Title: (Optional) Explain the concept of SWOT analysis
Course: Entrepreneurship Infusion Unit > Section: Planning an Entrepreneurial Venture

Explanation should include the concepts that a SWOT analysis

- identifies
  - internal strengths—entrepreneurial ability and contacts
  - internal weaknesses—results of lack of money, training, time, experience
  - external opportunity—luck, creative advantages to get ahead of competition
  - external threats—anything that might be bad for business (e.g., competitors, legal problems)
- analyzes the internal and external environments of a business.

Process/Skill Questions:

- What is the main purpose of a SWOT analysis?
- How can a SWOT analysis help a business identify its competitive position?
- How can a SWOT analysis be used to improve a product/service?
- How is a SWOT analysis beneficial to brainstorming ideas for a new business venture?
- How often should an entrepreneur perform a SWOT analysis? Why?
- How can SWOT be used to set short-term goals? Long-term goals?
- How can an entrepreneur use a SWOT analysis to gain market share from a competitor?
- How can an entrepreneur use a SWOT analysis to determine growth areas for a new business venture?
- What is an environmental scan? How could it help an entrepreneur?
- Why is it important to identify the risks you face and include them in your business plan?
- What advantages can a business have over its competitors?
- Why must a business look at threats and weaknesses as possible opportunities?