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Entrepreneurship Is A Dream Of Many People

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Entrepreneurship is a dream of many people. Successfully running and assuring longevity of an organization is not an easy process in today’s business culture. According to the United States Bureau of Labor Statistics approximately fifty percent of businesses fail within the first five years (U.S. Bureau of Labor Statistics Inc). Over the last twenty years there has been a lot of changes in the way organizations operate in order to survive in a very competitive world. According to Dr. John Kotter, a professor of leadership at Harvard Business School and founder of Kotter International, the cultural differences between companies in the twentieth century and twenty-first century are that companies today are externally oriented, …show more content…

The fundamental foundations of an organization are things that constantly evolve and explain the company’s purpose. These are often considered the backbone of the organization. They serve as the driving factors of any organization. They are always referenced by leaders and managers with ongoing development, growth, and implementation of change. The four fundamental foundations of an organization are mission statements, core values, vision statements, and the team. Mission statements explain what the company’s core purposes are and reason for existing. In “Mission Statements and the Small Business,” an article in Business Strategy Review, Charles Toftoy and Joydeep Chatterjee explain that a clear, concise mission statement is the first and foremost step all entrepreneurs must create in order to survive in today’s dynamic business culture (42) . A poorly written mission statement can be detrimental to an organization. “Without a concrete statement of organizational mission, the values and beliefs of a small business must be interpreted from the actions and decisions of the individual managers.” (Toftoy 43) When the team of the organization has a clear understanding of a well written mission statement it creates a feeling of destined success in turn developing a sense of worthwhile efforts they contribute, leaving little up for interpretation. Mission statements not only describes the company and its purpose for generations,

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