Hi Karan. This is another question/problem that many entrepreneurs have and ask me how to solve. I retort with one simple two-part question..."Do you have, or have you written out a Mission Statement and Vision Statement?" 98% of the entrepreneurs that I ask the question of say No, and that they don't need either because they know what it is that they want to do. Again, I retort with, I don't care who you are, and/or the size of your company...You Need Both a Mission and Vision Statement, both will keep you on track.
Also when writing each, please stay away from what I call clever disguised language, Mission and Vision Statements should be simple and easily understood and followed, allow me to provide an example:
Lets say that we know of a young child, 6 years old, who is an extremely fast runner. When people see him run, they all say, that kid was BORN to run. That is what your Mission Statement should revolve around, what was your company BORN to do? With regard to the little kid, his Mission Statement might read, "The mission of Little Johnny is to run fast and continue to run fast until he wins a gold medal in the Olympics!" As you can see, its straight and to the point and anyone can understand it.
The Vision Statement allows us to see how this will be accomplished in a generalized overview, it might read something like this, "It is Little Johnny's vision to one day enter into his freshman year at Fasttrack High School, be coached by Track legend, Flatshoes Magert, then gain acceptance into the University of Olympic Athletes to be coached by Gail Lightningfoot, all before winning a gold medal in the Olympic games!" Again, a vision that is straight and to the point.
Your executive summary and/or business plan will be written around both your Mission and Vision Statements, this will definitely keep you on track and committed to the laser-tuned success of your venture.