Business purpose

Business purpose refers to the wider, long-term goals of a commercial enterprise, which may substantially differ from its mission statement, the latter generally representing a simplified, operational version of the former.[1][2] The concept makes part of the ethical framing of a business, together with notions such as vision, mission, and values[3][4] The term gained media attention in recent years as a result of Milton Friedman's essay on the subject, originally published in the New York Times Magazine in 1970.[5] Business purpose has been proposed to exist in one of two forms: current purpose, or mission; and future purpose, or vision.[6][7][8]

References
  1. Salem Khalifa, Azaddin (2012-08-03). "Mission, purpose, and ambition: redefining the mission statement". Journal of Strategy and Management. 5 (3): 236–251. doi:10.1108/17554251211247553. ISSN 1755-425X.
  2. "Vision, mission and purpose statements – what is the difference?". www.effectivegovernance.com.au. Retrieved 2022-03-05.
  3. Vallance, Elizabeth (1995). Business ethics at work. Cambridge [England]: Cambridge University Press. ISBN 0-521-40535-1. OCLC 31045995.
  4. Kenny, Graham (2014-09-03). "Your Company's Purpose Is Not Its Vision, Mission, or Values". Harvard Business Review. ISSN 0017-8012. Retrieved 2022-03-07.
  5. Friedman, Milton (1970-09-13). "A Friedman doctrine‐- The Social Responsibility Of Business Is to Increase Its Profits". The New York Times. ISSN 0362-4331. Retrieved 2022-03-05.
  6. Conger, Jay A. (1991-01-01). "Inspiring others: the language of leadership". Academy of Management Perspectives. 5 (1): 31–45. doi:10.5465/ame.1991.4274713. ISSN 1558-9080.
  7. Ellsworth, Richard R. (2002). Leading with purpose : the new corporate realities. Stanford: Stanford Business Books. ISBN 0-8047-4385-1. OCLC 49775350.
  8. Horwath, Rich. "Discovering Purpose: Developing Mission, Vision & Values" (PDF). strategyskills.com.
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