Identify the strengths that can help your business excel.
The entrepreneur who knows his strengths and weaknesses has a great advantage when starting his business, since this will allow for a more realistic planning.
It is advisable to use a method that allows you to determine both your stronger and weaker traits. The analysis tool known as SWOT is very useful to identify a business strengths and weaknesses. The SWOT term represents the first letters of the words: strengths, weaknesses, opportunities and threats. The concept is used in voarious industries, including business administration and communications. The method serves as a guide to help visualize the organization current situation.
- Strengths = Attributes of a person or company that are helpful in achieving the objective.
- Weaknesses =Attributes of a person or company that are harmful to achieving the objective.
- Opportunities = External conditions that are helpful to achieving the objective.
- Threats = External conditions which could do damage to the objective.
Examples of personal strengths include a positive attitude, good communication skills, specialized knowledge, responsibility and the capacity to adapt to change. Business strengths include: good reputation, a personalized and flexible customer service, convenient hours of operation, affordable prices and a good location.
An increase in demand, new technologies and continuing education courses provide opportunities to improve as a person and as an entrepreneur. Opportunities should be used to diminish weaknesses.
Some personal weaknesses include the tendency to procrastinate and scarce control over emotions. Weaknesses in the company include: lack of financial resources, an inadequate accounting system, and poorly trained personnel.
The main threats to a business are those competitors that offer similar products or emerging businesses that offer attractive or economic updates and services. The general economic situation is another threat to consider. .
Remember, good entrepreneurs must be able to acknowledge their weaknesses and those of their business, be aware of potential threats and explore the opportunities available to increase the strengths that will lead them on the road to success. Perform this analysis and you will be surprised at what you can accomplish.
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