SWOT Your way to success!!!

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It is not uncommon to see that many people with bright academic records and competency in many other areas  lead a moderately successful life and others who are far behind when compared to the skill quotient doing extraordinarily well in life, making a name for themselves.

Should luck be blamed for this or is there anything else behind this?

Intellect and abilities are not the only factors, the presence or absence of which would make a person a success in his endeavors. How you make use of them makes all the difference.

Visualize a typical business meeting. A discussion, say, regarding the expansion of the business in a new area is being considered. Invariably the decision to go ahead would be taken after thoroughly analyzing the Strengths of the company, its Weaknesses, the Opportunities present and the Threats or limitations associated with the particular proposal.

The analysis of this sort is known as SWOT analysis and is sometimes known as TOWS matrix.

Not only businesses, but individuals can also fruitfully use this technique to plan a suitable strategy for a successful future. 

Identifying your strengths and weaknesses is the first step towards making progress. Bill Gates had a practice of asking his prospective employees to mention their significant failures. He says ‘If you cannot identify your failures you cannot understand the elements of success’.

 In many interviews students are asked to identify their strengths and weaknesses.

While your strengths and weaknesses are the internal factors, there are many external factors which may favor or obstruct you in your efforts. The favorable external factors are called opportunities and the unfavorable ones are known as threats. For example, the boom in the online retaining   industry has resulted in lucrative investment or job opportunities which are the opportunities available. The difficulties arising due to stiff competition can be considered as a limiting factor (threat).

What   after SWOT?

• You can build upon your Strengths and exploit them to your advantage.
• You can make efforts to overcome Weaknesses or choose such activity which won’t be affected by them.
• You can grab the Opportunities and derive benefit out of them.
• You can thwart the Threats or limitations or face them efficiently.

In this way, you can have a sure plan to move ahead.

When can you use this tool?

Choosing a course:

SWOT analysis is a must before choosing a course to pursue after high school. Ideally, the process should start a few years before the school final. The parents’ role is very crucial at this stage.  Identifying the interests and capabilities as well taking into account the limitations of the youngster would help in choosing the suitable course for them instead of blindly following the beaten path.

Choosing your Career Path:

Generally, the question of choosing a career path should be considered at the stage of entering college. SWOT analysis by the student at this stage would be of great use to him to choose a suitable course for further education. He can also look for a suitable job once they know their competency zone.

Aspiring for career advancement

It’s not end of the game once you got the job. You need to be on your toes to make a significant contribution and make an impact. Further advancement in career would also depend on how well you encash your strengths and opportunities and overcome your weaknesses and threats.

Switching to another job:

Decisions to switch the job require thorough understanding of your capabilities and your ability to prove yourselves in the new circumstances. You may face with a dilemma when your existing employer offers you a better package in order to discourage from leaving the company. A simple SWOT analysis will show you the correct way.

Starting a venture

SWOT is indispensable in case you give a thought about starting your own business. It will help you gauge your preparedness and ability to take risks, the very essence of entrepreneurship.

So, SWOT your way to success as Albert Einstein said, “you have to learn the rules of the game; then you have to play better than others”

About Author

Dr. Swarnalata Philip is Head, Department of Management Studies in JDCOEM. She has served in a nationalized bank for eighteen years and has a teaching experience of fourteen years. Her areas of interest include Corporate Finance, Equity and Derivative Markets and Behavioral finance. She is also interested in creative writing and has written many articles for newspapers.