First off, we should note that some scholars feel that mission statements are less important for small businesses than for large ones. They feel that in a small business, the owner can easily share the goals of the business with each employee (if any) individually. There is then no benefit to a mission statement.
However, other scholars believe that mission statements are important for small businesses as well. They say that mission statements can help entrepreneurs to focus very strongly on what they are trying to accomplish. Having clear goals in mind can help when the entrepreneur is trying to devise a long range plan for his or her small business. If the business has employees, the mission statement can also serve as a tangible statement of goals and values that can guide the employees and help to influence their decisions on a day-to-day basis.