FAMILY BUSINESS MISSION
Back to GlossaryDefinition
A description of a company's function, markets, and competitive advantages; a short statement of business goals and philosophies. A mission defines what an organization is, why it exists, its reason for being.
Summary
A family business mission is a clear, written statement that defines the fundamental purpose and values of a family-owned company. It goes beyond just making profit to include the family's legacy, values, and long-term vision for the business. This mission serves as a guiding compass for decision-making, helping family members align their personal values with business operations while communicating the company's identity to employees, customers, and stakeholders.
Usage Context
Understanding family business missions is crucial when studying family business governance, succession planning, strategic management, and the unique challenges of balancing family values with business objectives. This concept is particularly important when analyzing case studies of family enterprises and developing family business policies.
Common Confusions
- Thinking mission statements are just marketing tools rather than operational guides
- Confusing mission with vision (mission is 'what we do now' vs vision is 'what we want to become')
- Believing only the business founder should create the mission
- Assuming family business missions are the same as corporate missions
- Thinking missions never need to change or evolve
