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What is Strength

Chapter 17

Handbook of Research on the Strategic Management of Family Businesses

An internal characteristic, trait, or resource that helps to attain a goal or objective or is beneficial and produce advantages and resilience.

Published in Chapter:

The 3D IFB SWOT Analysis as a Strategic Tool to Develop Entrepreneurial Plans for Family Businesses

Luz Leyda Vega-Rosado (Inter American University of Puerto Rico at San Germán, Puerto Rico)

Source Title: Handbook of Research on the Strategic Management of Family Businesses

DOI: 10.4018/978-1-7998-2269-1.ch017

Abstract

This chapter provides a framework that family business members can use to strategically and entrepreneurially evaluate themselves before they prepare the final strategic plan of the family firm. The tool consists of four phases. The first phase is the Strengths-Weaknesses-Opportunities-Threats (SWOT) analysis of the Individuals that are members of the family business. The second phase is the SWOT analysis of the Family's generational groups. Each generation in the family business will work in groups according to their year of birth. The third phase is the SWOT analysis of the Business. The fourth and most important phase is the integration called 3D IFB SWOT Analysis. It is 3D because it is three-dimensional, integrating the Individual, the Family's generations, and the Business.