The Significance of SWOT Analysis for Performance of Entrepreneurial Process: A Review

Abstract

SWOT analysis is a popular strategic tool found in strategic entrepreneurship literature. It is a technique applied to understand the internal and external environment of a business entity. However, little is known about the application of SWOT analysis in the business start-ups. SWOT can be used to capture the all necessary actions and steps when entrepreneur starts a business. Specially, in competitive environment business sustainability, profitability is much essential. Therefore most of entrepreneurs used to go for more expensive consultations, concepts, strategies and opinions in order to maintain lucrative business. Core expectation of the literature review to illustrate what are the start-up challenges in a business and how to overcome them using SWOT analysis. Therefore I used prior research findings and prior research definitions to elucidate how far SWOT analysis could involve gaining success in an endeavor. Few definitions and one method has been described in the paper to leaners, entrepreneurs to identify the nature of SWOT in order to use and use SWOT can be recommended in any kind of business at the start-ups.