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entrepreneurial; passion is important both from the standpoint of adding energy
to the mission and vision and to key stakeholders following the mission and
vision.
EXERCISES

1. What is creativity?
2. Why is creativity relevant to vision and vision statements?
3. What are some useful creativity tools?
4. What is passion?
5. Why is passion relevant to vision and vision statements?
6. What is the relationship between passion and engagement?

4.4 Stakeholders
LEARNING OBJECTIVES
1. Learn about stakeholders and their importance.
2. Understand stakeholder analysis.
3. Be able to map stakeholders and their level of participation.
Stakeholders and Stakeholder Analysis
Stakeholders are individuals or groups who have an interest in an
organization’s ability to deliver intended results and maintain the viability of its
products and services. We’ve already stressed the importance of stakeholders to a
firm’s mission and vision. We’ve also explained that firms are usually accountable to
a broad range of stakeholders, including shareholders, who can make it either more
difficult or easier to execute a strategy and realize its mission and vision. This is the
main reason managers must consider stakeholders’ interests, needs, and preferences.
Considering these factors in the development of a firm’s mission and vision is
a good place to start, but first, of course, you must identify critical stakeholders, get a
handle on their short- and long-term interests, calculate their potential influence on
your strategy, and take into consideration how the firms strategy might affect the
stakeholders (beneficially or adversely). Table 4.2 "Stakeholder Categories" provides
one way to begin thinking about the various stakeholder groups, their interests,
importance, and influence. Influence reflects a stakeholder’s relative power over and
within an organization; importance indicates the degree to which the organization
cannot be considered successful if a stakeholder’s needs, expectations, and issues are
not addressed.

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