Conducting a SWOT Analysis
This week, Daniel tasked us with conducting a SWOT analysis on the idea we have for our investment pitch.
I did this on my iPad as it was easy to quickly get my thoughts out onto the page this way, while also being able to split the sections up using colour.
A SWOT analysis allows you to identify the strengths, weaknesses, opportunities, and threats.
These are all the things that can affect the success of your product, and can help you easily decide whether or not to pursue the idea further.
The idea I want to go forward with is an area clean-up app that allows groups of eco-conscious people to come together and organise clean-up events in their local area.
This will help reduce pollution and, therefore, global warming.
The app will also help build communities and bring like-minded people together.
Here is my SWOT analysis:
I found this exercise to be very useful in determining whether my idea would be worth making my investor pitch on or not.
After conducing my SWOT analysis, I decided that this app could be a good and useful thing to have. It does not yet exist, and I believe it does need to.