Double down on strengths. Fix the market’s weaknesses. maximize opportunities. Provide solutions to industry threats. this is often what business is made on. One person’s trash is another’s treasure. You’ll never doubt that aphorism if you’ve spent an hour scrolling through eBay listings or a Saturday stalking yard sales.
A corollary to the rule is that one business’ strength is another’s weakness. And where one might see a threat, another may identify an equivalent thing as a chance .
This kind of zero-sum arithmetic is familiar to each small business owner, corporate climber, and MBA graduate. That push and pull, yin and yang of competition animates the whole capitalistic enterprise.

It’s not all math, though. Not in the least . Emotion is not any less an element . the encircling desire to win — and therefore the countervailing pressure to not lose — has gotten many a entrepreneur out of bed at some ungodly pre-dawn hour, or seen them wearily return home at some diabolical time of night.

For this fourth installment of the Business Journals’ Small Business, Big Mission series, we aligned a SWOT analysis of the economy with specific businesses that make it their job to deal with our collective ambitions or apprehensions with their products, services, or processes.
Strengths: Diversity is intrinsic to our future success. Memphis features a larger Black population by percentage than most U.S. metros. We stipulate that the inequity within the workplace encountered by local Black- and white-owned businesses may be a canyon — one that has got to be bridged for true success to be enjoyed by all. It’s also worth acknowledging our larger diverse workforce and pool of entrepreneurs — however imperfectly supported — gives us distinct advantages over competing municipalities. United and diverse, we are strong.
Weaknesses: There’s nothing we’ve obsessed about quite we obsessed about COVID the past year. It did a bang-up job highlighting the frailties of humans in physical contact with each other — and an economy built on the arrogance of that interaction. What does one do when an industry is intrinsic to your success but stricken by invisible forces?

Opportunities: Business leaders are sometimes positioned for an environment they might never see coming. What do they are doing therein fortunate spot when it’s presented?
Threats: we glance at nothing but a worldwide existential danger. Local innovators are deciding thanks to |a way to”> the way to take one natural resources s we happen to possess in abundance right in our backyard and finding a completely unique way to generate another natural resource that happens to be scarce worldwide.

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