Entrepreneur's Handbook

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Entrepreneur's Handbook

Perform a SWOT Analysis for Yourself and Your Business Idea

SWOT Analysis: It is an analysis tool called SWOT, which is named by combining the initials of English words.

S : Strength (It means identifying the strengths / superiorities of the organization. )

W :Weakness (It means identifying the weaknesses of the organization.)

O :Opportunity (Refers to the opportunities the organization has.)

T :Threat (Refers to the threats and dangers faced by the organization.)

SWOT Analysis is a technique used to identify the strengths and weaknesses of the organization, technique, process or situation under examination and to identify opportunities and threats arising from the external environment.

Identifying Strengths

  • What are your superiorities?
  • What do you do well?
  • What do others see as your strengths?

Identifying Weaknesses

  • What are you doing badly?
  • What do you need to improve?
  • In what ways are others better than you?
  • What weaknesses do you have in the eyes of others?

Opportunities

  • What are the opportunities that stand before you?
  • What interesting developments are happening in the environment?
  • Opportunistic Resources: Changes in technology and market, changes in government policies, changes in socio-cultural structure, local events.

Threads

  • What obstacles do you face?
  • What are your competitors doing?
  • Are the expected business, product or service standards changing?
  • Is changing technology threatening your position?
  • Do you have financial problems?