Vision, Mission and Goals: Three Different Things
Define a vision for your business by taking the realities into account. Where do you want your business to be in the next 5 to 10 years? Try constantly to take a realistic view and avoid writing down your wishes; rather, see your business's future based on realities, available capital, and the team you can build. There is no place for wishing in a business plan. The path towards dreams is not a lift but a ladder. Making wishes true is hard but achievable.
The mission, or the existential philosophy of your business, is the intention you had in mind when you decided to start it. In comparison to vision, mission is more real; it is a task to be fulfilled that must be apparent during the entire path. The company's mission is different from the financial and profitable goals. Every business is ultimately looking for earning money, but each business's mission may be different. Consider Companies A and B, both selling a common product online. Company A's mission is to promote the culture of online shopping in the country, and Company B's mission is to provide access to various products in remote and disadvantaged areas. Mission is a social role and persona you are to play in society. As long as a company exists, its mission is also present, while vision is an image of the future which may or may not be realized.
A business's goals are mostly financial. Define the goals realistically, measurably, and achievably, and set a reasonable deadline for each. For example, consider a series of goals for the first six months and other goals for the first year.
The first and most important drawback in setting goals is to consider only one objective. In this case, all your efforts will be in vain if you don't achieve the single goal you have set. Always define a set of secondary goals that are required to achieve one or multiple final goals.