A SWOT analysis is an incredibly simple, yet powerful tool to help you develop your business strategy, whether you are building a startup or guiding an existing company. SWOT is used in sizing up a company’s resource capabilities and deficiencies, its market opportunities, and the external threats to its future well-being. It enables a company to answer the questions:
- What are the company’s resources or Strengths and its Weaknesses?
- What are its external Opportunities and potential Threats?
For an existing company it provides a good overview of whether a company’s situation is fundamentally healthy or unhealthy. For a start-up, it involves specifying the objective of the business venture and identifying the internal and external factors that are favorable and unfavorable to achieving that objective. For an individual, a personal SWOT can do the same for an individual in pursuit of their career goals. It provides insights based on your personality strengths and weaknesses, what challenges you see ahead of you, and what opportunities are present around you now and in the future.
Dr. John Bilello – ScienceDocs Consultant
Dr. Bilello is a Ph.D. in Molecular Biology and was the former Director of Technology Development at GlaxoSmithKline. In addition to an established track record of innovative basic and clinical research, Dr. Bilello has experience in both project and organizational management. As an entrepreneur, Dr. Bilello was a founder of Ridge Diagnostics and a co-founder and Managing Partner of Innovalyst LLC. At Innovalyst, he worked with companies from small businesses to Fortune 500 companies as well as “Invest NI” Northern Ireland’s regional economic development agency.
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