[MUSIC] Welcome back. So now that you've chosen a product or service, you'll begin your work towards creating your written plan and your presentation. Here are the objectives. You'll create a name for your company and write a short description of its goals. You will identify language to describe a product and a service. Finally, for this milestone, you will use this information to create a short networking introduction to yourself, your company, and your product or service. So let's get started with describing the company by deciding on the name. If you're using a product from a real company, you might think about changing the name of the company to suit where you want to do business. Otherwise you should choose a name that you like and then you think your potential customers would like. The name can also show something you believe in, in other words your values. You can be creative or just keep it simple. Sometimes a company name is made by taking a word or phrase and changing the spelling a little. For example, Evrnu represents the phrase Ever New. You can probably see how this fits with the company's goal to recycle clothes, so that they are forever new. Do you know how Amazon got its name, or Starbucks? Try to find the story behind the name, it might give you some ideas. Once you have a name, let's think about a mission statement. A mission statement is a simple description of the company's goals, what it wants to achieve, and its values. It is usually written in one or two sentences. Let's look at some mission statements from some other companies we've met during the specialization. Read the mission statement and decide which company it belongs to. Now read some of the mission statements from a few of the other companies and organizations you've learned about during this specialization. Here's Theo Chocolates' mission statement. We're dedicated to making our world a better place and we're finding ways to do it through our passion-bringing out the best of the cocoa bean. Notice the very positive and strong vocabulary, dedicated, a better place, and passion. Now here is Caffe Ladro's mission statement. We believe that profound service improves the world. At Caffe Ladro, we strive to provide profound service. The strong positive vocabulary here is profound, which means very strong and strive to, which means try very hard to do something. So you can see that often a mission statement includes strong positive vocabulary. Let's now look at the structure of a basic mission statement. We can use the nouns, goal, mission, aim, or purpose to introduce what we want the company to achieve. For example, our goal is to, and then to continue with a verb to describe the goal. Provide excellent customer service. You can also simply start with to or we want to. For example, Peach's mission is this. Peach wants to make lunch easier for working professionals so they can get back to changing the world. If you also want to include something you value, you can use we value or we believe in followed by a noun phrase. For example we value (the environment). We believe in (excellent customer service). You can also use believe that followed by a clause. We believe that (time is the most important gift we can give). Think about a mission statement for your company. What are the goals? What are the values? Write down some ideas for a possible mission statement. You will include it later in your business plan. When you are finished, continue with the video. Now, let's work on describing a product or service that you're going to provide. The first question a potential investor will ask is, what is your product or service? When you answer that question, you might want to use a general noun that categorizes your product or service. Both product and service are general nouns but here are a few other examples. The nouns device, machine, and tool describe a physical product, and here are some general nouns that could be used to describe something that is not physical. Application or app, system, technology, method, way and solution. Of course, there are many alternative nouns that you can use that more specifically describe what the product is. For example, a bottle, a game, a bicycle, a watch, a restaurant. You'll also need to describe what the product or service does. Often we can do this by adding a clause like this. The MultyPeeler is a tool that can peel almost any fruit or vegetable. Or we have designed an app that matches parents with babysitters. Notice the connector that in these sentences. If you've chosen a service for your product, you'll want to review the lesson on describing your service in course three, planning and negotiating which gives you some specific vocabulary to describe different services. For this milestone, you're going to write a short networking Introduction to yourself, your company, and the product or service that you provide. Imagine that you are at a networking event and you meet someone for the first time, what would you say? Well, you would include your name, your company, your location, what you do in the company, and what your company provides or makes. You can also include your goals or values or the problem or need you address. You'll be able to use this introduction by developing it to include in your written plan, and in your presentation. To help you with this milestone, it will be useful to review the previous lessons on describing a company and describing a job in the networking course. Anyway, good luck completing your next milestone. [MUSIC]
