I’m on vacation this month so this week’s New Venture Mentor will continue with a review of the business basics. We’ll cover how to use the Porter’s 5 Forces Model, the BCG Matrix, and SWOT analysis to analyze your startup or small business and develop a strategy for its growth.
Two of my most watched videos are those about Porter’s 5 Forces Analysis and SWOT Analysis and I’ve gotten a lot of feedback about how helpful both are. I have also, however, received quite a few questions that imply a number of you are still confused about how to use them. When multiple people have the same question it always means one thing for me: it’s time to make a video to answer it. So this week I’ll give you a little more explanation about how to apply Porter’s 5 Forces Model and SWOT Analysis.