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Develop a 3–5 page white paper on the importance of mission and vision statements and a code of ethics when starting a new business. Explain the purpose of each, identify the key elements for each, and explain how they can affect the success of a business.
An organization’s structure as identified through its mission and vision statements and code of ethics establishes a foundation for sustaining business practices as well as managing change during times of transition. Such components are organizing principles that serve to align personnel and functional areas to a business’ overall ideals. In combination, such statements and codes inform both internal stakeholders (such as employees) and external stakeholders (such as business partners and customers) about the organization’s priorities, values, and standards, explaining to them the ways in which the business will be responsive to their needs. It is important that mission and vision statements and codes of ethics are interrelated and consistent and that they accurately reflect current environmental dynamics and practices.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Competency 1: Explain the underlying principles of successful businesses.
Explain the purpose of mission and vision statements.
Identify key elements within mission and vision statements.
Explain the role of a company’s leadership in promoting and supporting the vision, mission, and ethical principles of the company.
Competency 2: Examine ethical principles associated with the field of business.
Explain the purpose of a company’s code of ethics.
Identify key elements within a code of ethics.
Explain the relationship between a company’s code of ethics and its mission and vision statements.
Competency 5: Communicate in a manner that is scholarly, professional, and consistent with expectations for the field of business.
Organize content so ideas flow logically with smooth transitions.
Suppose you have been hired by a small group of partners who are in the process of starting a new business. The business will design, produce, and sell an innovative product to the bio-medical industry. The partners have a great deal of experience designing products but very little knowledge about starting a business. Due to the sensitive nature of the new business, you feel that the partners need to develop a code of ethics and a mission and vision statement for the company. They do not agree. You need to write a white paper (a document providing information on a topic) to convince them that this is an important step in establishing a new business.
Use the Capella library and the Internet to locate 3–7 reputable articles on codes of ethics for organizations. Identify examples of codes of ethics, as well as examples of mission and vision statements. You should have at least three resources to support your writing and research