Assignment #3: Using SWOT Analysis to Evaluate Entrepreneurial Opportunity Instruction: Read the case background and answer the process questions given below. Analyze the Information provided below and use it to establish your recommendations. Draw your own SWOT analysis base on your personal perspective and your new venture idea. Note: You can either directly edit this file or submit your own file in Google Classroom. Do not forget to write your name, grade and section. Background One way to evaluate a business idea is to prepare a SWOT analysis (Figure 5.9). Note that strengths and weaknesses are internal to the entrepreneur, while opportunities and threats are external factors. Strengths are capabilities and advantages of the entrepreneur, including education, experience, and personal or professional contacts. Weaknesses are disadvantages of the entrepreneur, which could include lack of knowledge or experience. Opportunities are positive events that the entrepreneur can develop to his or her benefit. This could include development of new technologies, changes in consumer tastes and preferences, market growth, and new laws and regulations. Threats can be anything that could potentially harm the business or prevent the business from becoming successful such as competition, negative changes in economic conditions, and new laws or regulations. Education Disadvantages • Experience Professional • Problem areas W network Strengths Weaknesses Threats Opportunities Technology • Competition Market growth Market •Consumer needs shrinkage Figure 5.9 A SWOT analysis can be used to identify the strengths, weaknesses, opportunities, and threats of a potential entrepreneurial opportunity. (attribution: Copyright Rice University, OpenStax, under CC BY 4.0 license) Process Questions: If you were starting a new business venture, what strengths would you be able to leverage to help your business be successful? Provide some examples of personal or professional weaknesses an entrepreneur might face when starting a new business. Discuss three occurring events such as new laws and regulations, changes in consumer tastes and preferences, or developing new technologies that could provide business opportunity for a new business venture.