TLE - Cookery Quarter 0 – Week 1  New taxation schemes

Generating a Career Choice in Cookery

The strengths of a business can help maintain its
What is SWOT Analysis? advantages over its competitors. Its weaknesses, on
 SWOT Analysis is tool that can help one the other hand, may cause the business to fail. A
determine the factors that assess the businessman should exploit the opportunities that
environment. This gathers important come his way to stay competitive, and recognize
information which used to help a person or possible threats that can challenge his position in the
organization identify strengths, weaknesses, market.
opportunities, and threats related to business
competition or project planning. Here are some examples of SWOT analysis:
 The method of determining the advantages
and disadvantages of a business in the face of
potential threats and opportunities is called
SWOT analysis. SWOT stands for four areas of
consideration: strengths (S), weaknesses (W),
opportunities (O), and threats (T).

Components of SWOT Analysis

1. Strengths – These are the strong points of a
business, product or service.
Examples are:
 Cheap raw materials
 Adequate supply for working capital
 Expertise of the workers/ owners  Operating
expenses
 Capital
2. Weaknesses – These are the set of problems that
the business is facing at present or from the time the
business was established such as:
 Poor quality of product/service
 Poor management control
 Mismanagement of working capital  Lack of
skilled workers
 Poor design
 Lack of promotion
 Lack of technical expertise
 Low level of stock at the time of peak sales
3. Opportunities – These are the good chances that
the business can take advantage of in the near future.
Examples are:
 Product not yet available in the market
 Favorable government policy/support
 Scarcity of the product/service
 Poor quality of existing product
 Increasing consumer demands
4. Threats – These are the factors normally beyond
the control of the business but which influence its
success or failure, such as:
 Shortage of raw materials at a given time
 Rising costs
 Presence of too many competitors
 Unfavorable government policies
Four factors to considerations before starting a
business
1. Personal Considerations
 Choose a business that will satisfy your
personal goals and interest. This will allow you
to have fun while working. It will also bring
out your Personal Entrepreneurial
Competencies and increase your chances of
success.
2. Marketing Considerations
 This is where environmental scanning and
industrial analysis come in. Studying your
market and the competition systematically
will help you prepare for possible setbacks.
3. Financial Considerations
 When setting up a business, you must have
enough start-up capital. You must have
enough funds to allow you to operate even
after initial losses.
4. Production Considerations
 Make sure that you can supply the needs of
the market. Consider the volume of the
products and the amount of labor you will
need to satisfy your market. The process of
developing and generating a business idea is
not simple. Some people just come with a
bunch of business ideas are not feasible.
The most optimal way is to have a systematic
approach in generating and selecting business ideas
that will be in real business. Here are some basic yet
very important considerations that may be used to
generate a possible idea for a business:
1. Examine existing goods and services. You can
also improve the materials used in crafting the
product. Also, you can introduce new ways of
using the product, making it more useful and
adaptable to the customers’ many needs.

2. Examine the present and future needs. Look

and listen to what the customers, institutions,
and communities are missing in terms of goods
and services.

3. Examine how the needs are being satisfied.

Needs for the products and services are referred
to as market demand. To satisfy these needs is to
supply the products and services that meet the
demands of the market.

4. Examine the available resources around you.

Observe what materials or skills are available in
abundance in your area. A business can be
started out of available raw materials by selling
them in raw form and by processing and
manufacturing them into finished products.

5. Read magazines, news articles, and other

publications on new products and techniques or
advances in technology. You can pick up new
business ideas from Newsweek, Reader’s Digest,
Business Magazines, “