Many great business ideas turn into failures because the first and most important step in starting a business is overlooked: clearly defining its vision. The vision is the reason why you are starting your business. Unlike the mission statement, which states the specific goals of the company, the vision statement describes the greater, unquantifiable benefit your company will have for its customers and their lives.

Walt Disney first began making children’s films in 1928. By the time he died in 1966 he had designed EPCOT, a model city of the future which current society could learn from and use to help solve the various urban problems he saw around him. What took his company from a single character to a motion picture company, several art schools, a theme park, a self-supporting city, and one of the largest businesses in the world was his singular vision of making the world a better place. You may not have such a grand vision but it should be as well defined, no matter how large or small the scope.

You might start by taking a look at other company’s vision statements. For example, Ford Motor Company’s vision statement is “to become the world’s leading consumer company for automotive products and services.”

Then take a step back and evaluate why you are starting your business, and what purpose it will serve? Are you helping your customers be more successful? Are you building a better community, or a better quality of life?

Answer those questions in a clear, concise statement and you’ll give your business the foundation it needs to prosper. And as your company grows, the vision statement will help to keep you on track and prevent shortsightedness from ruining your dream.

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