Before starting up a small business, you need to at least be reasonably sure of your investment.
The best way to do this would be a careful analysis of every factor in the business.
But what factors should you take a look at? Which things would affect the success of your businesses? There are actually 4 areas you need to analyze: 1) Strengths - the strengths of starting up a small business are those factors within a company that will work to ensure its success.
Strengths include various resources as well as characteristics that can be utilized to make profit.
Strengths also include your own skill, ingenuity and intelligence -things within yourself that you can draw from for use.
2) Weaknesses - these factors are the opposite of strengths.
You need to look carefully inside what happens when starting up to see if there are certain things about it that could lead to its downfall.
Take a look at your personal characteristics, evaluate your business plan and always take into account the fact that starting up a small business have weaknesses.
3) Opportunities - while strengths represent internal characteristics that will you decide wisely the actions to take when starting up a small business, opportunities represent external factors that might be used to do the same.
The thing about opportunities is that you can't control them -all you can do is grab each opportunity while it's available.
4) Threats - these are also external factors, but they are ones which could potentially harm you when starting up a small business.
As with opportunities, you can't control threats, but you can affect the way your enterprise reacts to them.
By using what valuables you control, you can react in such a way that the threat is nullified.