If you’ve ever taken a business class or if you’re involved with strategic market planning, you’ve likely heard of a SWOT analysis. It’s a versatile tool that is commonly used to identify niches in the market. However, it can equally be applied to personal decisions too.
A SWOT analysis requires you to examine a project or decision in terms of four different areas: Strengths, Weaknesses, Opportunities, and Threats. By considering these characteristics, you can uncover whether your decision will help or hinder your position in the future.
The first step is to do a personal evaluation. You might ask yourself: Where do I really shine? What are my flaws? These are vital questions may not be easy to answer. However, they will provide valuable insight into strengths that should be maximized as well as weaknesses should be managed or avoided. This internal work can be difficult, but the payoff will be worth it!
After you’ve done some introspection, take a look at the world around you. It’s your external environment where you’ll begin to piece together opportunities and threats. For example, let’s say your considering a career change. Is there job growth in a particular sector? Why? How competitive would it be to enter this field? What training is required? Quick questions like these can help focus where opportunities lie. Likewise, threats or obstacles that stand in your way are better identified sooner rather than later.
Once you’ve done your SWOT evaluation, you’ll begin to see your personal advantages. Do you have a personal strength that can overcome a threat? Insight like this can provide illuminate a unique and advantageous position.
By investing in a personal SWOT analysis, you will maximize your path forward in life. You will gain clarity and your potential for success will be unlimited!
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It’s your move. Make it a great one!