Mission Statement VS Vision Statement Difference And Comparison

Here we discuss about the main differences between Mission Statement And Vision Statement.

Both of these statements are great importance in the life cycle of the business.

Mission Statement tells us about the purpose of being existence of the entrepreneur. Why the business does come into existence and what to do presently to achieve future targets of the business? For Example, an entrepreneur wants to become market leader. To fulfill this purpose, the entrepreneur makes effective business plan at startup of the business. Conduct Feasibility Analysis. Prepare Effective Business Model to fulfill this purpose of the business.

Vision relates to future. What the entrepreneur wants to become in the future. For Example, an entrepreneur wants to become market leader over the next 10 years.

Mission Statement provides guidelines that ultimately leads towards effective financial management and creates moral values for the whole system.

Vision Statement defines future objectives and plays an important role towards achieving those organizational goals set in mission statement.

Mission Statement tells us about the explanation of different products and services of the business, Customers, Employees, Types and Nature of Business, Competitors, Quality Products and Services, Technology and Market Position.

While Vision Statement tells the innovation in the products and services, Technology changes, Market Competition, Latest Trends, Financial Analysis, Projections and Estimates of the business life, etc.

You may also be interested in The Process of Financial Management In An Entrepreneur

A Mission Statement clearly defines Organizational Goals and helps in achieving those targets by defining a clear path of those main or core plans of the business.

While A Vision Statement shows a clear picture of future scenario of the business goals, objectives and strategies. Correct and Complete Strategies should be made in order to make future bright and achieve this inspired position of the business in the market world.

Similarities Between Mission And Vision Statement

Both are beneficial for the success of an organization as vision statement provides future aspects of an organization while mission statement is helpful for the organization in achieving its goals and objectives during its life span (life time).

Mission And Vision should complement each other. If, for instance, the vision is not achieved according to the goals or objectives for which the organization is created, then the main objectives and goals will also be failed. For Example, the mission of an organization is to provide free education but later on (e.g., after 5 five years( it provides expensive education to students, then the main objective of providing free education to students will fail at the end.

So, both Mission Statement and Vision Statement are very essential for the continuity, survival and stability of the business and for the long-term life of the business.