Check What You Have Learnt This Week
When you start your business, you bring a number of personal strengths and weaknesses with you; and the business itself also has its own starting list of strengths and weaknesses.
Your challenge is to minimise any weaknesses and build on any strengths – both personal and business.
You’ll use your strengths to take advantage of any opportunities for which you have the resources available and combat any potential threats to your business.
We looked at the importance of creating a competitive edge; the need to develop special capabilities to satisfy your customers’ purchasing wants and needs; and how you’ll need to effectively promote these capabilities in the marketplace.
You also learnt the influence of the SWOT analysis and how it provides you with a clear understanding of those areas in which your online business has opportunities to excel and the challenges it is likely to face.
It’s also been another busy week for Jordan as she starts planning for starting her destination wedding travel business - she’s done some preliminary planning by putting together a Business Canvas Model which she will use to help her develop a full business plan. She’s also considered what type of information she’ll need to include in her business plan and conducted a SWOT analysis to work out the strengths and opportunities that she can build on and the weaknesses and threats that she needs to be aware of and minimise to help successfully launch and run her business.
In the midst of gathering and analysing all this information for her business plan, it’s become clear to Jordan that she needs to set some clear and concrete goals for her business. Follow Jordan’s journey in Week 3 as she sets some SMART goals for her business.
© RMIT University 2017