When approaching a business or in the initial steps of innovation, I always approach an idea with the following steps, namely the SWOT analysis.
When prospecting, please consider this rule of thumb: Every business will have a weakness. It is your job to minimize that weakness and make it as transparent as possible. When thinking in terms of SWOT, it is best to define all of the following areas as honestly as possible.
SWOT Analysis:
- S – Strengths
- W – Weaknesses
- O – Opportunities
- T – Threats
For example, when I started Tech Solution, I defined these areas like this:
- Strengths – Onsite, Information Technology (IT) consulting and training to both businesses and individuals
- Weaknesses – Lack of customer base and proprietary material
- Opportunities – Move into the strategies market, more online and web consulting
- Threats – Traditional consulting firms (9 in my area) that offered a form of IT consultation
Given the above matrix, thats exactly what I opted to do, move into the online environment. Now we do some web design, domain management, online marketing, and we train IT people to not just manipulate Excel documents, but manage web servers and websites. In short, we give them the tools necessary to do it on their own.
It is important to define this section impartially though. It will force you to look at you competitors and learn from them. There are too many times that I have discussions with entrepreneurs who have great ideas that their neighbor down the street has already started doing. They just haven’t taken the time or have been scared to look that far. It would be a lot of wasted money and effort if he/she carried out with the project and did not have any reasonable advantage.
tags: business, business building, swot, analysis, entrepreneurs, innovators, technology, internet
Health insurance leads are an perfect way to speak with interested consumers who are in the market to buy.
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Good example to show how a SWOT Analysis is used when we start a business or a innovation. You have quote those relevant issues according to the four factor of SWOT