LARRY Farrell in his book “Entrepreneurial Book” made 5 critical success factors in crafting a Vision Statement. Right out of the Matsushita playbook, there are questions every aspiring entrepreneur has to answer. These are the “What Questions” that matter most. Answering them can be turned into a Vision Statement that will give you the confidence and bring you on top of your game!
1. What do I really WANT to do?
Want has more impact than LIKE. A lot of people I saw in the past, they like and they can but in the end they do not WANT it in the first place. All their efforts will just be put to waste. Decide on the product and service you would offer.
2. What am I really GOOD at doing?
What do you think is your God-given strength? What is this something you can do day in and day out, without noticing what day and time it is! What does your friends or family notice about you and complement you for doing it? That is a great clue in what your are good at. It is your strength.
3. What UNMET market needs do I see?
What great opportunity is out there that must be met? What is it that people are willing to pay for in exchange of satisfying and even exceeding their expectation? That is called opportunity.
4. What CAPABILITIES must I have?
Do I have the time to bring my ability to the next level? What should I improve to become better and better each day? How do I tap my existing resources and make the most out of it? Everything must be laid out and seen from the start.
5. What CASHFLOW will I need?
Do I have sufficient funds to start? Do I need support from others to start the business? This must be answered and must be clear first prior to engaging yourself else this can be a pitfall.
Now after analyzing these 5 WHAT Questions, let us now pick one and make it a Vision Statement.
Let us take THE (Training Hub for Entrepreneurship) Academy as an example.
1. We want to educate and enable learners.
2. We are good at engaging live workshops.
3. Unmet needs in building Entrepreneurial mindsets.
4. We need to address and communicate at each level.
5. Sustainable operational expense which is online.
To provide an entrepreneurial Vision Statement, we will combine all 5 in one single statement in any order.
Example of a Vision Statement:
To educate and enable (what we want) learners in building their entrepreneurial mindsets (unmet needs), by effectively addressing and communicating at each level (capability) through highly interactive and engaging workshops (good at doing) with reasonable and affordable rates (cash flow support).
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Jonathan Oboza Petalver is the Founder and CEO of Petalver Management Consultancy Services. He is also the President and Dean of One Global Academy U.S.A.
