The meaning of mission statements


“WE ARE A Community companies have promised the greatest global impact. Our mission is to raise awareness of the world. The opening line of WeWork’s prospectus for an initial public offering in 2019 seems to confirm the worst of the mission statement. People sit in rooms and seriously discuss differences in purpose, vision, and mission. There is a whiteboard and a bottle of kelp tea. Nonsense continues.

But even guffs make sense. Mission statements send useful signals, especially for young corporate investors. It clarifies what the company does and gives clues as to where its priorities are. Such information becomes even more important when the founder exercises oversized voting rights. WeWork’s prospectus helped raise investors’ awareness that real estate companies have lost marble. WeWork has decided to discard both the list and the boss.

To understand why a mission statement is worth more than spectacular, first look at the entity that lacks the mission statement. Of the 58 prospectuses submitted to the US Securities and Exchange Commission during the first two weeks of this month, more than one-third were for special purpose companies. SPACs is a type of shell company whose goal is to raise funds for unspecified future transactions. They are meaningless incarnations.

“We have not identified potential business combination goals, and no one has initiated a substantive discussion directly or indirectly with potential business combination goals on our behalf. Not started ” SPAC Submit a blurb. Investors are warned: their money can end up almost anywhere.

The mission statement contains a large number of comparisons. They tell you which stakeholders are most important to your company.Only a handful of nonSPACSubmitted this month, they say their purpose is to give back to shareholders (called the Milton Statement). Most people have achieved their goals in terms of meeting their customers’ needs.

Lulu’s Fashion Lounge states that its vision is to become the most beloved women’s brand in affordable luxury fashion. AirSculpt Technologies, a “body contouring” company, aims to deliver the best results to patients. This may be the era of purpose, but whether you’re looking for clothes or a “brazilian ass-lifting procedure,” it’s a lot of entrepreneurs to provide what people want. Is a sufficient mission for.

The mission statement can also tell investors something about how technologically sophisticated a company is. Among the filers this month, there is a significant shortage of flannel from the major semiconductor company Global Foundries. But for simpler products and services, it’s not enough to explain what a company is doing. “We aim to help our customers in the community live a better life by stimulating the moments that create lasting memories,” said Solo Brands, the largest seller of stainless steel fire pits. Says.

Similarly, you might get the impression that Krispy Kreme, who returned to the open market early in the summer, is selling donuts. error. “As an affordable luxury to enjoy across cultures, races and income levels, we believe that Krispy Kreme has the potential to provide an enjoyable experience around the world.” It’s not your face icing, it’s I feel euphoric.

The mission statement also reveals the clarity of thought. Among the companies submitted this month, Nerd Wallet, which provides reviews and comparisons of financial products, deserves most praise. “Our mission is to clarify all financial decisions in life,” the prospectus carries out. It’s ridiculously ambitious and unconstrained and informative.

Others are more wool. The prospectus of electric car maker Rivian states, “I want to continue adventuring the world forever.” Future investors say, “Some of us trying to explore the world are also the secret to ensuring that it remains a world worth exploring.” Still, the company’s short-term revenue relies on bulk orders for electric delivery vans from Amazon. Some of us planning to never leave home may be the secret to Rivian’s prosperity.

As for WeWork, it’s back and disciplined.Its public debut due to merger with SPAC It was scheduled for October 21st, called BowX. In a mandate solicitation issued by BowX in September, WeWork stated that it was founded in 2010 with the vision of “creating an environment where people and businesses can get together and do their best work.” There is no mission creep this time.

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This article was published in the printed Business section under the heading “Why Mission Statements Are Important”.

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