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4 Techniques for Crafting a Mission Statement Worth Remembering

Crafting an impactful mission statement that your staff will adopt and customers will laud is an art. Here are four techniques I have found useful when developing a mission statement for my company

Chuck Cohn

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Mission

A company’s mission statement can come in many forms. Do you promise to put your customers’ needs first or to develop quality products, innovative applications or intuitive technology? Some statements are only a sentence, while others may run several paragraphs.

By definition, a mission statement describes the purpose of a business, so product and service claims may be apropos. A meaningful mission statement can also distinguish a company from its competitors, suggest potential directions for future growth and provide team members with a common goal to work toward.

Crafting an impactful mission statement that your staff will adopt and customers will laud is an art. Here are four techniques I have found useful when developing a mission statement for my company, Varsity Tutors:

Related: From Oprah to the Kardashians: 6 Celebrity-Inspired Business Lessons

1. Define your purpose

Ask yourself why your company exists. Say it exists to offer cleaning services, then identifying your service is a great starting point, along with defining for whom this service is for, how you plan to deliver it and why it’s valuable. Together, these elements communicate your purpose to consumers and team members.

For example, Zappos’ mission is “to provide the best customer service possible.” Company staff works toward this goal every day, and customers experience it via free and easy returns on their shoe orders. The company’s growth trajectory and eventual acquisition by Amazon speaks to its success in living up to its mission.

2. Be specific

Buzzwords and jargon are generally ineffective in a mission statement. If you tell people that you “deliver business efficiencies using optimized software solutions,” they’re unlikely to commit this phrase to memory.

When your mission is hard to remember, it’s difficult for team members to align their daily activities with the goals outlined. Choose your words wisely and use terms that are easily understood and relevant to your business.

Consider U.K.-based fast-food chain Pret a Manger, which is dedicated to providing economical, natural food.  It clearly communicates this by printing short blurbs on its products’ packaging that explain how these items specifically relate to its mission statement. A Pret a Manger sparkling water can indicates that the company has added “No Nasties” and no “any weird chemicals or additives.”

Related: (Video) 11 Obsessions of Remarkable Entrepreneurs

3. Inspire

While it’s important to make your mission plausible and attainable, it can also be powerful to include an inspirational element. This element can encourage your team members to work toward your vision. You might also find it useful to tie your mission statement to specific activities or behaviors, which can move it from the conceptual realm to the practical world.

Patagonia, for instance, aspires to “build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.” While its mission might start off not directly referencing the products made, it quickly becomes aspirational. The company links (making apparel) with its fundamental values (saving the planet).

Consumers have come to realise that the company does more than manufacture clothing for outdoor enthusiasts, and Patagonia’s staff members recognise that their work supports environmental causes.

4. Keep it succinct

Some of the biggest companies in the world devote full pages to their mission statements, but that may not be the ideal way to convey your enterprise’s particular message. When writing your mission statement, try to be as concise as possible. If it’s lengthy, pare it to sharpen your vision and delivery.

For example, Chipotle’s phrase ‘food with integrity’ captures the company’s commitment to sourcing, cooking and serving good food in just three words.

Once you’ve written a mission statement worthy of your business, your job is only half-finished. A mission statement is most effective when you impart its message to your team – and when they align their actions with the mission’s vision.

The process of carrying out the actions implied with the words often begins with your actions. Everything you do can ultimately reflect the values, purpose and enthusiasm behind your company’s mission statement. An impactful statement can serve as a reminder of why you founded your business, and a mission statement worthy of memorisation can guide you for years to come.

Related: Know the Right Questions to Ask on Your Way to Wealth

This article was originally posted here on Entrepreneur.com.

Chuck Cohn is the CEO and founder of Varsity Tutors, a private academic tutoring and test-prep provider designed to help students at all levels of education achieve academic excellence.

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Start-up Advice

6 Resources For Start-ups Looking For Funding

Here are 6 online resources that can help you pay the bills and grow your business at the same time.

Josh Althuser

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Anyone who has ever considered starting their own business, or is currently in the process of doing so, knows that every little bit helps when it comes to making ends meet. Part of the charm of start-up culture is the low-budget creative atmosphere that seems to continually fuel innovation. But, eventually you’re going to have to keep the lights on and water running, and you can’t do that with creativity alone.

Whether you are a business that is just starting out, or already well on your way, there are plenty of online platforms that offer start-ups advice and funding opportunities. Here are 6 online resources that can help you pay the bills and grow your business at the same time.

1. Kickstarter

kickstarter-logoAt one point it seemed that anyone with a clever idea could make a video showing why the world should invest in the next big thing. While a lot of crazy projects have gotten funded over the years, utilising a crowdfunding platforms like Kickstarter continues to be a viable way to get your project off the ground. Of course, if you want to reach your funding goals, it’s best that you have already done your market research, have a solid plan, and treat crowdfunding like a global VC.

Visit Kickstarter here.

Related: 4 Tips To Secure Funding For Your Start-up

2. Toptal

toptal-logoThose who are new to the start-up world might not know exactly where to start when it comes to looking for funding. While the freelance economy has grown immensely in the last 5 years, it’s important to know where to look.

Platforms like Toptal offer a wide range of freelance professionals that specialise start-up funding. Start-ups seeking a consultant on Toptal can also rest easy knowing that they carefully screen each candidate, ensuring they have the necessary professional background and experience to guarantee a successful project. 

Visit Toptal here.

3. Appbackr

appbackrIf you couldn’t already tell by the name, appbacker is definitely worth checking out if you are a start-up working in app technology for both Android and Iphone. The platform helps people discover different apps through the crowdsourcing model. Investors can scroll through apps from around the world, and if they like what they see, they can choose to invest. Funding incentive is based on an investor’s ability to purchase an app at the wholesale price, eventually making a profit once the app starts flying off the shelves in the official app store.

Visit Appbackr here.

Related: 7 Strategies For Development As An Entrepreneur

4. Gust

Gust logoInvestors are more likely to invest locally, which is why Gust is an attractive option for start-ups around the world, as they represent over eighty countries worldwide. Founded by a team of investors and lawyers, Gust knows their way around the start-up world.

With portals for both start-ups and investors, the platform seamlessly connects those seeking funds and those looking to invest. Start-ups can create a profile on Gust, and also have access to tools and tips to help them regulate finances and legal matters. 

Visit Gust here.

5. AngelList

angellist-logoNot just for investment, although that is a major part of the platform, AngelList is also a great place to find start-up jobs as well as recruitment. Those start-ups that are looking to expand can greatly benefit from this feature, while also getting their name out there to potential investors.

Their syndicate platform, led by technology experts make room for those who are looking to invest the chance to apply to a lead or directly invest in a fund.

Visit AngelList here.

Related: 6 Steps To Building A Million-Dollar Ecommerce Site In 60 Days

6. Seedrs

seedrs-logoFrom top corporations to big name accelerators, Seedrs aims to simplify the funding process for investors. Providing a vast network of investors from 48 different countries, who tap into an additionally impressive network of start-ups, there is plenty of room for collaboration on this platform. Seeders also encourages investors and start-ups to continue their relationship after the transaction is made. Their online and offline networks aim keep both start-ups and investors in the loop.

Depending at what stage of development your company has currently reached, exploring various funding options available to you is a worthwhile endeavour. Rather than blindly pitching investors, investigating each potential platform, whether it’s crowdfunding or a hiring a freelance funding expert, will save you time and resources so you can focus on the right type of investment based on your needs.

Visit Seedrs here.

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Start-up Advice

Picking Your Lane: Maximising Your Chances Of Success And Happiness

How do you choose? What do you prioritise? What’s right for me is almost certainly not right for you.

Anthony Miller

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Most entrepreneurs start businesses out of necessity.  They do what they have to.  They don’t think far ahead.  They fight fires every day.  They are the foundation of every economy all over the world.  Some succeed, some fail, few shoot the lights out.  Some are happy, some are not.

For me, there’s nothing more thrilling than building a business.  Seeing your ideas turn into reality.  Seeing your team exceed your expectations every day.  Seeing your customers’ lives improved by your products.

But, entrepreneurship is not for the faint-hearted.  You pour blood and sweat and tears into your business.  You get more than your fair share of punches in the nose.  It’s hard, but if you’re lucky and you persevere, the rewards are great.

So, how do you maximise your chances of getting into the ‘happy and shooting the lights out’ club?

Related: 9 Quotes Every Entrepreneur Should Live By

Picking the right lane – figuring out what you’re going to do – is probably the most important decision you’ll make.  Once you’ve figured that out, you can get down to the nitty gritty of picking your team and building your business.

But, how do you choose?  What do you prioritise?  What’s right for me is almost certainly not right for you.

sweet-spot-modelThe Sweet Spot Model, which has been drifting around the web for years, provides great guidance.  If you do what you love, the hard yards won’t feel like work.  If you do what you’re good at, you’ll beat or (even better) outstrip the competition.  If you provide something the world needs, you’ll feel a sense of purpose.  If someone will pay for it, you have a business.

When I co-founded Simply, I wanted to tick all 4 boxes AND work from Cape Town AND be extremely flexible (so I could prioritise family health).

I worked on three different ideas: A GIS-platform for solar and other utilities; a transaction platform for stokvels; and a cheeky online life insurance play.

The life insurance play quickly emerged as my best choice (it helped that my partners are top actuaries J):

  1. What I’m good at – doing start-ups, connecting people and teams, and using technology and data to solve business problems.
  2. What I love – working with people I like and trust to build businesses that solve hard problems and make the world a better place.
  3. What the world needs – most adult South Africans have one or more funeral policies. Few have life or disability cover and policies are often very expensive.  There’s a clear need for simple, convenient, well-priced life, disability and funeral cover.
  4. What someone will pay for – the market we’re targeting is huge – nearly R7.5Bn of new premium is written annually.

Related: 7 Strategies For Development As An Entrepreneur

With the stars lining up, we pressed the go button in early 2016.  It’s now twelve months since we launched to market and early signs are good:

  1. Our innovative, online products – Family Cover, Domestic Cover and Group Cover – have been well received and are improving all the time.
  2. We have an amazing, engaged team – inspired by the purpose of protecting vulnerable people.
  3. We’ve sold more than 4 500 policies to date, providing more than R2.5Bn of cover to more than 20,000 people.
  4. We’re based in Cape Town, working hard and having fun, and I seldom miss a swimming gala, netball game or opportunity to go mountain biking.

While picking the right lane is no guarantee of success, it definitely helps stack the odds in your favour. You’re going to need all the help you can get. So, take the time to pick your lane. I bet it’ll be worth the effort.

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Start-up Advice

9 Quotes Every Entrepreneur Should Live By

Entrepreneurship takes great perseverance. Failure is common. In fact, it is expected. Over 75% of venture-backed start-ups fail.

Jennifer Keithson

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Entrepreneurship takes great perseverance. Failure is common. In fact, it is expected. Over 75% of venture-backed start-ups fail.

There are great learning opportunities that present themselves when we fail, but we must be willing to continue on and try again in order to learn anything at all.

It can be quite an arduous task to strive for your own means, to create your own vision and to rally the support within yourself that starting and running your own business requires.

Thankfully, we’re not in it alone. The wisdom of others can greatly ameliorate the process learning from our missteps and hiccups.

Taking from sagacious investors, inventors and thinkers can help you pick yourself up and make something meaningful out of your quest to become a successful entrepreneur.

By studying the thought processes of other entrepreneurs, we can become more enriched and more aware of how to approach the challenges we face in business and in life.

Here are 9 quotes every entrepreneur should live by:

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