Title: Apply SWOT analysis to a business.
Course: Entrepreneurship, Advanced (12053-II) > Section: Maintaining an Entrepreneurial Business

Application should include review of definition (a study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats) and examination of a business’s

- 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).

Process/Skill Questions:

- What are the benefits of performing a SWOT analysis?
- What are potential crises that threaten a business?
- What resources are available to assist in crisis resolution?
- Why would it be helpful to perform a SWOT analysis of one's competitors?
- Why is the SWOT analysis an important part of the marketing plan?
- How can a SWOT analysis be used to strengthen a business idea?
- How can a SWOT analysis be used to improve a product/service?
- 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?
- Why is it important to identify risks and include them in the business plan?