Industry Analysis through 40 Questions (part 1)
Analysis of the industry is not only an important step in opening your own business, but also an important tool for conducting and developing your own business. Indeed, making an…

Continue reading →

Learning business by watching others succeed (part 2)
Lessons for Entrepreneurs from Google How can you learn business by observing and analyzing the development of Google. There really is something to learn - in business and not only…

Continue reading →

List of activities requiring a license (part 2)
20) Activities for the carriage of inland water transport, sea transport of passengers. 21) Activities in the transport of inland water transport, sea transport of dangerous goods. 22) Activities for…

Continue reading →

How to do a SWOT analysis (part 3)

Step 3. SWOT matrix
Having calculated all the factors influencing the business and grouping them into four squares, we get the SWOT analysis matrix, as in the photo below. Thus, we classified all possible impacts on our business in 4 categories: Strengths, Weaknesses, Opportunities and Threats. Thanks to this matrix, we better understand our own business, and, accordingly, it is easier for us to make competent decisions.how to do swot analysis
SWOT analysis matrix

Step 4. SWOT Strategy
Stroking the matrix on the SWOT, it is easy to see that in each square two elements intersect. From this “intersection”, in fact, we can extract a separate business strategy and, on the basis of it, develop a business. In principle, everything is simple, but let us nevertheless examine in more detail each of them.

S-O Strategy – based on Strengths (strengths) and Opportunities (opportunities). It implies the maximum use of all strengths and opportunities.
W-O Strategy – based on Weaknesses (weaknesses) and Opportunities (opportunities). It involves working to overcome the weaknesses of your business with all the opportunities.
S-T Strategy – based on Strengths (Strengths) and Threats (threats). It implies the maximum use of all strengths to prevent external threats.
W-T Strategy – based on Weaknesses (weaknesses) and Threats (threats). It implies a complete improvement of the business and the removal of weaknesses and threats.
All these strategies have a right to exist, sometimes even simultaneously. Indeed, in business it does not happen that everything is smooth, and there are always weaknesses, and advantages, and dangers, and opportunities. So, understanding these things and having appropriate strategies is an important defense mechanism for a business.

In the end I’ll say: it doesn’t matter exactly how to do the SWOT analysis – it’s more important to understand that the analysis is needed, or at least very useful. If you have other ways, please do as you please. This is not the point – the point is to really understand the position of your business. It is very important.

If you really did the SWOT analysis in another way, please share in the comments.

Copying a business, or how to capitalize on other people's ideas (part 1)
Copying a business is a really powerful tool for creating a truly solid business. And let them say that it’s bad, that originality and creativity are valued higher, that copying…

...

Factors Affecting Business Development
What factors influence business development strongly and constantly? We are talking about three business factors (or elements that are more convenient for anyone) - attention, reputation and trust. They are…

...

How to increase business efficiency or reduce inventory
Entrepreneurs always have the question of how to increase business efficiency. Efficiency in a small business needs to be increased constantly, looking for new ways and opportunities. And one of…

...