Assess the strengths, weaknesses, opportunities and possible threats to your business.

Submitted by admin on Mon, 01/05/2015 - 00:00
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Assess the strengths, weaknesses, opportunities and possible threats to your business.

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Chunhong Chen - China
Chunhong Chen specialises in providing end-user solutions for water-saving systems. She owns several patents for water-saving technology in China. Her expertise and interests lie in product life cycles and innovation business models.


Story

Building a business was not my original intention. I just wanted to help my father getting his water technology to use. But it was a hard lesson to learn. What supported me through the hardest times was my hope that both the concept of saving water and the technology of my father could be promoted worldwide so that our Earth becomes a better place.

I grew up on a farm in rural China. I was obliged to leave school early and support my father by taking on tough factory jobs. Later on, I taught myself English and finance and I eventually qualified as a teacher. In 2007, I quit my job, sold my apartment and set off for the city of Shanghai to promote my father’s water-saving toilet technology. It was a bold move. While my husband supported my decision, my father, who had designed the technology was angry that I quit teaching.

In Shanghai, I struggled at first, lacking capital, connections and support – all of them indispensable for starting a business in a new, competitive environment. With no money for advertising, I took on the work of promotion by myself: I talked to people on buses, and displayed my products on the roadside; anywhere I could attract people’s attention. With no money to employ workers, I delivered toilets and installed them for customers by myself. I faced numerous obstacles, including a lack of business experience, meagre start-up capital, lots of indifference and scepticism.

In 2009, I got a break when I discovered an industrial park for energy-saving and environmental protection businesses in the city’s Hongkou district and relocated my business in a building still under construction. However, since I couldn’t afford the rent, I had to convince the industrial park managers to let me install my toilets in their buildings in exchange for free rent for 6 months. This deal paved the road for my business’s stability and eventual growth.

In 2011, I was the first Chinese to win the Cartier Women’s Initiative Award for the Asia-Pacific region. Before the Awards, people would look down on my small company, a dot in the vast land of China. Afterwards, they showed much more respect. The Award inspired me to re-think my business and expand into other water-saving products. I could never have made it without the coaching, which was part of the prize. Taking part in an award is a once-in-a-life-time experience that everyone should try.

With women’s role in the economic sphere increasing, the female force in entrepreneurship cannot be ignored anymore. I believe our society should create a better environment for women’s entrepreneurship. To achieve this, women’s burden inside the family should be reduced. Men should be encouraged to share in-house responsibilities, such as caring for the elderly, children and housework, thus giving women more time and space to use their talents. Also, more women’s entrepreneurship funds should be established to provide direct financial support. Finally, policies in favour of female entrepreneurship should be implemented. We should set up training institutes and hubs for female entrepreneurs to share their knowledge and experiences. Lastly, governments and organizations, like the United Nations, should work together with the media to create a generally more encouraging atmosphere for female entrepreneurship.

Questions to the reader:

1. Have you assessed the strengths, weaknesses, opportunities and possible threats to your business? Have you put in place a plan to manage the risks?

2. Are you taking advantage of coaching and mentoring opportunities for your business? Are you applying for competitions, awards, training programmes, grants and other support? Contact us at empower.women@unwomen.org for further information about such opportunities.

Lessons

1. SWOT analysis: Strengths, Weaknesses, Opportunities and Threats needs to be carried out for every product/service and process of your business. Strengths include features of your business that gives you an advantage over other businesses. Weaknesses includes your disadvantages compared to others. Opportunities are the elements that you could exploit to further grow your business, while threats are those that could cause you problems if not well managed.

2. Risk management: Think of ways to manage the risks/threats to your product/service/business. Always have a back-up plan if problems arise, and have a plan ready to manage your success in terms of resources, time, labour and capital. Either way, you have to plan and be prepared!

3. Marketing and promotion: Identify a range of different ways and means to market your products/services, including competitions, awards etc., that could draw national attention to your business. Do you systematically promote gender equality and women’s economic empowerment within your businesses? If so, send us a brief description of the results achieved so far empower.women@unwomen.org.