Debunking the Myths of Vision and Mission Statements: A Content Analysis of FT Ranked Top 100 Business Schools

Abstract

The purpose of this paper is to answer seven famous myths about vision and mission statements by analysing the vision and mission statements of FT Ranked Top 100 Business Schools in the world. First myth states that all business schools have both vision and mission statements. Second myth says both mission and vision statements are equal in length. Third myth states that all nine components must be present in all mission statements. Fourth myth assumes faculty is the hallmark of business school’s mission. Fifth myth states technology is at the centre stage of business school’s mission. Sixth myth assumes research is not part of business school’s mission. Finally, seventh myth says leadership is no more part of business school’s mission. FT ranking for Top 100 Business Schools was selected for this study and business school’s vision and mission statements were collected from their official websites. Content analysis was used as the major data analysis technique. Data analyses using descriptive statistics proved all seven myths wrong.