Drop it Like It's SWOT
Hi! Kathryn here. This month we discuss how to conduct a personal Strengths, Weaknesses, Opportunities, and Threats (SWOT) assessment
Self-assessment is a useful way to help you think through how your personal strengths and weaknesses can impact your business.
If you’re like me, conducting a self assessment from a place of love, not judgment, can be really hard, especially when you’re a builder. I see EVERY flaw and mistake. However, being able to conduct these assessments, on a frequent basis, is key to helping you along your entrepreneurial journey.
I like using the Strengths, Weaknesses, Opportunities, and Threats (SWOT) tool to do my personal assessments. The SWOT tool has been around in some form since the early 1960s and is often used by organizations to assess their competitive strength.
How to Conduct A Personal SWOT
To conduct a SWOT analysis, begin by drawing a square and dividing it into a two-by-two grid.
Label the squares “Strengths,” “Weaknesses,” “Opportunities,” and “Threats.” You will put your response to each of the four areas of the SWOT in their corresponding square. Below is a breakdown of each square.
Strengths (upper left box): What are your helpful characteristics or skills? This could be your strong analytical mind or talent for project management.
Questions to ask yourself as you build out your Strengths section:
What are my top three strengths?
What activities make me feel empowered?
Review past job reviews or feedback. What do others say are my strengths?
Weaknesses (upper right box): What do you find difficult that might hold you back? Maybe you struggle with time management or have a lack of knowledge of financial analysis.
Questions to ask yourself as you build out your Weaknesses section:
What are situations that make me feel insecure?
Review past job reviews or feedback. What do others say are my areas for improvement?
What are my negative work habits?
Opportunities (bottom left box): The bottom left box is where you list external things that are helpful to you. This could be your school’s active alumni network (potential customers!) or free networking events through your relevant professional organization.
Questions to ask yourself as you build out your Opportunities section:
What aspects of my company motivate me?
Do I have or can I develop a strategic network to help me build my company?
What industries or areas do I have unique insight into?
Are there any family connections that might help me build my company?
Threats (bottom right box): These are external things that could present challenges to you. For example, childcare problems or lack of flexibility at your nine to five can create roadblocks to your ability to build your startup.
Questions to ask yourself as you build out your Threats section:
Are there any personal or family challenges that may make it difficult for me to build my company?
What weaknesses do my threats expose?
What strengths do my threats expose?
For more wisdom on building your business, be sure to check out my bestselling book, Build the Damn Thing, on Amazon!
Remember, this is a living document. You’ll be learning and doing so much on the journey towards building your own business that all of these categories can change rapidly. Make sure to pull out your SWOT analysis every few months and update it for the latest iteration of you.
Get Build the Damn Thing Podcast in Your Ears Now!
Build The Damn Thing podcast, based on my bestselling book, is on Apple Podcasts, Audible, and Spotify! Season 3 is available now. Check out the How to Mentally Prepare for Entrepreneurship from Season 2 for tips on how to get your mind ready to build your own damn thing.
In next month’s newsletter, we’ll discuss how to create your own personal advisory board. And remember…Keep Building the Damn Thing!
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