Question

Week 4 29 July 2024
Starting a Business

Name of business :
Topic :
SWOT analysis :

1.1 Give at 4 years reasons why you have decided to start a business .

2. Do a SWOT analysis at your business to find out if your business will succeed or not


Answer all questions in short

Answer 1

**Name of Business:** Eco-Friendly Cleaning Products

**Topic:** Sustainable Household Solutions

**SWOT Analysis:**

- **Strengths:**
1. Unique product offering focusing on sustainability.
2. Growing demand for eco-friendly alternatives.
3. Strong brand values aligned with environmental consciousness.
4. Ability to target niche markets that prioritize green living.

- **Weaknesses:**
1. Higher production costs compared to conventional cleaning products.
2. Limited brand recognition in a competitive market.
3. Potential challenges in sourcing sustainable raw materials.
4. Reliance on consumer education about the benefits of eco-friendly products.

- **Opportunities:**
1. Expanding awareness and preference for sustainable products.
2. Partnerships with eco-conscious retailers and online platforms.
3. Growing trends in zero-waste and minimalism.
4. Possibility to innovate with new product lines (e.g., refills, concentrates).

- **Threats:**
1. Intense competition from established cleaning brands.
2. Economic downturns that may shift consumer spending to cheaper alternatives.
3. Regulatory changes affecting product formulations.
4. Market saturation in the eco-friendly segment.

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**1.1 Four Reasons for Starting a Business:**
1. Passion for sustainability and desire to contribute to environmental protection.
2. Opportunity to capitalize on the growing demand for eco-friendly products.
3. Ability to create a niche brand that reflects personal values and beliefs.
4. Potential for financial independence and personal fulfillment from entrepreneurship.

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**2. SWOT Analysis Conclusion:**
Based on the SWOT analysis, the business has a solid foundation with significant strengths and opportunities, although it must address its weaknesses and be mindful of potential threats. With proper strategies and a focus on educating consumers, the business has a good chance of succeeding in the competitive market for eco-friendly cleaning products.