(a) A vision statement is a formal statement of what a business wants to be. According to Collins and Porras, a vision statement should have four parts. What are those four parts? (b) Differentiate between ‘process’ and ‘tasks’
The vision statement has to have four parts namely
Core values are the organization’s essential and enduring tenets—a small set of timeless guiding principles that require no external justification
Core purpose, the second component of core ideology, is the organization’s fundamental reason for being. In our hardcover edition of Built to Last, we did not give enough attention to purpose as distinct from core values and we under-emphasized its importance. Pushed to choose between core purpose and core values, we would likely choose core purpose as the more important of the two for guiding and inspiring an organization. It is also more difficult to identify than core values.
The BHAG is about having a goal which qualifies the purpose
Vivid description, the second component of envisioned future, is a vibrant, engaging, and specific description of what it will be like to achieve the BHAG. Think of it as translating the vision from words into pictures, of creating an image that people can carry around in their heads. We call this “painting a picture with your words.” This “picture-painting” is essential for making the ten- to thirty-year BHAG tangible in people’s minds. For example, recall how Henry Ford brought to life the BHAG to democratize the automobile with the vivid description: “I will build a motor car for the great multitude .... It will be so low in price that no man making a good salary will be unable to own one—and enjoy with his family the blessing of hours of pleasure in God’s great open spaces .... When I’m through everybody will be able to afford one, and everyone will have one. The horse will have disappeared...
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