For every company, doesnt matter if it is a startup or 20 years old venture it pays off to setup a mission and a vision of the company.
Mission is the "purpose", the "idea behind the company". Why is the company build and is foreseen by owners or later by senior management as a trigger to start it. Mission is more vague, never ending purpose described in few words.
Vision is a certain point in the life of the company. How will the company look in 5 years, as certain points will influence current behavior and add to the approach of all the levels of management and employees.
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