Week 4 29 July 2024

Question

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.