A SWOT Analysis is a useful tool for assessing yourself or a situation. Four quadrants are drawn on a piece of paper with the following headings:

SWOT Analysis

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Strengths

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Strengths
Weaknesses
Opportunties
Threats
To complete each section consider the appropriate things that impact yourself or the situation under analysis. The following indicate typical questions that you can ask to provoke thought. Change them as appropriate for the analysis.
   STRENGTHS            WEAKNESSES
   OPPORTUNITIES          THREATS
What are my strengths? Consider personal abilities, achievements, skills, experience and education.
What makes me unique? Of these strengths what do I have that other's do not? 
What do I do better than anyone else?
What personal resources (people, time, money, confidence) do I have that I can use?
What do other people  see as my strengths?


Be fair to yourself, try to look at yourself as if you were an outsider, be realistic and balanced in your viewpoint. There is no point pretending you are good at something if you are not, and likewise don't underplay your abilities.

Adapt the questions and apply the same objective stance when analysing a situation.
What are my weaknesses?
What parts of my personality let me down?
What should I avoid doing?
Are there certain things people are always pointing out to me as being weaknesses?


As with your strengths, try to be objective and balanced in your viewpoint. It may help to ask those close to you, take what they say as helpful feedback. Bear in mind that you can work on these weaknesses once you are aware of them and having an awareness of them can only help you develop yourself to be better in the future.

Having an awareness of weaknesses in a situation can help you to see potential risks and to plan around them or make plans for what to do should they occur.

Weaknesses

Opportunities

What opportunities are open to me?
Has identifying my strengths or weaknesses helped me to see any opportunities?
Has something new come along or a change in my life given my any opportunities?
Who or what do I know that could open up opportunities for me?


Opportunities are external strengths. A positive mindset may identify  opportunities where others see challenges or problems. Successful people, or those who class themselves as lucky, often spot opportunities where others miss them. It is not always that they are in the right place at the right time or happen to know the right people - they either stay on the look out for possible opportunities that they can seize or spot the possibility of a chance and then work on it. Sometimes it may come to nothing or even turn out to be a mistake or a failure - the difference is that they learn from this, move on and continue to look for further opportunities.

Threats

What problems do I face?
What could prevent me from succeeding?
Do my weaknesses pose a threat?
Has a change in circumstances threatened my situation?
Am I keeping up with the competition?

In the same way that opportunities are external strengths, threats are external weaknesses. Gain as much awareness of all threats as you can, stay objective and look for ways to manage the risks. Competition is potentially also a threat, but it is also a sign of strength of demand. The issue is to ensure you can deliver something unique.

Once again objectivity and balance are  key. Having an awareness of weaknesses in a situation can help you to see potential risks and to plan around them or make plans for what to do should they occur.

As Sun Tzu is attributed to saying 'If ignorant both of your enemy and yourself, you are certain to be in peril.' it is therefore wise to ensure you get as complete a picture of both yourself and the world in relation to what you are considering, be it building a business, making life changing decisions or just applying for a promotion.