SWOT Analysis
A SWOT analysis is a reality check after developing an idea. This tool examines the Strengths, Weaknesses, Opportunities, and Threats of your idea. A SWOT analysis can be performed in a very short amount of time, but often reveals the feasibility of your idea. A word of advice, be realistic in your analysis. Do not assume that you are the first to market with an idea. Do not assume that you have a perfect barrier to entry. Also, where possible try to answer the questions in complete sentences.
Strengths:
What advantages do you have?
What do you do better than anyone else?
What unique or lowest cost resources do you have access to?
What do people in your market see as your strengths?
Weaknesses:
What could you improve?
What should you avoid?
What are the people in your market likely to see as a weakness?
Opportunities:
What are the good opportunities facing you?
What are market trends that you are aware of?
How can recent changes in Technology help you?
How can recent changes in Government policy help you?
How can the “Strengths” listed above can prove to be opportunities?
How can the “Weaknesses” listed above can prove to be opportunities?
Threats:
What obstacles do you face?
What is your competitor doing?
How can recent changes in Technology hurt you?
How can recent changes in Government policy hurt you?
How can the “Strengths” listed above can prove to be threats?
How can the “Weaknesses” listed above can prove to be threats?
Possible Strengths and Weaknesses:
Resources: financial, intellectual, locational
Customer service
Efficiency
Competitive advantages
Infrastructure
Quality
Staff
Management
Price
Delivery time
Cost
Capacity
Strong relationships with key industry customers
Possible Opportunities and Threats:
Political/Legal
Economic condition
Expectations of stakeholders
Technology
Public expectations
Competitors and competitive actions
SWOT Matrix:
| Idea Name: | |
| Strength | Weakness |
| 1. 2. 3. 4. |
1. 2. 3. 4. |
| Opportunity | Threat |
| 1. 2. 3. 4. |
1. 2. 3. 4. |
Need to record and organize your ideas? Use ManageMyIdeas!
Compiled with resources from Mindtools.