One of the most common analysis used in the business world is the S.W.O.T one.
What is it about?
Strengths or the internal assets we have - what are we good at, what are our competences, what advantages do we have, what are our resources, etc.
Weaknesses or the internal aspects we lack - what are we weak at, what do we miss, what are we doing wrong, what disadvantages do we have compared to the competition, etc.
Opportunities or the external support we could get - what are the weak points of our competition, what technology we can access, are there new markets, are the grants suitable for us, what collaborators and suppliers could support us, etc.
Threats of external risks that can severely and negatively influence our business - what new laws could affects us, our competition, is there already a well structured market, shared audience with too many competitors, etc.
While the strengths and weaknesses represent static concepts (we already have these internal and are not changing that easy), the opportunities and threats represent dynamic concepts and the future (external, that we cannot fully or have a control over).
The S.W.O.T. analysis is very useful in the business context to monitor where you stand and what could you improve or take advantage of and use it more. A personal S.W.O.T. analysis though is also recommended for the entrepreneur and of potential collaborators or staff (in the context of the business) so to see if the team is ready and suitable for the business idea presented. Try having doing one for yourself!