The first basic fundamentals that are taught in business school is SWOT (Strength, Weakness, Opportunity, Threat) Analysis. The main objective of this analysis is to get the snapshot of the stakeholders which helps to answer the question “What” and directs to the question “How”; an example can be “What will be my next quarter marketing plan” which will redirect to the question “How we are going to achieve our quarterly marketing plan”. In short it helps the company to understand the self-potential as well as the outside market.
We are so much engaged in handling professional world that we forget to analyze our own self. We can apply SWOT to the lives of the people as well. It’s always better to prepare for the future circumstances rather than messing at the critical situation. SWOT can help you understand better and help you excel yourself.
Let’s take an example of an individual who is preparing for self-SWOT Analysis. The individual “A” is good at talking to people.
Strength-It is important to understand the strength of oneself and work towards the opportunities that can help to move forward in life. “A” has understood the potential of talking with different people. Communication is important in business as well as personal life. “A” should evaluate his strength and analyse what are the features of his strength of speech.
Weakness- It is always recommended that one should check the weaknesses of oneself. One needs to check and understand their own self so that the horizon of improvement increases.“A” has understood that public speaking is the weakness which pulls him in conducting team meetings. “A” has to do self-analysis to understand the fear of public speaking.
Opportunities- The only constant thing which runs our life is change. Every individual should look at the available opportunities and optimize self-potential which would add value to individual as well as the stakeholder associated with oneself. “A” understands his strength and helps the sales team communicate with the customer.
Threats- One should prepare for unexpected situation. Threats are possibilities which might occur. So understanding and preparing for the threat will always put the individual on the front. The management would find “A” would find that he would not perform team meetings and would channelize the opportunity to another individual. So “A” has to make plans for self-improvisation as soon as possible.
The above example is just one instance of SWOT Analysis. Managing our life and prepare for the worse is the road for a happy life.
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