Welcome to the 1st episode of our 2P1J podcast, where we tackle the confusing world of business jargon. In this episode, we dive into the terms mission, vision, purpose, values, and goals, and how they are often used interchangeably.
Here are the key points we cover:
Mission, Vision, and Purpose can all be terms for why a business exists. We provide examples of each, such as Nike's mission to "bring inspiration and innovation to every athlete in the world," Apple's vision to "design products and experiences that enrich people's lives," and Patagonia's purpose to "build the best product, cause no unnecessary harm, and use business to inspire and implement solutions to the environmental crisis."
Goals, Vision, and Mission can all be terms for Goals. We provide examples of this, such as Coca Cola's mission to "refresh the world," their vision to "create a better future," and their goal to "become the world's most recognized and respected brand."
Values refer to the core beliefs or principles that guide a company's behavior and decision-making. We discuss the power of values, such as codifying the way you want to do business, serving as a compass for making strategic choices, and attracting talent while setting the business apart from competitors.
What Should be the Values for the Show? We discuss the importance of values for our show, and how they should align with our core beliefs and the premise of the show.
Goals can be confusing when it comes to Vision, Mission, and Goals. We introduce the term BHAG, which stands for Big Hairy Audacious Goal, as a way to eliminate confusion and define long-term goals that align with the company's purpose and values.
Purpose refers to the fundamental reason for a company's existence beyond just making money. We provide examples of the importance of purpose, such as strengthening connections with customers, employees, and suppliers, creating innovative, market-defining companies, and forming the basis for enduring success.
What if you are just trying to make $? We discuss the difference between starting a business to make a buck and a well-established business with a clear purpose, and why it matters.
Audience Engagement: We reference previous episodes to emphasize the importance of audience engagement and how it aligns with our values and purpose.
How do you come up with Values? We share our experiences and tips for coming up with values, such as trying them on for size, modeling them off your best-performing people, and off things you find yourself often saying.
Overall, this episode of 2P1J provides clarity on confusing business jargon and emphasizes the importance of purpose, values, and goals for business success. Whether you're a seasoned entrepreneur or just starting out, there's something here for everyone. So tune in and join us for another insightful conversation.