Practical 2: Undertake SWOT analysis to arrive at your business idea of a product/service.

SWOT analysis is a framework used to evaluate the strengths, weaknesses, opportunities, and threats of a business. Here are some points to consider when conducting a SWOT analysis for your business:

Strengths : These are the internal factors that give a business an advantage over its competitors. Strengths can include unique skills or resources, a strong brand reputation, a loyal customer base, or a talented team.

·     What advantages does your business have over its competitors?

·     What unique skills, resources, or assets does your business possess?

·     What are your business's competitive advantages?

·     What positive feedback have you received from customers or clients?

Weaknesses: These are the internal factors that put a business at a disadvantage compared to its competitors. Weaknesses can include limited resources, lack of brand recognition, poor management, or a high employee turnover rate.

·     What are the areas where your business lags behind its competitors?

·     What challenges does your business face in terms of resources, skills, or assets?

·     What negative feedback have you received from customers or clients?

·     What areas of your business require improvement?

Opportunities: These are external factors that could potentially benefit a business. Opportunities can include emerging market trends, changes in regulations or policies, new customer segments, or advancements in technology.

·     What are the current or emerging trends in the market that your business could leverage?

·     What unmet needs or gaps exist in the market that your business could fill?

·     Are there any new or untapped customer segments that your business could target?

·     Are there any changes in regulations or policies that could benefit your business?

Threats: These are external factors that could potentially harm a business. Threats can include economic downturns, increasing competition, changing market trends, or negative publicity.

·     What are the potential risks or challenges that your business could face?

·     What are the emerging trends or technologies that could disrupt your business?

·     What are the actions or strategies of your competitors that could threaten your business?

·     Are there any changes in regulations or policies that could negatively impact your business?

 

By conducting a SWOT analysis, you can identify the strengths and weaknesses of your business, as well as the opportunities and threats that exist in the market. This information can help you make more informed decisions and develop strategies to grow your business.

Strengths:

·     Strong communication skills

·     Detail-oriented

·     Good time-management skills

·     Positive attitude

·     Strong work ethic

·     Good problem-solving skills

·     Ability to work independently

·     Creativity

·     Ability to learn quickly

Weaknesses:

·     Procrastination

·     Difficulty saying "no" to requests

·     Impatience

·     Lack of confidence in public speaking

·     Perfectionism

·     Tendency to overthink

·     Difficulty delegating tasks

·     Poor time management

·     Lack of experience in a specific area

Opportunities:

·     Networking events to expand professional circle

·     Online courses to learn new skills

·     Volunteer opportunities to gain experience

·     Freelance work to build a portfolio

·     Mentoring or coaching to improve specific areas

·     Side projects to build a personal brand

Threats:

·     Economic downturn or recession

·     Competition from others in the field

·     Technological changes making current skills obsolete

·     Health or personal issues affecting work

·     Lack of demand for specific skills or services

·     Changing industry trends or regulations

·     Negative feedback or reviews from clients

·     Limited availability of job opportunities