A SWOT analysis comprises strengths, weaknesses, opportunities, and threats. Most simply and easily, SWOT analysis is a crucial technique for every entrepreneur to understand where it stands in terms of these four core aspects of their business and what kind of decisions they should be taking to succeed in the future.🏆
As the name suggests, SWOT analysis has four main elements to it. Once laid out regarding their business, it can help determine their current strengths and weaknesses, prospects and opportunities, and threats that could potentially dampen their plans. The analysis can be vital during a decision-making process, be at the beginning of setting up the business or mid-way through.