Final answer:
Organizational mission statements generally focus on a company's core values and goals rather than explicitly mentioning profitability. 'Mom and Pop' firms may not earn economic profits but survive by fulfilling other non-economic goals and providing sufficient income for owners.
Step-by-step explanation:
Organizational mission statements typically focus on the purpose, philosophy, and goals of the company. They often articulate a company's core values and its commitments to customers, employees, and perhaps the broader community. It's a common misconception that mission statements should include statements about profitability and earning above-average returns. While financial goals are important, they are usually considered to be part of an organization's strategic objectives rather than its mission statement. Small 'Mom and Pop firms', such as inner city grocery stores, may continue to operate even without earning economic profits. Several reasons exist for this phenomenon: they may provide the owners with a sufficient source of income to live on (accounting profits), they may have non-economic goals such as serving their community or maintaining a family tradition, and the owners might derive non-financial benefits like independence and job satisfaction.