Welcome to Class !!
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In today’s Business Studies class, We will be discussing Simple Business Goals. We hope you enjoy the class!
It is important that when setting up a business, the entrepreneur identifies the goals to be achieved. Thereafter he/she targets and works at achieving these business goals. Therefore, a business goal is a business objective or target to be achieved by a specific period. A business may fail if its goals are not identified at the initial stage.
SWOT analysis means the designed plan to find out the strengths, weaknesses, opportunities and threats of a business. SWOT is an acronym for:
S- Strengths: Strengths refer to the internal characteristics of a business which give it an advantage over others. For example, sufficient capital, strategic business location, effective and efficient work-force and good customer relation can help a business venture to achieve its goals.
W-Weaknesses: Weaknesses are the internal characteristics that put a business at a disadvantage in comparison to others. For instance, insufficient capital, low-standard products, poor marketing, poor customer services, absenteeism among workers, etc.
O- Opportunities: These are external factors or characteristics of a business environment that help the objectives of the business. Example provision of infrastructural facilities such as good roads, constant power supply, etc.
T- Threats: These are the external factors of a business environment that can have adverse effects on the business. Example: the enactment of a new law by the government, bad debt, etc.
SWOT analysis can be carried out for an enterprise, a product, an industry or a venture. SWOT analysis should precede the setting of business goals as this will enable achievable goals and objectives to be set for the business.
- Define a business goal.
- What is a SWOT analysis?
WABP Business Studies Book 3 Pages54 to 63
- What is a sole proprietorship?
- Give three advantages and three disadvantages of a sole proprietorship.
- State four other forms of business organizations that you know.
- Who is an entrepreneur?
- State four qualities of an entrepreneur.
- The objective of a business that is to be achieved at a specific period is called__(a) business strategy (b) business purpose (c) business document (d) business map.
- Before establishing a business venture, it is necessary to identify the goals of such a business. (a) Sometimes true (b) False (c) Always true(d) One cannot be sure
- Who among the following should be the one to identify the business goals? The___ (a) receptionist (b) secretary (c) manager (d) entrepreneur
- The following explains the acronym SWOT analysis except for
(a) objectives (b) threat (c) strengths (d) weakness
5. Insufficient capital and poor customer services can be regarded as ___ to a business. (a) threats (b) weaknesses (c) opportunity (d) strengths.
- What is a business goal?
- Give the acronym of SWOT.
- What is a SWOT analysis?