In preparing for your business, and employees; managing the costs
recognize that many businesses of growth through bootstrapping
fail because they do not have versus working with investors;
enough cash to survive. Develop and building the right manage-
a budget first that includes paying ment team. Truth be told, it can
for your most basic needs (i.e., be difficult for the ‘technical’
rent or mortgage, health insur- experts to move from consulting
ance, and feeding your family). on statistical analyses to primar-
This will help you know what ily running a business. However,
kind of revenue you must gener- a business is a team effort, and
ate weekly, monthly, and yearly having the right team can make
to survive or, if necessary, when it a success. Hence, your role as a
to exit the business. Last, but not technical expert may still be your
least, research your market and key role in an expanded business.
competition. You may not need Building a business from the
a business plan to obtain fund- ground up requires the acceptance
ing, but answering the questions of risk and facing unknowns.
needed to write a business plan According to the SBA, more than
will point out much of what you 50% of small businesses fail in
need to consider. the first four years. So why do
So far, none of this separates it? The rewards are many: poten-
consultants from those running tial financial gain, the chance to
larger firms. A consultant can control what you do, being rec-
operate successfully entirely on ognized by clients, and, perhaps
their own (usually with the sup- most importantly, the chance to
port of an attorney and CPA). build something that directly
for yourself. The first thing
Being a consultant may be the benefits the lives of others.
a business needs to survive is
only goal for a statistician and In finishing this column, let me
can provide an excellent income. congratulate you on your choice
“
clients. This may mean work-
… the field ing at multiple businesses,
However, the aim of many entre- of careers. According to Sarah E.
attending professional meet-
preneurs is to build and sell a Needleman in her January 2009
of statistics
ings, and keeping track of peo-
business. That means you ulti- column in The Wall Street Journal,
offers great
ple through as many venues as
mately want to build a business a degree in statistics is one of the
possible. Building relationships
that functions without you. top degrees to have in terms of get-
opportunities
with other experts is impor-
Once your business is off the ting good and secure jobs. On top
to flourish
tant. You cannot be an expert
ground, you may have more work of that, it offers many opportuni-
in every field, but you can still
than you can handle, and want to ties for a challenging and reward-
and prosper
”
. serve your clients and maintain
build a bigger group. At this time, ing career. So, whether you are
your relationship by referring
you will find new issues to deal seeking unique challenges with
them to appropriate experts.
with, such as building and manag- an established company, you want
ing a team of employees; building to operate as a lone ranger, or you
Learn about the mechanics of infrastructure to deal with main- have the ambition and desire to
➂
running a business, or partner taining quality; managing busi- grow a business, the field of sta-
with someone to handle the ness development to deal with the tistics offers great opportunities to
business side of things. long-term commitment to clients flourish and prosper. ■
MASTER’S PROGRAM
Do you know of an area of employment that will benefit statisticians who have a master’s degree?
Highlight the advantages of the program in an upcoming issue of Amstat News. Or, if you are a
student who has recently graduated with a master’s degree in statistics and can offer comments
or suggestions, we would like to hear from you. Email Amstat News Managing Editor Megan
Murphy at
megan@amstat.org or ASA Assistant Director of Research and Graduate Education
Keith Crank at
keith@amstat.org.
34 AMSTAT NEWS JULY 2009
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