Business and Management Dictionary
As defined by the dictionary,” Goal is the purpose toward which endeavor is directed. ” It is an end of one’s journey through life or the finish line of the race. Like in a project or a business venture, one must have the goal so that he can pick the best and strategic planning tool to be used through it. There’re so many strategies one can use in achieving his objective, however, SWOT Analysis had gone a long way in helping businesses (small or big) be more fulfilled. It’s easy to deal with as long as he can define the terms: STRENGTH, WEAKNESSES, OPPORTUNITY, THREATS, and can reach to a desired end state or objective.
As defined in a Business and Management Dictionary: Strengths are the attribute of the organization that are helpful to achieving the objective. One’s personal power that is capable of attaining the purpose of his desired outcome while putting his hands on a risk. Weaknesses are the attribute of the organization that are harmful to achieving the objective. It makes one’s control of the plan be disabled if it can penetrate the whole idea of the venture. This may go further if he cannot design better-technique from overcoming it.
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It is an attitude most human possesses as defect, but he can choose not to be too overwhelmed by its attack by controlling all his ideas and perform excellent processes to go with the strength of his venture. Opportunities are the external conditions that are helpful to achieving the objective. In this strategy, identifying subsequent steps makes the techniques be planned well. If one can see the opportunity passing by his way, to accommodate it is neither a crime nor a waste of time. It’s a good requirement in making the venture be more visible and successful. It may just be an experience or a total shot for the business.
He wouldn’t regret by not taking it because he can actually grab and use it as an asset for his goal. Threats are the external conditions that are harmful to achieving the objective. This can be an indication of an impending danger of growing project or business. However, he can manage and ensure that this condition would be solved, avoid from failing and won’t affect any of his strong foundation if he can be too determined, willing to do all the necessary steps and risks he has at the start of his journey. Of course, better characteristics in every way his business and life go doubles up the result, to a better and effective performance.
Being in a business or any venture is a very risky yet challenging endeavor a man can experience through life. Like life, if we would not, should not, could not give our best shot to it, then we may fail. By this, the hardships, sweats, tears, and blood we just invested in winning the race will just be all gone. It may be re-established, be successful as any other big companies in the world this time only if we can be stronger, more knowledgeable and willing to incorporate more on the strategic planning model of the SWOT Analysis. Besides, ‘LIFE IS SWEETER THE SECOND TIME AROUND. ’
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Business and Management Dictionary. (2016, Aug 09). Retrieved from https://phdessay.com/business-and-management-dictionary/
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