Entrepreneurship-SWOT Analysis

Entrepreneurship is a professional that should be embraced by people. Are you embracing it? Of course, successful people inspire us. They make us believe that we can achieve what they have achieved. They increase our hopes of becoming successful. There are myths about being an entrepreneur, don’t be misled by them. Being an entrepreneur will not make you to take an off whenever you want. I have never heard any successful entrepreneur say that it is easy to be successful in business. Not even Steve Jobs said so! All I hear from these successful entrepreneurs, "be focused, persistence, work hard and have passion." Until you start your entrepreneurship venture is when you realize what it entails to be an entrepreneur. Some of us want to transform our ideas to businesses immediately after graduating from Entrepreneurship Colleges. On the other hand, there are some entrepreneurs who did not complete college. From their college dormitories, they launched their business ideas with the help of their friends. Today, these entrepreneurs have employed many people and are offering internships to college students. Young entrepreneurs face challenges when starting their businesses. You won’t know these challenges until you get started. If you fear failing, then entrepreneurship is not for you. Kindly find something else to do. This is because an entrepreneur is a person who is willing to take risks. He is not afraid of taking risks. Entrepreneurship is all about taking risks. What differentiates between entrepreneurs who are successful from those who aren’t is the occurrence of risks undertaken. Entrepreneurs learn more from their failures than their successes. "I didn't fail I just found a 1000 ways of how NOT to make a light bulb-By Thomas Edison." What is the importance of SWOT (Strength, Weaknesses, Opportunities and Threats) analysis to an entrepreneur? To know the importance of SWOT, let us discuss it in details. 1.) Strengths–As a young entrepreneur who is getting started you should analyze your strengths. What is it that will make you to be ahead of your competitors? How good are you in selling your business idea? Will you be persistence and focused during challenging times? Your strengths will help you to become a success entrepreneur. 2.) Weaknesses–Analyzing your weaknesses will enable you to come up with a strategy of overcoming them. Entrepreneurs make mistakes since they are human beings. No person is perfect, we all have weaknesses but it is upon us to identify them so as to overcome them. As a young entrepreneur, identify your weaknesses and turn them to be your strengths. For example, if you are not good at hiring and managing employees you should hire someone (personnel manager) who is skilled in hiring and managing employees effectively. 3.) Opportunities–As you continue running your entrepreneurship venture you should identity opportunities that arise from it. The opportunities that you will identify will make your business to thrive in the market. 4.) Threats–Scrutinize your business thoroughly in order to identify possible threats. Every business has got threats. If you identify these threats you will be able to prevent them from occurring. Or, you will prepare a contingency plan to take care of them if they occur.