Final answer:
Vision refers to a desired future state or an ideal image of what a company aims to achieve, while mission statement outlines the fundamental purpose and values of a company.
Step-by-step explanation:
Vision:
Vision refers to a desired future state or an ideal image of what a company aims to achieve. It provides a clear direction and purpose for the organization and guides its decision-making and strategy. It defines the long-term aspirations and goals of the company.
For example, a vision statement for a technology company could be:
"To be the leading provider of innovative and cutting-edge solutions that revolutionize the way people live and work."
Mission:
Mission statement outlines the fundamental purpose and values of a company. It outlines what the company does, who it serves, and how it differentiates itself from competitors. It provides a framework for setting specific goals and objectives and guides day-to-day operations.
For example, a mission statement for a nonprofit organization focused on environmental conservation could be:
"To protect and preserve our planet's natural resources through education, advocacy, and sustainable initiatives, for the benefit of current and future generations."
The term 'vision' from 'Building Your Company's Vision' by Collins & Porras refers to a company's aspirational goals for the future, serving as a guide for decision-making and providing strategic direction.
When Collins & Porras discuss vision in the context of 'Building Your Company's Vision,' they refer to an aspirational description of what an organization would like to achieve or accomplish in the mid-term or long-term future. It serves as a clear guide for choosing current and future courses of action. For businesses, it inspires employees, guides decision-making, and helps in establishing a strategic direction for the company. Vision is distinct from mission, which is about the present; it outlines the company's purpose, including what it seeks to do, whom it serves, and how it does so.