Rural entrepreneurship in Wales
Rural entrepreneurship in Wales

Start this free course now. Just create an account and sign in. Enrol and complete the course for a free statement of participation or digital badge if available.

Free course

Rural entrepreneurship in Wales

4.5 SWOT analysis

Now that you have spent some time analysing your potential business, it is a good time to pull together your strengths, weaknesses, opportunities and threats (SWOT).

You will find that strengths and weaknesses come predominantly from the internal environment, i.e. things to do with the internal workings of the company. Opportunities and threats frequently arise from what is happening outside the company. Pulling together everything you know about your company both internally and externally is very useful. It informs strategy and guides day-to-day operations too.

A SWOT analysis usually comprises a series of points under each heading and behind each point you write will be a great deal of analysis that has informed your view. Include only the most important points – that is, those that will have the greatest impact on strategies and programmes of activities that are developed. Clearly the internal points, the strengths and weaknesses, are easier to influence and control as they occur within the business.

Consider the value cycle in the last subsection as you complete your analysis. Examine the process for strengths and weaknesses. Look at opportunities and threats in the context of such a process as well.

Opportunities and threats generally occur outside the business. They cannot necessarily be changed or influenced by the business or the business owner – certainly not in the short term.

It is better to have a few well-informed and pertinent points than a long, superficial list in your SWOT analysis. It is also important to consider all the points together, as they may be interlinked and interactive.

Described image
Figure 21 SWOT analysis categories 

Take your learning further

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.

If you are new to University-level study, we offer two introductory routes to our qualifications. You could either choose to start with an Access module, or a module which allows you to count your previous learning towards an Open University qualification. Read our guide on Where to take your learning next for more information.

Not ready for formal University study? Then browse over 1000 free courses on OpenLearn and sign up to our newsletter to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus371