{"id":5145,"date":"2023-02-22T21:06:37","date_gmt":"2023-02-22T21:06:37","guid":{"rendered":"https:\/\/course.oeru.org\/ient101\/?page_id=5145"},"modified":"2023-02-22T21:06:37","modified_gmt":"2023-02-22T21:06:37","slug":"swot-analysis-for-a-small-business","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/ient101\/learning-pathways\/entrepreneurs-as-small-business-owners\/swot-analysis-for-a-small-business\/","title":{"rendered":"SWOT analysis for a small business"},"content":{"rendered":"<div id=\"content\" class=\"mw-body container\" role=\"main\">\n<div class=\"row\">\n<div class=\"col-md-12\">\n<div class=\"panel\">\n<div class=\"panel-body\">\n<div id=\"bodyContent\">\n<div id=\"mw-content-text\" lang=\"en\" dir=\"ltr\" class=\"mw-content-ltr\">\n<p>A SWOT analysis is a process for identifying internal and external factors that might affect the success of a business. SWOT stands for:\n<\/p>\n<ul>\n<li> Strengths\n<\/li>\n<li> Weaknesses\n<\/li>\n<li> Opportunities\n<\/li>\n<li> Threats\n<\/li>\n<\/ul>\n<p>\n<\/p>\n<div class=\"panel iDevice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"web resources\" src=\"https:\/\/course.oeru.org\/ient101\/wp-content\/themes\/oeru_course\/idevices\/Icon_inter.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Web resources<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t<\/p>\n<p>Read these two articles to learn why a SWOT analysis is useful and how to perform one:\n<\/p>\n<ul>\n<li> <a rel=\"nofollow\" class=\"external text\" href=\"http:\/\/articles.bplans.com\/how-to-perform-swot-analysis\/\">What is SWOT Analysis?<\/a>\n<\/li>\n<li> <a rel=\"nofollow\" class=\"external text\" href=\"http:\/\/www.wikihow.com\/Identify-Strategy-with-a-SWOT-Analysis\">How to build company strategy using SWOT Analysis<\/a>\n<\/li>\n<\/ul>\n<p>This site provides useful examples of SWOT analyses: <a rel=\"nofollow\" class=\"external text\" href=\"https:\/\/articles.bplans.com\/swot-analysis-examples\/\">SWOT Analysis Examples<\/a><br \/>\nCan you find others?\n<\/p>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<p>\n<\/p>\n<p>\n<\/p>\n<div class=\"panel iDevice WEquizMultipleChoice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"assessment\" src=\"https:\/\/course.oeru.org\/ient101\/wp-content\/themes\/oeru_course\/idevices\/Icon_qmark.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>SWOT Analysis Quiz<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t\n<p>This quiz helps you to check whether you have understood the difference between strengths, weaknesses, opportunities and threats.\n<\/p>\n<p>Imagine you are carrying out a SWOT analysis for a small local start-up business.\n<\/p>\n<ul>\n<li> Which of the following might appear in a list of <b>strengths<\/b>?  (There are 2 correct answers)\n<ul>\n<li> Knowledgeable staff\n<ul>\n<li> <b>Correct<\/b>.  Good staff are important to the success of a business and are an internal factor.\n<\/li>\n<\/ul>\n<\/li>\n<li> Announcement of new government grant scheme for start-up businesses\n<ul>\n<li> <b>Incorrect<\/b>. This may present a good opportunity but it is not internal to the business.\n<\/li>\n<\/ul>\n<\/li>\n<li> Business premises in prominent location\n<ul>\n<li> <b>Correct<\/b>.  This is likely to help attract customers.\n<\/li>\n<\/ul>\n<\/li>\n<li> Out-dated equipment\n<ul>\n<li> <b>Incorrect<\/b>. Although the business may have got it cheaply, if equipment doesn&#8217;t work well, then it is unlikely to be a strength.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li> Which of the following might appear in a list of <b>weaknesses<\/b>? (There are 2 correct answers)\n<ul>\n<li> Boss has poor organisational skills\n<ul>\n<li> <b>Correct<\/b>.  This is likely to be a problem, but it is something the boss can work at to improve.\n<\/li>\n<\/ul>\n<\/li>\n<li> Rising premises costs\n<ul>\n<li> <b>Incorrect<\/b>. This is external to the business.\n<\/li>\n<\/ul>\n<\/li>\n<li> Out-dated equipment\n<ul>\n<li> <b>Correct<\/b>.  The business is unlikely to work as efficiently as its competitors if it has old equipment &#8211; but can plan to buy newer equipment in time.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li> Which of the following might appear in a list of <b>opportunities<\/b>? (There are 2 correct answers)\n<ul>\n<li> New housing estate being built nearby\n<ul>\n<li> <b>Correct<\/b>.  This is an external factor that may bring additional customers.\n<\/li>\n<\/ul>\n<\/li>\n<li> Business has a strong social media marketing strategy\n<ul>\n<li> <b>Incorrect<\/b>. This is an internal factor (something the business itself made happen), so is a strength rather than an opportunity.\n<\/li>\n<\/ul>\n<\/li>\n<li> Announcement of new government grant scheme for start-up businesses\n<ul>\n<li> <b>Correct<\/b>.  This is an external factor which may provide financial help for the business.\n<\/li>\n<\/ul>\n<\/li>\n<li> High quality staff\n<ul>\n<li> <b>Incorrect<\/b>. This is a positive, but it is internal to the business, not external.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li> Which of the following might appear in a list of <b>threats<\/b>? (There are 2 correct answers)\n<ul>\n<li> Shop-front signage is tatty and unclear\n<ul>\n<li> <b>Incorrect<\/b>. This is a weakness, not a threat, because it is within the business&#8217;s control to change it.\n<\/li>\n<\/ul>\n<\/li>\n<li> Receptionist has limited computer skills\n<ul>\n<li> <b>Incorrect<\/b>. This is a weakness, not a threat, because it is internal &#8211; and the business can take steps to upskill staff.\n<\/li>\n<\/ul>\n<\/li>\n<li> Lack of workers in the region with appropriate skills\n<ul>\n<li> <b>Correct<\/b>.  This is an external factor which may make it difficult for the business to attract or retain good staff.\n<\/li>\n<\/ul>\n<\/li>\n<li> Rising premises costs\n<ul>\n<li> <b>Correct<\/b>. This will increase the business&#8217;s overheads and is largely outside of the business&#8217;s control.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\nWere there any answers that surprised you? Do you disagree with any of the answers?<br \/>\nPost your comments in the <a rel=\"nofollow\" class=\"external text\" href=\"https:\/\/forums.oeru.org\/t\/ient101-general-forum-for-becoming-an-entrepreneur\/214\">general discussion forum<\/a> and find out what other learners think.<\/p>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/p>\n<p>\n<\/p>\n<p><!-- \nNewPP limit report\nCPU time usage: 0.049 seconds\nReal time usage: 0.056 seconds\nPreprocessor visited node count: 237\/1000000\nPreprocessor generated node count: 1138\/1000000\nPost\u2010expand include size: 17405\/2097152 bytes\nTemplate argument size: 13604\/2097152 bytes\nHighest expansion depth: 8\/40\nExpensive parser function count: 0\/100\n--><\/p>\n<p><!-- Saved in parser cache with key we_en-mw_:pcache:idhash:184282-0!*!*!*!*!2!* and timestamp 20230222114044 and revision id 1055510\n -->\n<\/div>\n<div class=\"visualClear\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-12\">\n<ul class=\"pager\">\n<li class=\"previous\">\n            <a href=\"\/ient101\/learning-pathways\/entrepreneurs-as-small-business-owners\/finding-advice-on-running-a-small-business\">\u2190 Previous<\/a>\n          <\/li>\n<li class=\"next\">\n            <a href=\"\/ient101\/learning-pathways\/entrepreneurs-as-small-business-owners\/start-small-business-swot-challenge\">Next \u2192<\/a>\n          <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div id=\"wenote-ids\"><script type='text\/javascript' id='wenotes-ids'>\n    var WEnotesSite = \"https:\/\/wikieducator.org\";\n    var WEnotesPath = \"\/Introduction_to_entrepreneurship\/IENT101\/Small_business\/SWOT\";\n    var WEnotesSiteID = \"0e3d258fbd36841f92259eefcd41d5e9\";\n    var WEnotesPathID = \"6dc325b5ad379f5edf5cb2fefbc0eb4d\";\n    var WEnotesIDs = { site: \"https:\/\/wikieducator.org\", path: \"\/Introduction_to_entrepreneurship\/IENT101\/Small_business\/SWOT\", site_id: \"0e3d258fbd36841f92259eefcd41d5e9\", path_id: \"6dc325b5ad379f5edf5cb2fefbc0eb4d\" };\n<\/script><\/div>\n<\/div>\n<footer><\/footer>\n","protected":false},"excerpt":{"rendered":"<p>A SWOT analysis is a process for identifying internal and external factors that might affect the success of a business. SWOT stands for: Strengths Weaknesses Opportunities Threats \u2190 Previous Next \u2192<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":5133,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-5145","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/pages\/5145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/comments?post=5145"}],"version-history":[{"count":1,"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/pages\/5145\/revisions"}],"predecessor-version":[{"id":5146,"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/pages\/5145\/revisions\/5146"}],"up":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/pages\/5133"}],"wp:attachment":[{"href":"https:\/\/course.oeru.org\/ient101\/wp-json\/wp\/v2\/media?parent=5145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}