Develop a 3–5 page white paper on the importance of mission and vision statements and a code of ethics when starting a new business. Explain the purpose of each, identify the key elements for each

 Develop a 3–5 page white paper on the importance of mission and vision statements and a code of ethics when starting a new business. Explain the purpose of each, identify the key elements for each, and explain how they can affect the success of a business.

• Competency 1: Explain the underlying principles of successful business.
  • Explain the purpose of mission and vision statements.
  • Identify key elements within mission and vision statements.
  • Explain the role of a company's leadership in promoting and supporting the vision, mission, and ethical principles of the company.
• Competency 2: Examine ethical principles associated with the field of business.
  • Explain the purpose of a company's code of ethics.
  • Identify key elements within a code of ethics.
  • Explain the relationship between a company's code of ethics and its mission and vision statements.

 Suppose you have been hired by a small group of partners who are in the process of starting a new business. The business will design, produce, and sell an innovative product to the bio-medical industry. The partners have a great deal of experience designing products but very little knowledge about starting a business. Due to the sensitive nature of the new business, you feel that the partners need to develop a code of ethics and a mission and vision statement for the company. They do not agree. You need to write a white paper (a document providing information on a topic) to convince them that this is an important step in establishing a new business. 

 locate 3–7 reputable articles on codes of ethics for organizations. Identify examples of codes of ethics, as well as examples of mission and vision statements. You should have at least three resources to support your writing and research. 

Based on the scenario above, develop a white paper on the importance of mission and vision statements and a code of ethics. Your white paper should have the following sections. A template with this structure is provided in Resources for you to use to create your white paper if desired.

• Purpose of Mission and Vision Statements.
  • Explain the purpose of mission and vision statements using real-world examples and supporting evidence.
• Key Elements of Mission and Vision Statements.
  • Identify key elements within mission and vision statements and explain why the elements are important for a company.
• Purpose of a Code of Ethics.
  • ​Explain the purpose of a code of ethics and why the code should be directed toward all stakeholders, including leadership, employees, and customers.
• Key Elements of a Code of Ethics.
  • Identify key elements within a code of ethics and explain why the elements are important for a company.
• Relationship Between a Company's Mission and Vision Statements and Its Code of Ethics.
  • Explain the relationship between a company's mission and vision statements and its code of ethics in terms of strategic management.
• Role of Leadership in Promoting and Supporting the Mission, Vision, and Code of Ethics.
  • Explain the role of an organization's leadership in promoting and supporting the mission, vision, and ethical principles of the organization and discuss the consequences of a leader who fails to promote and support the mission, vision, and ethical principles of the company.

 Target 3–5 pages of content. Follow APA rules for attributing sources that support your analysis and conclusions.