What is SWOT Analysis? And why do we need it?
SWOT Analysis is nothing but a technique using which you can easily analyse your strengths, weaknesses, opportunities and threats. But that still does not answer the question of why do we need to study it? SWOT analysis can help an individual understand and evaluate his internal qualities like strengths, his demerits like weaknesses and externals effects of opportunities and threats on them.
This method is essential for an individual to know himself before he goes for an interview or even before he gets promoted. This aids in making an impact on your managers as you are well-aware of your strengths, and weaknesses and hence can easily accept the roles that will suit you. Many professionals like to plan a 5-year career goal, and SWOT analysis is the first stepping stone for it.
SWOT analysis mainly comprises two elements – the internal factors (attributes of the individual) and the external factors (attributes of the environment).
S – Strength (How to capitalize?)
W – Weakness (How to overcome?)
O – Opportunities (How to exploit?)
T – Threats (How to reduce?)
While doing a SWOT analysis on oneself, a person ought to keep in mind that he needs to be rigorous and objective. A person should be able to reel from all perspectives and not only from one viewpoint. Being realistic and specific is one of the crucial parts of SWOT analysis. Below provided is a concise list for beginners:
Use variable and verifiable facts without any fiction.
Prioritize your goals.
Note your strengths in the direction of your goals.
Always have a pen and paper along with you.
Why SWOT Analysis?
It helps to find your ideal job after graduation or post-graduation.
Helps when you transition to a new job from your current job.
It helps in overcoming weakness.
SWOT Analysis helps to find other roles that are suitable according to your skills.
It also helps in staying ahead of competitors and planning your 5-year career goal.
What are the benefits of a Personal SWOT Analysis?
Identify and enhance your skills, talents and abilities.
Construct a roadmap towards your goals.
Capitalizing on your strengths.
Managing your weaknesses.
Taking advantage of opportunities and grabbing them.
Plan career success, face interviews and appraisals.
Minimizing or eliminating the impact of external threats.
Now that we know why and what are benefits of SWOT Analysis are, we have prepared a brief SWOT questionnaire for you, that will help and guide you in understanding the 4 S W O and T's.
a. What are your strengths?
b. What do you do better than others?
c. What unique capabilities and resources do you possess?
d. What do others perceive as your strengths?
a. What are your weaknesses?
b. What do your competitors do better than you?
c. What can you improve given the current situation?
d. What do others perceive as your weaknesses?
a. What trends or conditions may positively impact you?
b. What opportunities are available to you?
a. What trends or conditions may negatively impact you?
b. What are your competitors doing that may impact you?
c. Do you have solid financial support?
d. What impact do your weaknesses have on the threats to you?
Using this questionnaire, you can easily start with a SWOT analysis and understand the impact that you will have on a company you join or are currently in. Try to list down at least 15 to 20 points under each category to get a better understanding of your skills.