SWOT is an acronym for strengths, weaknesses, opportunities, and threats. Analyzing these four factors gives a clear picture of the trends in the marketplace you can capitalize on, and potential threats to minimize, while considering the internal strengths and weakness of your business.
The SWOT analysis provides a snapshot of your business within the current market situation. Once you craft your SWOT, you can use it to determine what areas of your idea need to be researched, strengthened, or changed.
The four SWOT factors are divided into two parts, internal and external. Internal means within your control; external means outside of your control.
Strengths and weakness are internal to your organization. Things within your control ...