Vision, mission and passion: keys to long-term innovation

Businesses aim to grow and produce as much as possible in order to make a good profit. Ultimately, that is the end game, and it all has to start somewhere. That is why, when setting up a business or venture, accurately assessing the future of a company and how to innovate within difficult times could be the most important first step in the creation of the venture. Times change and so do the norms of the business world, as well as the demand for whatever product or service being provided by the business. Looking into long-term innovation is no longer a luxury and it becomes a necessity. Having a clear vision, mission and passion for the venture provides some much needed awareness of future obstacles.

 

Vision

 

While many scoff at the idea of manifestation and having dreams for the future of a company, vision is extremely important in maintaining long-term innovation. Having an idea of where one wants or business to be at a certain point helps visualize a good path to take the venture. It means asking the question of where one sees the future of the company if it were at its optimal function. What does it mean for the company to be successful and what could that look like? Creating a vision statement allows for that kind of outlook to be clearly written out and helpful to the overall growth of a company.

 

Mission

 

A mission statement, however, is a much less general statement about what the company is exactly and what its purpose within the world may be. As opposed to an idea of where the company should end up, this is more of a statement that declares the true value of the company and what it contributes to society as a whole. A mission statement does exactly this, in that it provides a view of what the company aims to bring to the table and covers a variety of questions such as those. This kind of statement helps with getting funded as it provides potential investors an idea of what the company is and what they’re investing in. It also provides the public with an idea of how the company works and what makes it different from other companies within the same industry.

 

The importance of setting goals

 

In order to kind of encapsulate the ideas presented in the last two sections, having goals is the best way to get to both of the conclusions of vision and mission statements. Goals allow the company to get a good outlook of what they want to achieve on a consistent basis. The great thing about goals is that they can be constantly changing, whether because of completed goals that bring new ones or how some goals may change in order to properly support the company as a whole. The difference between goals and vision is in the constantly changing nature of the goals, whereas the company vision remains consistent throughout the lifespan of the company.

 

 Passion

At the end of the day though, none of this really matters if the people within the company have passion for it and a drive to make it the best that it can be. Long-term innovation requires a constantly attentive and flexible team that can take any of these ideas and mold them into whatever the company may need at the present moment. Having a clear and established vision, mission, and goal can be achieved, but only if the company feels like it is run by individuals who care and who are willing to do whatever they can to allow the company to grow and excel to its highest potential.

 

We recommend that you continue updating yourself on the latest trends and acquire the right knowledge. If you want to know more about mission, vision and passion in a company, we invite you to take a look at our Master's degree in Marketing Management.