Question

Start-up Business Plan
Assume yourself as an entrepreneur of a small-scale business in Saudi Arabia.

Q3.   Apply SWOT analysis to your business.
Describe your most important company strengths and core competencies: What factors will make the company succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture?

Answer 1

As the destination is Saudi Arabia, hence Let the design oil refinery as the mode of small scale business. The SWOT analysis for the same may be as follows:

Strengths:

As I am an entrepreneur of small scale industries, hence my basic busies strengths are,

1. I can start the business with a low-cost venture and also study all the aspects of Saudi Arabia 's start-up project schemes where I can eligible to receive the funds under subsidy.,

2. Another strength point is that I may get all political support from the country as I belong to a small scale business community.

3. Will immediately get a customer database for my business operation from the support of concern government.

4.Ability to innovate and launch new products and services in a faster mode.

5. Can work independently without any interference from the government.

6. Can modify the product according to the need of the customers.

7. Small scale industries owner is very much passionate about their business and also receive all kinds of supports from their family as well as from society.

Weaknesses:

1. Cannot touch a bigger ticket of consumer database.

2. Lacking product branding as they are local producers.

3. Raising funds for the smooth running of the business is the major weakness of the small scale entrepreneur.

4. Sometimes production cost is high which to be brought down from the support of the government.

5. Lacking skill personnel, latest marketing support, latest technology and procurement of raw materials.

Opportunities:

1. The most important opportunity is to get all types of support from the Saudi government.

2. Understand thoroughly the industrial policy of Saudi and accordingly try to access all the benefits meant for the small scale industries.

Threats:

1. Receiving pending amount from the respective buyers may be one of the major threats for the small scale industry.

2. Various types of newly structured tax pattern sometimes become threats against the business growth of the small scale business. Hence studying the various taxation concepts of the Saudi government is extremely important for the small scale business owner.

Major competitive strengths will be:

1. Innovative product

2. Competitive pricing

3. Demand analysis

4. Target sell

5. Identification of the right types of consumers

Personally I feel for new business venture the following skill and determination is required to gear up the project.

1. Should be an innovative person with a lot of ideas about the new ventures.

2. Can able to take any type of business risks

3. Should be well connected to the finance world as well as the administrative wing of the government.

4. Should be a stress bearer.

5. Must have the good leading quality to lead a team of extremely dynamic and workaholic employees.

6. Can able to identify the right market for his products.

7.Should have a broad prospectives to understand the business and able to run the same for a long time period.