A problem statement is a concise statement outlining the specific problem or issue that you are looking to solve. A problem statement identifies the gap between the current state and desired state of a process or product.

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A vision statement is a desired future state of the company (and often times the world) that would be achieved if the company is able to complete its mission. Vision statements are a declaration of the company’s “why” and serve as a North Star for the company to strive for. An inspiring vision statement encapsulates the company's aspirations and describes the positive impact on people's lives if the company achieves its full potential.

Vision statements are an important part of a startup's strategic plan because they align key stakeholders, especially employees, with the company’s values and goals. We do this to ensure we have the right attitude, attitude that goes beyond profit and loss and stresses both the opportunity and responsibility to actions.

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In the context of tech startups, an elevator pitch is a short, 30-second presentation that introduces key stakeholders to your product or business idea. The purpose of an elevator pitch is to capture your audience’s interest and make them curious to learn more.

As a startup founder, it is your responsibility to prepare and practice your elevator pitch so that you can make a great first impression.

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