new business module

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42 BUSINESS SKILLS example in a vocational training programme. They should plan for the time required. Other ways to develop capabilities are: • seek help from others (e.g. family, friends, other business people, support services); • observe others doing business and try to learn from them; • attend training programmes on business-related subjects; • hire a skilled person permanently or an advisor temporarily; • consult the literature (manuals and books; the ICRC can refer you to suitable documents).
Session 3: How to assess a business idea This session discusses the importance of analysing a business idea and provides participants with a simple tool that can help them analyse their business idea. They will apply the tool in a simple case study. This example will serve as a reference when they apply the tool to their own business idea. DEFINING AND ASSESSING A BUSINESS IDEA 43 3.1 Introduction to SWOT analyses Once the business idea has been defined, it is time to subject it to a first analysis and see if it is competitive and potentially profitable. One way of doing this is to assess the strengths and weaknesses of the business idea and the opportunities and threats of the business environment. This approach is known as the SWOT analysis. By specifying the business idea’s objective, the entrepreneur identifies the internal and external factors that are favourable and unfavourable to achieving that objective. These factors are commonly depicted in a 2x2 matrix consisting of the four quadrants Strengths, Weaknesses, Opportunities and Threats. SWOT ANALYSIS - ILLUSTRATION (see Hand-out 17) Favourable / Helpful Unfavourable / Harmful Internal factors STRENGTHS (positive factors on which to capitalize) WEAKNESSES (negative factors to be eliminated) External factors OPPORTUNITIES (to seize) THREATS (to avoid/to take into account) To determine the strengths and weaknesses of a future business, entrepreneurs need to look at the factors making up their business idea and at their personal situation. These are the factors that they can control – hence internal factors. Strengths are positive factors increasing the chances of success and on
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100 BUSINESS SKILLS Hussein Al Sead
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102 BUSINESS SKILLS Once entreprene
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104 BUSINESS SKILLS recurring expen
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106 BUSINESS SKILLS expenses of run
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108 BUSINESS SKILLS Session 3: Sour
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110 BUSINESS SKILLS Homework Estima
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MODULE 7: KEEPING RECORDS AND MANAG
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126 BUSINESS SKILLS Zelimkhan Mesto
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128 BUSINESS SKILLS Module 8 presen
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130 BUSINESS SKILLS LIST OF REFEREN
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132 BUSINESS SKILLS Organization wi
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