global workforce.” (Vision)
- Microsoft: Early days: “A computer on every desk and in every home.” Now: “To empower every person and every organization on the planet to achieve more.” (Mission)
Video (18 mins)
Barak Kaufman - Why Start a Company? Articulate your Vision and Purpose
Discussion (5 mins)
Share your thoughts about the video. What ideas stood out to you? Do you need clarification on certain terms and concepts? What ideas do you want to learn more about?
Activity (5 mins)
Quickly free-write your first draft of your mission and vision statements for your company (real or imagined!). You’ll keep working on this in future sessions, so it’s okay to get a general idea on paper.
Breakout Rooms (10 mins)
Discuss your vision and mission statements in small groups.