SWOT in Personal Life - Handling My Weaknesses and Threats - Essay Example

Introduction SWOT analysis is key to strategic planning and it is used to evaluate the strengths, weaknesses, opportunities and the threats involved in a business, a project and even individuals. It is subject to identification of the internal factors and the internal factors that work to favour or against the set objectives. This is a technique that was advanced by Albert Humphrey after a survey of the fortune 500 companies. SWOT analysis can only be done after defining the end of state or objectives. This has been done to observe the viability of strategic planning models. When it is used in a business field, it can help you design a sustainable environment of the market. However, when applied on a personal context, it can be to mean developing a career in a way that suits your advantage according to your talents. Swot analysis can be used as an ice breaker in strategic planning. It enables you to identify the internal factors, which are the strength and the weaknesses of the business, and also the external factors which are the threats and opportunities that you are likely to encounter. Strengths Strengths look at the advantages threat both you and the company would likely be possessing that can be capitalised for the advantage of both you and the business. It also ensures that you easily understand you perfected areas that other people do not understand and how that can be a window of opportunity against competition. This will not matter whether they are high cost resources or the high cost resources so long as they all lead to successful business establishment. It can be better if a personalised survey can be conducted to find out how many people one can be able to give you your own strengths. After the research finding has been obtained, one is now justified to explain clearly without bias that he has a listed number of admissible strengths that can work best for him. SWOT has been the key element in the design of the unique selling proposition. This will work well for both an individual business venture and the public policies. All this should be realistic; they can be done and fulfilled. Weaknesses Weaknesses on the other end helps to tell what one can be able to improve from the weak point of view to strength. Special precaution should be focussed on what to avoid people actually seeing the m as weaknesses to your business. The people will also be able to tell you what exactly what makes you business loose sales. When this is approached from an internal and external perspective, it makes the weaknesses be very clear to you especially those that are able to identify by other people. All this need to judge from a clear point of view with honesty and sincerity. It is again that time that one has to face the truth and these calls for being realistic whether for a business proposal or swot for a business venture. This is the other internal factor that serves for you good. Opportunities. The main target for any project is the cheap but quality development so that the other projects can also be incorporated. While for a company, one can be able to tell that there is something that we can use to develop the business to grow to the next level of business. This could be the growth of business share such as the internet, or mergers or joint ventures that are also termed as strategic alliances. This may also be considered in moving into markets segments that offer improved profits as this is the goal for any business. Special emphasis is always taken note of especially if it involves movement into foreign international markets. Another factor for SWOT may be to venture into the market of the vacated ineffective market originally held by an in effective competitor. Threats A threat could be a competitor in your home market possibly supplying the same products as you do. ‘This may feature in the name of price wars with the competitors or if the competitor has most current, innovative product or service’ (Richter & Pahl, 2009, pp 57). Some may have very superior channels of distribution. All this strengths, weaknesses, opportunities and threats need to be kept realistic. It should be the role of the SWOT to distinguish between your current business and where your business will be in the future. The SWOT need to address specific areas and not just produce vague ideas that won’t stand to be tested. This should be short, brief and simple, complex analysis and over analysis should not be used. It is imperative to be very particular to everything you address because the SWOT is usually very subjective. It is not only an independent tool but should also be compatible with other analysis tools such as PEST analysis, the five forces analysis. It is not only easy to understand and read but also very easy to interprete. SWOT in personal life In life, you are most likely to succeed if you explore your talents to the fullest. You will also find you have very few problems if you understand your problems very well. Your strengths make you a uniquely powerful individual. With very little thought you can uncover many opportunities that you may have never discovered. My perfect strength includes personality profile that has always worked to my favour. I have a very convincing tongue and well positioned to negotiate deals and have the winning side. I have the merit to make well calculated decisions based to the fact that I am well educated in the same line as my interest. I have some links that are likely to offer me connection for better deals in negotiating my life time choices. I am also person who prefer reading and I am always in touch with my books researching on the internet to find out on new opportunities and life time ventures and that makes me more informed when it comes to analysing situations before making commitment. My boss always sees me as somebody who is confident, reliable, aggressive and a team player and builder. I have always learned to be independent minded and as well be able to ask for proper advice when in a problem. My most proud achievement in life is the day I started seeing myself as successful individual, it has always spurred my optimism to succeed in any of my under takings. I believe strongly on positive mindedness and that always make me see possibilities and not the inabilities and that is what most people do not exhibit. Handling my weaknesses and threats I however usually take very lightly on matters that deal with personal over expression especially when in dialogue with a person who happen to be only interested in listening. I love an interactive dialogue and people are likely to mistake my personality as a loose talker. I am also quite confident with my education; however, I will need to advance to pursue my masters that will help me sharpen my marketing and leadership skills. I also have the habit of being too focussed on anything I undertake and that at times has always worked out as pressure on me. I have to admit that very good opportunities stand on my way. I am savvy when it comes to computers and this will enable me to handle most of the things appropriately. I have a network of people I know and who I can reliably advice and link me to my potential employers. Many companies always take in very competent individuals and I believe I have earned that title because I have reliably been able to serve them aggressively. I also attend to so many conferences and educational classes that enable me make new advance to perfect my interest. This has worked enabled me to really learn to net work with the people who really matter in my line of interest. Maximizing my strength and opportunities The only obstacles that I encounter are that I don’t have that money that could be used to finance all my endeavours when it comes to personal developments. I also at times become a spend thrift and especially when I feel I have excess money. I like going out to enjoy myself and I may at times loose the consciousness. Yes, I have a plan to reduce all my weaknesses. I am already trying to exert some effort to see to it that I change all my weakness to be my strengths. I am really reading a lot to do with planning and management because I want to grow up as a wise planner, and manager of my life and other associated responsibilities. I also have a plan to reduce the number of outing that involve spending most of my money and instead substitute it with creative ideas of developing my future business interests and also enhance my creativity. Albeit, social aspects of life are very necessary, they must also be regulated and controlled to permissible levels. Over expressing myself when in dialogue has been a little difficult to manage but I have to reduce discussing personal matters as this is likely to expose my inadequacies that may come to act to my disadvantage later on in life. My good personality has always enabled me to be seen as a diplomat. I easily get along with everybody easily and that has enabled me to gain net works of people I can always rely on. I am working very hard to make sure I maintain my personality as this will also enable. My convincing power has enabled me to convince negotiate deals and is therefore a very important asset; I am perfecting my art of communication. The internet has always been my source of information. I practice a lot to maintain and perfect my skills. My level of education has always enabled me to put into practice the theoretical aspect to life application which has always worked on my side. Reference list Richter, A and Pahl, N. (2009). SWOT Analysis - Idea, Methodology and a Practical. GRIN Verlag: Boston. Read More