(Optional) Explain the concept of SWOT analysis

Explanation should include the concepts that a SWOT analysis

internal strengths—entrepreneurial ability and contacts
internal weaknesses—results of lack of money, training, time, experience
external opportunity—luck, creative advantages to get ahead of competition
external threats—anything that might be bad for business (e.g., competitors, legal problems)

Process/Skill Questions:

What is the main purpose of a SWOT analysis?
How can a SWOT analysis help a business identify its competitive position?
How can a SWOT analysis be used to improve a product/service?
How is a SWOT analysis beneficial to brainstorming ideas for a new business venture?
How often should an entrepreneur perform a SWOT analysis? Why?
How can SWOT be used to set short-term goals? Long-term goals?
How can an entrepreneur use a SWOT analysis to gain market share from a competitor?
How can an entrepreneur use a SWOT analysis to determine growth areas for a new business venture?
What is an environmental scan? How could it help an entrepreneur?
Why is it important to identify the risks you face and include them in your business plan?
What advantages can a business have over its competitors?
Why must a business look at threats and weaknesses as possible opportunities?