For those of us who have pleasantly put this tool in the far reaches of our minds when we jettisoned ourselves from the corporate jungle, the SWOT approach looks like this:
I always take the approach of question EVERYTHING- so here goes...
As an entrepreneur, you figure out pretty darn fast that your strengths are also your weaknesses- it just depends on what side of the coin that you are on.
Same goes for your opportunities. You are naturally a risk taker so the deemed threat is typically seen as an opportunity. Oh to hell with it- be the badass that you are. "Damn the torpedoes. Full speed ahead!".
Well hang on there for just one more minute. Let's take a quick look again. This time, answer these fill in the blanks with the very first thing that pops in your head.
1. My business' strengths are______ and ________.
2. _________ is the weakness, or gap, that currently exists in my business.
3. The opportunity that I see for my business is _________.
4. I can see ________ as a potential barrier.
Sometimes, we need to disassociate ourselves from our businesses to see what is it its' best interest. And sometimes we go through the SWOT analysis and still go with our gut despite all the reasons not to. That's when our ability to sprout wings after jumping off of a cliff comes in. At least after we see what the potential threats or barriers are, we know when to take a sharp turn left or right while flying.
Just whatever you do, don't get stuck in the trees trying to analyze it so much that you never leave the ground.