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7. Challenge assumptions
Completing a SWOT analysis requires everyone involved to be honest and
respond to questions objectively. This may help you gain a more accurate
perspective of the organization and its competitors. As a result, the
organization's current success and potential to grow may be more apparent.
➢Strengths:
1. Technical Expertise: Your engineering background provides you
with in-depth technical knowledge and problem-solving skills that
can be a strong foundation for your business.
2. Passion and Interest: Your genuine interest and passion for your
field can drive your commitment and dedication to the business.
3. Access to University Resources: As a student, you may have access
to university facilities, mentors, and research resources that can be
leveraged for your business.
4. Low Overheads: Being in the middle-class, you may have a lower
cost of living and fewer financial obligations, making it easier to start
a business with limited initial capital.
5. Networking Opportunities: University life offers chances to
connect with professors, fellow students, and industry professionals,
which can be advantageous for networking.
➢Weaknesses:
1. Limited Capital: You might have limited financial resources, which
can constrain your ability to invest in the business.
2. Lack of Experience: As a student, you may lack practical business
experience, which could pose a challenge in managing the business
effectively.
3. Time Constraints: Balancing your studies with a new business can
be demanding and may impact your academic performance.
4. Market Knowledge: You may have limited knowledge of the market
dynamics, customer preferences, and industry trends.
5. Limited Reputation: Starting from scratch, you may not have a
well-established brand or reputation in the industry.
➢Opportunities:
1. Emerging Technologies: The engineering field is constantly
evolving, and emerging technologies can create opportunities for
innovative products and services.
2. Niche Markets: I found niche markets within my field that i can
target for specialized solutions.
3. Collaborations: Collaborate with professors or industry experts for
research projects, which can lead to commercial opportunities.
4. Internships and Co-ops: Participate in internships or co-op
programs to gain practical experience while building your business.
5. Online Learning and Networking: Utilize online courses, forums,
and social media to enhance your knowledge and expand your
network.
➢Threats:
1. Competition: The engineering field can be highly competitive, with
established companies and startups vying for market share.
2. Economic Uncertainty: Economic downturns can impact consumer
spending and funding opportunities for startups.
3. Regulations and Compliance: The engineering field often involves
complex regulations and compliance requirements that can be
challenging to navigate.
4. Rapid Technological Changes: Technological obsolescence is a
constant threat, and staying updated can be resource-intensive.
5. Intellectual Property Risks: Protecting your innovations and
intellectual property from theft or infringement is essential.
TEACHERS SIGN………………………….