Title: Identify potential crises that may occur in a business and appropriate responses, using SWOT analysis.
Course: Entrepreneurship, Advanced (12053-II) > Section: Maintaining an Entrepreneurial Business

Identification should include preparing for potential crises through the use of a SWOT analysis, which focuses on the following:

- Internal strengths—entrepreneurial ability and contacts
- Internal weaknesses—results of lack of money, training, time, experience
- External opportunity—luck, creative advantages to get ahead of competition
- External threats—anything that might be bad for business (e.g., competitors, legal problems)

Process/Skill Questions:

- What are the benefits of performing a SWOT analysis?
- What are some potential crises that threaten a business?
- What resources are available to assist in crisis resolution?
- Why would it be helpful to perform a SWOT analysis of one's competitors?
- Why is the SWOT analysis an important part of the marketing plan?
- How can a SWOT analysis be used to strengthen a business idea?
- How can a SWOT analysis be used to improve a product/service?
- How can an entrepreneur use a SWOT analysis to gain market share from a competition?
- How can an entrepreneur use a SWOT analysis to determine growth areas for a new business venture?
- Why is it important to identify risks and include them in the business plan?