The SWOT analysis

Set up a companyEntrepreneurs are driven by various reasons to start up their own business venture.  For some this could be because of an acquired expertise, unemployment, unsatisfied at previous occupation and realizing a gap that needs to be accomplished within a certain sector.  Overall these individuals believe they have some to offer within an industry.

The Idea
Ideas are a creative in nature.  One can move from one point (A) and skip all the way to another (X) in the act of brainstorming.  The idea generation process knows no doors or walls in its happenings.  The thought of something impossible is only limiting this process.  After enough deliberation, the creative process must step aside and allow for the scientific testing in business terms a SWOT analysis.


The Techniques
SWOT analysis is a method used to view the businesses strengths as compared to its weaknesses the businesses opportunities as compared to its strengths.  To offer an example, a former studio engineer may seek to start his/her own venture because they have realized that they could offer a better package for recording musicians than all existing studios that are in the market.  A weakness could be that starting a recording studio venture means the engineer still needs financial training on how to run the studio profitably.  In here, we can see that strengths and weaknesses really analyses within the organization to understand whether the idea can become a reality.  In the next half of SWOT analysis is the opportunities as compared to the threats.  This is an external analysis of the industry as an example the opportunity is an increase in TV channels and radio stations but major productions are a threat as they are the point of reference for all new TV shows because of their need to maintain industry quality standards.


Understanding your SWOT analysis allows you to concentrate on what is possible and to improve to reduce the number of threats and weaknesses that stand before a business.  Some of the key factors may influence the type of legal entity you chose to represent your business.   Government organizations like SEDA are a good source of help in the process of business registration as they also offer workshops and assistance in designing your own business plan.  One that not only is for approaching funding into your venture but also to have your own detailed plans for what your business will be doing throughout a certain period.  Next up you must ensure that your business is aligned with the opportunities you seek.  Enlist your business with industry associations, government databases and conferences that are relevant to your business.  Many things have changed over the years but this remains the same.  Out of sight is out of mind.

 

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