What Does SWOT Analysis Mean?
To achieve success, many companies develop various beneficial strategies to eliminate competition and improve their own operations. In this context, SWOT analysis is used.
It allows the evaluation of internal and external influencing factors of a company, as well as its market position in relation to competitors, with the aim of highlighting strengths and weaknesses in relation to opportunities and threats present at a given time in the market. Moreover, in business, this analysis is particularly used when certain decisions regarding the future of the business need to be made.
An acronym for Strengths, Weaknesses, Opportunities, Threats, SWOT analysis is a method for evaluating strengths, weaknesses, opportunities, and threats—a strategic planning technique that can be used both professionally and personally.
How to Do a Personal SWOT Analysis?
A personal SWOT analysis is a version of the original method primarily used by companies, now applied to self-assessment. To carry out a personal SWOT analysis, each individual must set their professional goals and desires.
Once these aspects are established, it is important for the person to know themselves, and this process can be easily done using the SWOT analysis.
Thus, to better understand the process of conducting the personal analysis mentioned, we will explain each component in turn.
- Strengths – strong points
The analysis of strengths consists of identifying a person’s qualities and the skills that set them apart from others.
Examples of questions to identify strengths include:
- What professional qualities recommend you?
- What organizational skills do you have?
- How many projects have you completed?
- What qualities have people around you appreciated?
2. Weaknesses – weak points
Even though weaknesses are not easy to admit, it is necessary to reflect on what needs to be changed or improved. Weaknesses can be improved easily once identified.
Examples of questions to identify weaknesses:
- What do you think needs to be improved in how you respond to various situations?
- Do you have habits that might affect your performance?
3. Opportunities – opportunities
This refers to the ability to identify new opportunities that arise during each stage of personal development.
Questions that help assess opportunities include:
- What could happen in the near future?
- What can contribute to your personal growth?
4. Threats – threats
Threats are potential future situations that may arise along the way—barriers that must be overcome to achieve desired success.
Examples of questions to evaluate threats:
- What might arise during the plan that could affect your final goal?
- What obstacles prevent you from achieving your goals?
Example of Personal SWOT Analysis
Whether it’s about a company or an individual, SWOT analysis is important, as it is a tool that offers a new perspective on the internal environment/person and the external environment as well.
An example of a personal SWOT analysis could be the following:
- Strengths
- Reliability;
- Punctuality;
- Proper emotion management.
2. Weaknesses
- Lack of professional experience;
- Emotional sensitivity;
- Failure to follow rules.
3. Opportunities
- Possibility to attend various courses;
- Opportunity for promotion at work.
4. Threats
- Competition from individuals with more complex CVs;
- Environmental uncertainty;
- Economic changes.