Entrepreneurship Development - SWOT Analysis

This appeared in Swapnil Saundarya ezine :  Vol- 01, Issue- 5 ,  March - April 2014

Entrepreneurship Development
( उद्यमीयता विकास )

SWOT Analysis 

Entrepreneurs become the most successful people in the economy. Every business starts with an entrepreneur, and many that succeed do so through self-evaluation. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. SWOT analysis helps you judge the feasibility of an idea or company. For entrepreneurs, this allows you to decide if your idea is really worth pursuing. It helps build your company by recognizing where you need work and where you excel.

A SWOT Analysis is a structured way to assess a company's strengths, weaknesses, opportunities and threats (in English Strengths, Weaknesses, Opportunities and Threats, hence the acronym) in order to be able to adapt to their environment. It is an important tool in a company's strategy formulation and business development, and can be used for a comprehensive analysis of the company as well as for analysis of a specific product / product groupTo get the SWOT analysis as clear as possible do it often in a matrix structure.

You start with a box and fill in the various factors that fit into each box. Then, continue until you have filled in all the boxes. When you fill in the various boxes usually come at additional factors that should enter into the other boxes, and finally they have produced a list of many different factors that fit into the four boxes.
Strengths and Weaknesses are internal and company-specific parameters i.e. those which the company itself influence.

A strength can be, for example: location of the company, held patents, strong brand, expertise, proven high quality of product / service

Weaknesses may include: poor distribution channel, too dependent on one major customer, bad reputation in the market, lack of experience.

Opportunities and Threats are external parameters i.e. such that the company can not influence, arising from macroeconomic changes, such as demographic, economic, cultural or legal changes or policy decisions.
Examples of opportunities: a new market opened by example, deregulation of the market, new IT systems which can result in reduced costs and increased efficiency.
A threat may include: a new competitor establishes itself, economic downturn, new rules and regulations, trade embargoes.

The results of a SWOT analysis will lead to an action plan which the company can use in its business development. Once you have filled in the four squares with different factors we analyze why the policy options they have to reinforce their strengths, minimize weaknesses, take advantage of opportunities and to adapt to the threats to the company. Based on these policy options can you create a good plan of action that one uses to develop, improve, and strengthen their businesses.

- Archit Mishra
( PGDM Student, Ludhiana )



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Presented & Posted by :

Rishabh Shukla
( Editor in chief of Swapnil Saundarya e-zine )

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