SWOT

• What is the purpose of SWOT analysis?

  To evaluate the strengths, weaknesses, opportunities, and threats of a business.
• Why is it important to be realistic about strengths and weaknesses in SWOT analysis?

  Being realistic helps in accurately assessing the business's current position.
• What should SWOT analysis distinguish between?

  Where the business is today and where it could be in the future.
• What is a key characteristic of a good SWOT analysis?

  It should always be specific and avoid grey areas.
• In relation to what should SWOT analysis be applied?

  In relation to competition, assessing whether the business is better or worse than competitors.
• What is advised regarding the length and complexity of a SWOT analysis?

  Keep it short and simple, avoiding complexity and over-analysis.
• What is a subjective aspect of SWOT analysis?

  SWOT analysis is subjective, meaning it can be influenced by personal opinions.
• Why do entrepreneurs respond hurriedly to new trends and issues?

  Because people keep searching for new things, trends, and issues.
• What happens as generations come and go in terms of business trends?

  Another set of new trends will come or will exist.
• What must existing industries do to adapt to rapid changes in the business environment?

  They need to improve their products and services.
• What are the three main sets of decisions an entrepreneur needs to make to generate business ideas?

  • What to produce
  • How to produce
  • How to share or sell the product to the market