SWOT Analysis

SWOT Analysis is a techniques which enables one to evaluate Strength, Weakness, Opportunity and Threat of one's own self or of another individual or of an Organization. SWOT is an acronym which stands for Strengths, Weakness, Opportunities and Threats.The technique is credited to Albert Humphrey, who led a research project at Stanford University in the 1960s and 1970s using data from Fortune 500 companies.

S - STRENGTHS
W - WEAKNESSESS
O - OPPORTUNITIES
T - THREATS

SWOT Analysis can be used both in Personal upliftment as well in Business development. For an individual, SWOT Analysis can help in one's career growth during the initial stages of getting a job to sustaining a job. It helps an individual to understand his/her position in the Job market by analysing self before deciding on a career. When a job seeker introspects on his/her job prospects, this analysis of SWOT will enable him/her to understand his/her strengths, which can be highlighted with reference to the specific requirements of the Industry or position, he/she is seeking to join. At the same time, they can also be aware of their weak areas and take all necessary steps to overcome or minimize those points, before putting their best foot forward. It also enables them to understand their own opportunities in their chosen Industry/Sector making maximum utilization of the same. Finally, they can equip themselves with necessary precautionary measures to ensure that they are untouched by the threats. Therefore, it can be said that SWOT Analysis takes best advantage of one's talents, abilities and opportunities.

So, in short it can be said that it can help an individual uncover opportunities and take advantage of the same. And by understanding the weaknesses, one can manage and eliminate threats which can create obstacles on the way towards one's progress.

The analysis can be carried out with little self introspection. As a part of Self Introspection, a set of questions can be answered to arrive at specific conclusions.

Strengths:
1. Do i have the qualification required for this particular position?
2. Do i possess the specific Skills pertaining to the sector i chose?
3. What advantages do i have over other applicants?
4. What can i do better than others?
5. What personal resources do i have access to?
6. What do people see as my strength?
7. What extra quality/ability/ skill/knowledge do i have?
8. Do i have any influential reference?
9. Can i start a conversation with a stranger comfortably? Do i have interpersonal/people skills?
10. Am i willing to work in shifts?
11. Am i ready to relocate?

The list of such questions go endless. One can also start by writing down a list of positive characteristics. This will also help in understanding self better.


Weaknesses:

1. Which areas need improvement?
2. Am i good in Spoken and Written English?
3. Which attitude or behavior needs to be corrected?
4. What should i avoid?
5. Do i have updated subject knowledge?
5. Do i have current awareness?
6. Am i able to participate in Group Discussions confidently?
7. Do i have the correct body language like handshake etc?
8. What do people around me think as my weaknesses?

Opportunities:

1. Changes in technology, markets and Company on a positive side.
2. Changes in Government Policies which will result in positive outcomes.
3. Opportunities of going for further studies in Foreign Universities.
4. Opportunity of starting one's own business set up.
6. Opportunities of self and professional growth.

A very useful approach of looking at opportunities is by looking at one's strengths if these set of strengths open up any kind of opportunity.

Alternatively, looking at weaknesses can open up opportunities by eliminating them.

Threats:

1. Obstacles/hurdles/hindrances are disturbing the way towards progress.
2. Competitors are performing well.
3. Changes in Govt. policies.
4. The sector/Industry is not doing well or the demand is decreasing.
5. Changes in technology creating threat in the competitive job market.
6. Any personal weakness creating serious threat.


SWOT Analysis helps us to focus on our strengths, minimize weaknesses, and take the greatest possible advantage of opportunities available.

SWOT Analysis technique will be useful only when we do it with an objective in mind.