Today in my strategic entrepreneurship class we discussed mission statements. It is very funny that mission statements rarely get researched in strategic management or entrepreneurship. Mission statements rest on the assumption that aspirations are useful when they are shared by employees and when they complement a carefully developed strategy based on an understanding of the business environment. We all know what mission statements entail., it is the reason why the organization exists. Generally, mission statements should:

• The statement is generally short, either a single sentence or a short paragraph.

• A mission statement is used by a company to explain, in simple and concise terms, its purpose(s) for being.

• It is usually one sentence or a short paragraph, explaining a company's culture, values, and ethics.

• Mission statements serve several purposes, including motivating employees and reassuring investors of the company's future.

But overall, a mission statement should help motivate action (the heart of the organization) to a firm’s strategic focus (the head of the organization). I often use this Bloomberg Quicktake video of The Rise and Fall of Kodak to show what can happen when the heart and head are not aligned.