Starting a Teleconference Company - The SWOT Analysis

In starting any business venture, you are taking a great risk. As we all know, risk cannot be fully removed from the concept of entrepreneurship. What one can do, however, is to reduce it. Before you start a teleconference company, you need to analyze whether it will really be the best move for you. One of the best methods you can have is the SWOT analysis. What exactly is it? Well, the SWOT analysis helps you judge a business venture through four factors:

1) Strengths - What is it about you or your company that sets you apart? What sort of skills do you possess that others do not? What comes from deep within you that will enable you to succeed? You need to understand that in order to succeed in business, you should have strengths. Whether it is a vision or an undeniable passion for teleconferencing, you need to find out what it is within you which will allow you to conquer any obstacle which stands in your way.

Taking account of your strengths will allow you to see if you do have the initial resources required to start a teleconference company. Despite what movies show, starting a company is not a piece of cake when you don't have any capital. You also need experience. Although it is something that you might gain over time, experience is something that you need right from the start of the teleconference company.

Why is experience necessary as strength? Well, you have to remember that people rarely invest in something or someone that has not been tested by time. And you know that you need investors. Because of this, you need to be able to show some sort of credential. For a lot of people, experience is enough.

2) Weaknesses - Just as you can see what it is about you or your company that you can consider to be your strength, you should also analyze your various weaknesses. You need to be very honest in examining weaknesses since knowing them fully is empowering yourself to fix them. If you turn a blind eye towards your weakness, how can you reinforce it?

Knowing your weaknesses will enable you to discover how to get rid of them. Perhaps you are great at the technical aspect of running a teleconference business, but can you handle the administrative duties? Can you handle the business side of it? Through proper and honest analysis, you will be able to make sure that you are able to at least make use of your strengths to make up for your weakness.

Knowing your weaknesses will also enable you to project possible problems that could arise from them and empower you to make sure that those problems never arise. By knowing your weaknesses, you will be able to find that you can even turn some of those weaknesses into strengths.

3) Opportunities - These are the factors which will enable you to improve your business but are not directly under your control. In starting a teleconference company, the biggest opportunity you can encounter would be technology. You need to observe your surroundings about various changes that are happening. As you may realize, there's no stopping change -all you can do is ride the wave and hang on the best you can.

Another opportunity you can take advantage of would be the increasing amount of traveling that executives do. As you may realize, a conference call is often only necessary when people are apart. By monitoring the different travel habits of executives, you will be able to pitch your services to the right people. This will help your company grow much, much faster.

There are those who say that opportunity knocks. However, you have to realize that the smart entrepreneur does not wait for opportunity to knock -he seeks it out.

4) Threats - You need to realize that there are also negative factors that you cannot control. These are the threats. You need to think about the different things which you do not control and yet could cause the downfall of your company just the same. There are various threats to a teleconference company, the biggest of which can be an established competition. If you are starting your teleconference company, knowing about the different threats involved can help you use your strengths to overcome them.

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