SWOT Analysis

Greetings delegates!


BMUN is just around the corner, so I wanted to revisit the pinnacle outcome of the committee: your businesses!


Creating your own business ideas and crafting pitches could definitely be intimidating, but not to worry, in this blog post, I'll go further into a good starting point to make sure that you'll put your best foot forward in turning the creative business ideas you have into a great pitch. 


The SWOT analysis is a great way to organize the fundamentals of your businesses:

S - Strengths

  • What would your business do well?
  • What makes your business unique and what sets you apart from your competitors?
    • What facet of the problem is your business able to address that most of the companies in the market do not?
    • What features of your business and product are innovative and new?
  • Internal Resources
    • Skilled and knowledgable staff
  • Tangible Assets
    • Intellectual Property
    • Capital Proprietary Technologies
    • Access to certain equipment

W - Weaknesses

  • What would your business lack?
    • Funding & capital investment
    • Would it take a long time to establish your business?
  • What would your competitors do better than you?
  • Limitations to your resources
  • Unclear unique selling proportion 

O - Opportunities

  • Underserved markets for your specific business
  • Few competitors in your target area
  • Emerging need for your products or services
  • Potential press / media coverage of your business

T - Threats

  • Potential emerging competitors 
  • Changing regulatory environment
  • Negative press / media coverage
  • Changing customer attitudes toward your business 


When crafting your pitches, refer back to your SWOT analysis and make sure to include ways you can address the weaknesses and the threats to your business. It will really help transform your ideas into comprehensive business pitches. 


Remember that we are here to answer any questions you may have along the way! Comment below or email us at bvc72@bmun.org.


Best,

Nadine Kei Inara

BVC, BMUN 72

Comments

  1. AdunolaMarch 4, 2024 at 4:15 PM

    Thank you so much, I will definitely keep this organizational method in mind!

    ReplyDelete

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