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3

Business Position and Competitive Advantage

Before we explore who your competitors might be and their position in your industry and marketplace, let’s explore the strengths and weaknesses of your business. This information, combined with your competitor research, will help you to understand your business position and competitive advantage better.

For this exercise you will be conducting a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) on your business. Information is power so make sure to work through this exercise.

 

 

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Reality Check

Watch the following video on the purpose of a SWOT analysis and how to conduct one.

 

 

 

Activity

Fill out the following SWOT analysis worksheet being as honest as you can. Successful entrepreneurs know their strengths, relative position and advantages, and they also know where they need to improve or ask for support. We can’t be 100% strong but we can leverage our best assets.