personal-swot-analysis

Personal SWOT Analysis In A Nutshell

The SWOT analysis is commonly used as a strategic planning tool in business. However, it is also well suited for personal use in addressing a specific goal or problem. A personal SWOT analysis helps individuals identify their strengths, weaknesses, opportunities, and threats.

Understanding a personal SWOT analysis

Indeed, individuals can adapt the SWOT analysis to:

  • Assist in personal development and career progression. 
  • Prepare for job interviews.
  • Successfully transition from one industry to another.

Conducting a personal SWOT analysis

When conducting a personal SWOT analysis, the information must be as unbiased as possible. For example, some individuals may overstate their strengths while understating their weaknesses.

Wherever possible, consult friends or colleagues for their opinions. While their opinions can also be biased, this can be counteracted by interviewing as many people as possible and identifying common themes. Independent market research can also be incorporated to further strengthen the integrity of the analysis.

Then, create a SWOT diagram with four boxes. Each box represents:

  • Strengths – what skill set do you bring to the table? Consider your qualifications, experience, achievements, personal skills, and any industry contacts or leads. 
  • Weaknesses – what are your professional bad habits or shortcomings? Do you struggle with public speaking or do you tend to call in sick often? What skills or qualifications are lacking or have expired? In identifying weaknesses, be honest and thorough. Each weakness represents an avenue for potential growth.
  • Opportunities – who are the movers and shakers in your industry and how can you position yourself in front of them? What trends can you foresee? Will these trends create job vacancies?
  • Threats – what are the obstacles you are currently facing? How is your role or broader industry changing? Could automation or increased competition affect your job security? Threats also take the form of ambitious or vocal colleagues who have the potential to outcompete you for promotions.

Determining personal SWOT analysis outcomes

In evaluating the results, there are two popular methods.

The first is matching, where two categories are matched to outline a course of action. Strengths matched with opportunities show you where to seize the moment and be aggressive. Conversely, weaknesses matched with threats identifies vulnerabilities that you should avoid or work on proactively.

The second method involves turning negatives into positives. How can weaknesses be turned into strengths, or threats into opportunities? For example, an extroverted individual who accepts an entry-level position with little human interaction may initially see extroversion as a weakness. However, they identify a sales position within the same company and work aggressively toward being hired for a role where extroversion is a strength.

Personal SWOT analysis examples

Here are a few personal SWOT analysis examples in different contexts.

Business management student

First, consider a business management student who wants to graduate with an MBA and then start a 3D printing company.

Strengths

  • My major strength is the ability to think strategically.
  • I also possess exemplary design skills and am fluent in technical vocabulary.

Weaknesses

  • I am less well-versed in business matters outside of the United States market.
  • My sales and marketing skills could do with some work.
  • I tend to overload myself with work by not delegating it to others.

Opportunities

  • As a woman in business, I have an opportunity to establish myself in the industry by taking advantage of various financial incentives and support.
  • My ability to think creatively and a relatively established professional network may allow me to grow the startup into a profitable enterprise.

Threats

  • The impact of COVID-19 on businesses cannot be ignored and may cause potential employers to rethink their hiring strategies. 
  • Like almost any business in the tech industry, the 3D printing business must constantly stay abreast of innovation and other new developments to remain competitive.

Digital marketing specialist

In the second example, we have a digital marketing specialist who is already established in the industry and looking to increase their clientele list. 

Strengths

  • I’m open to trying new things, exploring new possibilities, and developing new skills.
  • I managed to start (and maintain) a side hustle during the pandemic.
  • With a proud history of volunteering at community events, I possess excellent event planning skills that I could use to develop holistic social media marketing campaigns.
  • I also have the ability to create client websites and develop social media strategy.

Weaknesses

  • As a serial procrastinator, one of my weaknesses is poor time management.
  • I tend to be a perfectionist that is never 100% satisfied with my work, which can also lead to missed deadlines and working for a rate that is below what I’m worth.
  • Perhaps the weakness that needs to be addressed first is my inability to delegate work to others.

Opportunities

  • Since I can speak French, Italian, Portuguese, and English, this may open up opportunities in foreign-speaking markets or for clients who need multilingual digital marketing specialists.
  • With an international network of contacts, there is potential that I could expand my services and work with world universities, charitable organizations, travel companies, and export companies.
  • I could also take advantage of affordable courses on Coursera, for example, to upskill and learn aspects of website coding and design.

Threats

  • The COVID-19 pandemic has benefitted the digital marketing industry as a whole since more people and businesses are interacting online. However, many individuals have been made redundant and are now offering similar services. This has increased the competition for digital marketing specialists.
  • Google’s constant search algorithm updates also pose a threat to my ability to deliver beneficial outcomes for clients.

Key takeaways

  • A personal SWOT analysis identifies areas of growth through the personal reflection of strengths, weaknesses, opportunities, and threats.
  • A personal SWOT analysis relies on unbiased information to be effective. Independent market research and the opinions of friends and colleagues can help offset personal biases.
  • Personal SWOT analysis results can be evaluated by matching two categories to determine where efforts should be directed. Negative attributes can also be turned into positive attributes by considering context and future planning.

Connected Business Frameworks

Porter’s Five Forces

porter-five-forces
Porter’s Five Forces is a model that helps organizations to gain a better understanding of their industries and competition. Published for the first time by Professor Michael Porter in his book “Competitive Strategy” in the 1980s. The model breaks down industries and markets by analyzing them through five forces.

BCG Matrix

bcg-matrix
In the 1970s, Bruce D. Henderson, founder of the Boston Consulting Group, came up with The Product Portfolio (aka BCG Matrix, or Growth-share Matrix), which would look at a successful business product portfolio based on potential growth and market shares. It divided products into four main categories: cash cows, pets (dogs), question marks, and stars.

Balanced Scorecard

balanced-scorecard
First proposed by accounting academic Robert Kaplan, the balanced scorecard is a management system that allows an organization to focus on big-picture strategic goals. The four perspectives of the balanced scorecard include financial, customer, business process, and organizational capacity. From there, according to the balanced scorecard, it’s possible to have a holistic view of the business.

Blue Ocean Strategy 

blue-ocean-strategy
A blue ocean is a strategy where the boundaries of existing markets are redefined, and new uncontested markets are created. At its core, there is value innovation, for which uncontested markets are created, where competition is made irrelevant. And the cost-value trade-off is broken. Thus, companies following a blue ocean strategy offer much more value at a lower cost for the end customers.

Scenario Planning

scenario-planning
Businesses use scenario planning to make assumptions on future events and how their respective business environments may change in response to those future events. Therefore, scenario planning identifies specific uncertainties – or different realities and how they might affect future business operations. Scenario planning attempts at better strategic decision making by avoiding two pitfalls: underprediction, and overprediction.

Ansoff Matrix

ansoff-matrix
You can use the Ansoff Matrix as a strategic framework to understand what growth strategy is more suited based on the market context. Developed by mathematician and business manager Igor Ansoff, it assumes a growth strategy can be derived by whether the market is new or existing, and the product is new or existing.

Comparable Analysis Framework

comparable-company-analysis
A comparable company analysis is a process that enables the identification of similar organizations to be used as a comparison to understand the business and financial performance of the target company. To find comparables you can look at two key profiles: the business and financial profile. From the comparable company analysis it is possible to understand the competitive landscape of the target organization.

Growth Matrix

growth-strategies
In the FourWeekMBA growth matrix, you can apply growth for existing customers by tackling the same problems (gain mode). Or by tackling existing problems, for new customers (expand mode). Or by tackling new problems for existing customers (extend mode). Or perhaps by tackling whole new problems for new customers (reinvent mode).

Revenue Streams Matrix

revenue-streams-model-matrix
In the FourWeekMBA Revenue Streams Matrix, revenue streams are classified according to the kind of interactions the business has with its key customers. The first dimension is the “Frequency” of interaction with the key customer. As the second dimension, there is the “Ownership” of the interaction with the key customer.

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