SWOT Analysis

To be able to determine whether you have what it takes to be an entrepreneur, you must perform a self-examination of your strengths and weaknesses or a SWOT analysis.

A SWOT analysis contains the following 4 areas of introspection:

S - Identify your strengths. Imagination, ability to sell yourself and your ideas, persistence, confidence, and expertise in a particular industry, as well as personal and business potential, etc.

W - Identify weaknesses. Is there a time limitation, a health issue, no management experience, lack of financial stability, or lack of people skills?

O - Identify opportunities. Is there an opportunity for an internship prior to opening the business to establish a network of resources, or to take courses that will prepare the prospective entrepreneur for business ownership?

T - Identify threats. Consider such issues as health concerns, lack of financial stability, and personal or family issues.

To further expand upon the above and to assist you in thinking about your SWOT analysis, I have included below some self-assessment questions for you to consider:

• What do you see yourself doing over the next two to five years?
• What are your personal goals?
• Why do you want to open a business?
• What type of business are you interested in starting and why?
• What skills do you have in this area?
• What type of work experience do you have in this area?
• In what areas do you need improvement?
• What steps can you take to gain the experience or skills you will need to operate your business successfully?

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