IDENTIFICATION AND HARNESSING OF SWOT

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You might be wondering what the word SWOT means. It is an acronym which stands for;
S = Strengths
W = Weaknesses
O = Opportunities
T = Threats

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For an entrepreneur to become rich and own vast wealth, he/she has to exercise some level of frugality and discipline. Moreso, many people become very excited, easily tempted and regrettably reckless at the first sight of cash-in-hand.
And instantly; a good portion of the money is spent on trivialities or unimportant matters. And in no distants time, they become penny-wise, pound foolish

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Therefore, it is pertinent to observe here that for an entrepreneur to succeed in business activities, he/she must analyze SWOT. He must identify his/her strengths, weaknesses, opportunities and threats in the planned business and address them.

• Strengths : In the area of strengths, the entrepreneur must consider his wealth of experience in the sector/industries, managerial competence, location of the enterprise, security, goods and quality product services.
• Weaknesses : In this area, the entrepreneur should consider things that would retard the growth and development of his/her busines. such as poor quality of goods and services, high mortality rates, inadequate funding fluctuation of prices, erratic power supply etc
• Opportunities : The entrepreneur has to consider these; supply gaps, expanding market, high demands of product/services. good/quality products, creating job opportunities. etc
• Threats : The entrepreneur should consider these as some of his/her threats; outbreak of diseases, goverment policy, close competitors, religious implications etc

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