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SWOT Analysis Gr 8 IEB
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SWOT ANALYSISSWOT (part of the business plan) – acronym for
Strengths, Weaknesses in a business and the
Opportunities and Threats it faces. A tool a
businesses will use to carry out an analysis of all
possible internal and external factors that might
impact the operations of the business and
subsequently its potential to succeed, before
implementing any plan. It helps then to think
clearly and realistically about what the business
can and can not do/achieve.
SWOT ANALYSIS
Strengths and Weaknesses: refer to the internal capacity of the business-(eg. skills
and expertise of the workers and those who run the business, money ,
equipment it has or does not have, where it is situated, safety of the
neighbourhood/location and any other factors within the business that the
entrepreneur has control over. Identify strengths and build on them, find
solutions to weaknesses and threats to the business.
Opportunities and Threats – factors over which the entrepreneur has no or less
control over such as competitors, an increase in the price of fuel, new tax and
new labour laws may be passed by the government that offer positive
possibilities to a business. Find opportunities and take advantage of them.
Source: Garnett-Bennett, G et al. (2012) Economic and Management Sciences Grade 9. Viva Publishers:Florida Hills
pg 162-164
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