PISF171 Task 10 quiz

A business's ............ are the internal areas that need improvement.

1. Entrepreneurs use the SWOT analysis tool to make better .......... about their business.

It is important for an entrepreneur to know both the ........... and weaknesses of their business.

If she hires a bigger space based on her current building, how much will she be paying for rent for a full year?

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Answer explanation

In the passage, look up how much she would be paying per month for a possible business expansion, as a starting-point.

Name TWO places where Claudine plans to distribute flyers to, regarding her business expansion?

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Answer explanation

Check the second paragraph of the passage.

Explain why it is important for an entrepreneur to know both the strengths and weaknesses of his / her business.

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Answer explanation

Elaborate on why you think it is important why entrepreneurs need to use their strengths to their advantage and why they need to know their areas of improvement.

Give an example of an opportunity that a new business might have in your community.

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Answer explanation

This can be anything! Think positively and how opportunities will bring about a positive change within a business. Think expansion, think growth, think a new change.

What does the "S" stand for in the acronym SWOT analysis?

• Success

• Strategy

• Strength

• System

Answer explanation

Well done on choosing the correct answer!
Yes, the S in SWOT stands for the Strengths of the business, which are always internal positive factors within a business.

Which of the following will be categorized as a THREAT when a business conducts a SWOT analysis?

• Expanding into new markets

• Competition

• Limited financial resources

• Skilled employees

Answer explanation

Correct, yes!
Competition is categorized as an external factor and that is a threat to a business.

Collaboration with other businesses is a / an...

• Threat

• Strength

• Weakness

• Opportunity

Answer explanation

Great effort!
Collaboration with other businesses is definitely seen as an opportunity, for the business to grow and develop in their market / field.