Data Science for the Entrepreneur
Analytics is everywhere! So much so that it’s changing entrepreneurship. Read on to understand, from a business application perspective, how Analytics is empowering entrepreneurs and transforming entrepreneurship against the backdrop of a whole new business landscape.
Shane Green is president and CEO of Personal, which allow consumers to aggregate all of the available data on their own lives, and then choose whether to share it with advertisers and others wanting to reach them.
“What's interesting to me are the two big analogies that people always talk about in terms of data. First, that data is the new oil, in that we are talking about the early stages of Big Data in the same way that, 100-plus years ago, people were talking about the early stages of Big Oil.
We know the industries that developed around oil. You had to find it, extract it, refine it, ship it. When you look at the financial world, it's everything from insurance to financial managers to banks. I think you're going to see analogs across the board with businesses merging around data. This is not a trend that is going to be here for a while and then go.
Data is just going to continue to grow, and the need to have all of these different kinds of businesses — including some that are entirely unexpected and we've never thought of — is going to continue.” (Green for Stanford Business)
An interesting blog post was written about analytics in the year 2012 by Thomas H. Davenport of Babson College.
He believed that many entrepreneurs had traditionally made decisions by the seat of their pants rather than by data. They had gone by the famous Alan Kay statement, “The best way to predict the future is to invent it,” or the famous Steve Jobs line, “It’s not the consumer’s job to know what they want.” Thomas supposed if you are a technical genius, like Alan Kay, or a marketing genius, like Steve Jobs, you may be able to get away with ignoring the rise of data and predictive analytics.
However, he said that if you were thinking about starting or renewing or improving a business in this decade - then you had to become at least somewhat analytically oriented.
In 2012, he said that,”The world is becoming more data-oriented by the minute. Already every customer click on the web creates a stream of data that needs to be analyzed if you want to know what the customer was thinking, and why you did or didn’t make the sale.
In the very near future, every business and every entrepreneur is going to be swimming in data.”
Thomas believes that the most successful businesses will be those that know what to do with data and hopes that the aspiring entrepreneurs know how to swim!
Mckinsey director David Court, explains how entrepreneurs can benefit from big data analytics. Please view the video by visiting the following link