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In the first chapter of Dr. Stephen Covey’s “7 Habits of Highly Effective People”, Dr. Covey has stressed the importance of goal setting. It is through proper goal setting can a person achieve his personal, business and social ambitions. Just as personal goal setting improves the personal life of a person, business goal setting perks up the business of a person. In the second chapter, Dr. Stephen Covey has listed “mission statements” as on of the important habit of highly effective people. To explain the point further, some sample mission statements are also given. Suggestions to create effective, good mission statements are also listed in the book.