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After conducting a similar analysis, you will be able to make a final decision on your business project with peace of mind. This will not be an easy task. It will require you to be very objective and distance yourself from your own business idea. First of all, you need to think about the characteristics of your venture – whether they are positive or negative compared to your competitors. He can use as a set of such qualities what he
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The name SWOT comes from the English words S – strengths, W – weaknesses, O – opportunities and T – threats, meaning strengths, weaknesses, opportunities and threats. When deciding how to start your business, you should conduct the final analysis precisely in these four variations, that is, according to factors: From such a division, a table of 4 boxes is formed, containing the following combination of these four criteria: SWOT analysis is very often used by well-known companies in the
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Author: Florian Wierzchowski To find out about the situation of your potential counterparty, you have a whole spectrum of possibilities and means at your disposal. From white intelligence – simple, free, publicly available data – to business intelligence, which will provide detailed albeit paid information. I will discuss a few of these below. The first, although not obvious to many entrepreneurs, method of verifying our counterparty’s situation is to ask them directly for their own information on their current financial
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Author: Florian Wierzchowski When you run a business, you establish relationships with many market participants. You sell products and services, but you also buy them. Sometimes you enter into long-term cooperation contracts that shape complex mutual obligations. Does it matter who you sell to and who you buy from? Is it relevant with whom you enter into cooperation? It’s even very relevant in most cases, and in the next few sentences I’ll explain why. Let’s first assume that your perspective
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A week ago I described what questions a company’s vision statement should answer, and then what a company’s mission statement is – it should contain statements that condition a company’s credibility, at least in theory to be verified by customers or the environment. Today, I will show you 3 principles to follow if you want to formulate a mission statement that you can understand yourself and that will help you in the months or years to come in business. First,
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