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Showing posts with label Mission. Show all posts
Showing posts with label Mission. Show all posts

Innovation Impact Roadmap



For 20+ years, I taught in the University of Arizona entrepreneurship program which, at one point, was ranked #1 in the world by several major business publications. 

On the whiteboard in my office, I drew a roadmap of the new venture creation process. It was, in essence, the syllabus for our entrepreneurship program in graphical form. [I was the keeper of the whiteboard, not necessarily the author of all that was there! I had some pretty wise and wonderful UA collaborators as well as entrepreneurship gurus from around the world from which the information was collected.]

Students and colleagues at UA would ask if they could take a photo of the whiteboard. Of course, yes! And I did the same. I took a photo, but ... I wanted to add a bit more here and there. And then I got carried away!! So ... the diagram you see today is the result.

One of the struggles we encountered, in teaching entrepreneurship concepts and building new ventures, is that the process is not particularly time-linear. It is often iterative, a back-and-forth process. Hence, a roadmap outlines the elements that need to be addressed, but not necessarily a hard path in doing so. At some point, the venture team should visit all the "attractions" on the map, but the order of the trip may vary depending on the nature of the venture.

The "main highway" is the mission statement, highlighted in yellow.

Essentially,this roadmap for innovation commercialization is an entrepreneurship checklist, ... the key elements that should be considered and addressed when putting together a plan for a new business venture.

PDF, JPEG, and PNG versions are available here: InnovationImpactRoadmap.com

--Jim

[7.26]

Our Purpose in Life

Ahhh, that classic question: What's the meaning of life?  Hmmm ... suppose it really is "42"?! (You'll have to see Hitchhiker's Guide to the Galaxy for those details.)  In the meantime, here's a chart that may help you with your answer ...


Waterfall Veture Planning

  1. Vision ... "We will change the way someone does something!" [Be specific, 100 words or less: Who is someone? What is the something? Why are you going to change the way it is being done now? How?]
  2. Mission ... "We will earn a profit solving customer problems better than the competition!" [Be specific, 100 words or less: Who are the target customers? What are their problems? How will you solve them? What is the competition? How are you better? What will you do to earn the business? How will you make a profit? How much?]
  3. Goals ... "In five years, we will ..." [What are your three most important goals?]
  4. Objectives ... "To reach our goals, we must accomplish these objectives ..." [What are the three most important objectives for each goal that must be accomplished in the next six months?]
  5. Strategies ... "To accomplish our objectives, we will do this better than our competition ..." [What methods will you use to reach your objectives?]
  6. Tactics ... "To implement our strategies, we will do these things ..." [What three procedures will you use to carry out your strategies?]
  7. Tasks ... "To execute our tactics, we will ... " [What three things must be done to realize your tactics?]
  8. Assignments ... "Here's who is going to do what and when ... " [Who are the best people for each task?]
[6.17]

Elements of a Vision Statement

A Vision Statement is essentially a high-level summary of what the venture team wants to accomplish, typically within the next five years.

Everyone in the organization should be able to connect their activities to making this vision a reality.

A vision statement should be ...
... clear, focused, easily understood, and easy to remember.
... consistent, constant over a period of time, but adjustable as conditions warrant.
... unique and special to the venture.
... purposeful, providing a reason for being and for others to care.

Vision Statement seed: "We will [change the way] [our customers ... who?] [do something ... what?] because [we have something new and better ... what?]."

Sometimes the terms "Vision" and "Mission" are reversed ... personally, I am set on a Vision Statement being a long-term goal, and the Mission Statement being day-to-day guideline for achieving the Vision.

Neither the Vision or the Mission statements should be fluff. They should be well-thought-out and act as solid anchors for the venture. No BS!  No "wink and smile" when we read them, especially when we read them aloud!

--Jim

Elements of a Mission Statement

A mission statement is a description of how the team will achieve the vision for the venture. A mission statement should include a summary of ...
... Core values
... Target customers
... Stakeholders
... Products
... Competitive advantage
... Values provided to customer
... Markets served
... Industry

Mission statement seed: "We will earn a profit solving customer problems better than the competition."

Tips for Developing a Venture Strategy

  1. Develop the vision statement, the mission statement, and the business model
  2. Describe the industry and context for the firm and its competitors
  3. Determine the firm’s strengths and weaknesses in the context of the industry and environment
  4. Describe the firm’s core competencies, its customers, and its competitive advantage
  5. Describe the opportunities and threats for the venture
  6. Identify the critical success factors
  7. Formulate strategic options and select the appropriate strategy
  8. Translate the strategy into action plans with suitable measures and controls
[Thank you, Tom Beyers]

5K

Tips for Building a Good Corporate Culture

  1. Give every member of your organization a chance to dream, and tap into the creativity those dreams embody.
  2. Stand firm on your beliefs and principles.
  3. Treat your customers like guests.
  4. Support, empower, and reward employees.
  5. Build long-term relationships with key suppliers and partners.
  6. Dare to take calculated risks in order to bring innovative ideas to fruition.
  7. Train extensively and constantly reinforce the company's culture.
  8. Align long-term vision with short-term execution.
  9. Use the storyboarding technique to solve planning and communication problems.
  10. Pay close attention to detail.
[Thank you, Walt Disney]

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