Overview of Today’s Class

1. Overview of Today’s Class Goal Setting Building a Vision

2. Goal Setting “Process” Vision for Yourself Individual Objectives/Goals

3. Understanding Vision • What is Vision? • Components of Vision • Example of Vision • 2. Developing a Vision • Class Exercise- Creating Vision • Take Home vision Creation (Conservation Crisis Team)

4. Vision What is Vision? Core Ideology Envisioned Future Core Values Vision Level BHAG Core Purpose Vivid Description

5. Core Values Core Ideology Core Purpose Core Ideology defines the enduring character of an organization- a consistent identity. • Core Ideology is: • Unchanging • A source of guidance and inspiration • The glue that holds the org. together • Consists of two main parts- Core Values & Core Purpose

6. Example of Core Values Core Values of Sony (1950’s) • Elevation of the Japanese culture and national status • Being a pioneer- not following others; doing the impossible • Encouraging individual ability and creativity

7. What are Core Values? Core Values are the essential and enduring tenets of an organization. Core Values: • Have intrinsic value to those inside the org. • Stand the test of time Organizations tend to have 3 to 5 core values.

8. Example of Core Purpose Core Purpose of Sony (1950’s) To experience the sheer joy of innovation and the application of technology for the benefit and pleasure of the general public.

9. What is Core Purpose? Core Purpose is the organization’s reason for being; it reflects the people’s idealistic motivations for doing the company’s work. Core Purpose: • Can never be fully realized • Answers the question- We make product or service X- Why is this important?

10. Vision Level BHAG Envisioned Future Vivid Description Envisioned Future is a concrete comprehensive visualization of an yet unrealized aspiration of a company. It encompasses two parts:- Vision level BHAG and a Vivid Description of that BHAG.

11. What is Vision Level BHAG? • Vision level Big Hairy Audacious Goalis: • Clear, compelling, unifying focal point of effort, that acts as a catalyst for team spirit. • Applies to entire organization • Requires 10 to 30 years to complete. • 50% to 70% probability of success

12. Example of Vision Level BHAG Vision Level BHAG of Sony (1950’s) Become the company most known for changing the worldwide poor-quality image of Japanese products.

13. Some company BHAG goals... Become a $125 billion company by the year 2000 [Wal-Mart, 1990) Became the company most known for changing the worldwide poor-quality image of Japanese products (Sony, early 1950s) Knock off RJR as the number one tobacco company in the world (Philip Morris, 1950s) Become the Nike of the cycling industry [Giro Sport Design, 1986) Become as respected in 20 years as Hewlett-Packard is today (Watkins-Johnson, 1996) Become the Harvard of the West (Stanford University, 1940s) Become number one or number two in every market we serve (General Electric Company, 1980s)

14. Example of Vivid Description Vivid Description We will create products that become pervasive around the world… We will be the first Japanese company to go into the US market and distribute directly. We will succeed with innovations that US companies have failed at…Made in Japan will mean something fine, not something shoddy.

15. What is a Vivid Description? Vivid Description is a vibrant, engaging and specific description of what it will be like to achieve the BHAG. Vivid Description: • Passion, emotion and conviction are essential • Translates the BHAG into an image in minds of employees.

16. Putting it all Together

17. Vision of Sony in the 1950’s Core Ideology Envisioned Future Core Values Vision Level BHAG • Elevation of the Japanese culture and national status • Being a pioneer- not following others; doing the impossible • Encouraging individual ability and creativity Become the company most known for changing the worldwide poor-quality image of Japanese products. Vivid Description Core Purpose We will create products that become pervasive around the world… We will be the first Japanese company to go into the US market and distribute directly. We will succeed with innovations that US companies have failed at…Made in Japan will mean something fine, not something shoddy. To experience the sheer joy of innovation and the application of technology for the benefit and pleasure of the general public. Adapted from Collins and Porras (1996)

18. Personal Vision Statement Core Ideology Envisioned Future Core Values Vision Level BHAG • Community/Family • Optimism • Passion • Creativity • Fun • Integrity • Work-life Balance Become a well known political leader and source of inspiration to those in my community. Vivid Description Core Purpose I will build a strong personal image based on care for others as I would for self. I will engage in endeavors to bring families, and people together towards a common goal. I will be seen as an unselfish and passionate leader who is courageous and pragmatic. To encourage, inspire, create and build positive relationships that in turn generate strong communities.

19. Do Not Confuse Envisioned Future features.. Core Ideology features.. • Discovery Process • Never changes • What company stands for • Creative Process • Changes once BHAG is attained • What company aspire to become. Core Ideology vs. Envisioned Future

20. Do Not Confuse Core Purpose features.. Vision Level BHAG features.. • Can never be completed • Not a specific goal • Forever pursued • Achievable in 10 to 30 years • Clearly articulated goal • Once reached, move on to next goal. Core Purpose vs. Vision level BHAG

21. Do Not Confuse Goal (traditional sense) features.. Vision Level BHAG features.. • Strategic Level • Company/Departmental Scope • Long time horizon 10 to 30years • What company aspire to become. • Operational Level • Task Specific • Short time horizon • Used to achieve BHAG Eg. Become the company most known for changing the worldwide poor-quality image of Japanese products. Eg. Reach a sales target of$1 000 000 in the Latin American market in one year.. BHAG vs. Goal

22. Developing a Vision ClassExerciseUse Concepts discussed in this Vision Lecture and in the Collins and Porras article to develop a:Vision for Management BBA program University of Toronto Scarborough Tip- Use Sony’s Vision as a Template.

23. Hints • There are different stakeholders with their Individual Goals

24. Core Ideology Envisioned Future Vision of UTSC Management BBA program Core Values Vision Level BHAG Be ranked #1 in pre-professional management education in Canada through emphasis on the Co-op experience. Vivid Description • High academic achievement • Invention and experimentation • Learning through experience • Diversity of viewpoints • Impact on the world and the community • Interaction/ collaboration/ partnerships • Social consciousness Core Purpose undisclosed To engage an innovative, research-based and highly collaborative community by proving the best pre-professional management education through the co-op model of education.