SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. SWOT Analysis is a planning and brainstorming tool for analyzing a person’s or an organization’s strengths, weaknesses, opportunities, and strengths. It considers the internal factors and the external factors that can positively or negatively affect our ability to achieve our goals. It also helps us to focus on the strengths, minimize the threats and make use of the opportunities to the fullest. It is a much-needed one to develop plans for future growth.
S – STRENGTHS
Strengths describe what an organization or a person excels at. They are internal, positive attributes of a person or a company. These attributes could be handled by oneself and kept within one’s control.
W – WEAKNESSES
Weaknesses stop an organization or a person from giving their best at its optimum level. They are negative factors that detract from your strengths. These are things that one might need to improve on to be competitive.
O – OPPORTUNITIES
Opportunities are openings or chances that help one for something positive to happen. They are external factors in your business environment or career that are likely to contribute to your success.
T – THREATS
Threats are anything that can negatively affect your business or career from the outside. They are external factors that you have no control over. You may want to consider having a plan B for dealing with them if they occur.
EXAMPLE SWOT OF A POPULAR PERSONALITY
I would like to explain SWOT analysis more clearly by citing the SWOT of a famous personality. It will become easier to analyse the self SWOT if we read a few real-life examples. So, here is one such example – the SWOT of Mr. Ritesh Agarwal, Founder, and CEO of OYO. He is a great inspiration for many, especially for the younger generation. Being a college dropout, this young entrepreneur never fails to motivate the youth through his untiring attitude. Below are a few of his strengths, weaknesses, opportunities, and threats that he analysed as he emerged as a budding entrepreneur.
- He had big dreams of starting a business since childhood as he was not interested to take over the family business or work as an employer of any company.
- He had a great interest in Computer Programming and developed the efficiency of creating a web application by himself.
- He had the perseverance of doing what he dreamt of despite not having family support.
- Self-efficacy – He believed in himself and his capabilities more than anything.
- Being committed and passionate about work.
- He had no confidence in his studies.
- Lack of innovation for improving the growth.
- Concentrating on space rather than improvising the brand.
- Lack of conceptual clarity.
- Over hiring of employers.
- His young age and popularity gained him attention and opportunities.
- His unique approach that gained him success.
- Growing demand and no international competitors at that time.
- His idea of providing budget accommodation to people.
- Convincing Venture Capitalists to start the initial investments.
- He kept the parent company at stake which he might have lost in case of failures.
- Growing concerns about safe stay at OYO rooms and hotels especially, for the women.
- Increasing competition in the flouring market.
Whatever may be the strengths and weaknesses, the ability to convert the threats to opportunities determines the real strength of a person.
- Take advantage of the Opportunities through its Strengths.
- Stay strong against the Threats through its Strengths.
- Improve Weaknesses by taking advantage of Opportunities.
- Work to eliminate Weaknesses to avoid Threats.