Answer the below: Should a new venture have a formal mission statement? Why? What downside or...

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Answer the below:				Should a new venture have a formal mission statement? Why? What downside or risks might there be without one?

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WRITTEN ASSIGNMENT
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Discussion
	A formal mission statement is a written statement of the goals and principles of an organization. It acts as the organization's guiding concept, articulating its aims and methods. A mission statement may benefit a fledgling business in many ways:
· Focus: A new business may better grasp its purpose and goals by establishing its mission, which will help it concentrate its efforts on accomplishing those goals (Dal Mas & Paoloni, 2020). This may facilitate decision-making, prioritize activities, and cut down on distractions.
· Communication: A well-written mission statement may assist in conveying the company's beliefs and goals to all relevant parties, such as staff members, clients, investors, and partners. Additionally,

Answer the below: Should a new venture have a formal mission statement? Why? What downside or risks might there be without one?

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