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I pitty and feel shame on those humans, who are Nugatory and Clumsy that they exploit children for labour.
Courageous and Smart people Educate and Empower them to light the entire world for the generation to come.
Profit and Market share alone does not qualify and quantify them for the standard that they possess from an eminent institute that they belong to, we may see many of such Entrepreneurs who have come up as business giants with Simple education or nearly insignificant qualification largely.
Do this alone justify the means? (You may have your perspective on this.)
To become an entrepreneur you need not be a graduate from a top institute. If you think so, I may also request you to think of graduate scholars from prime institute each year vis-a-vis Entrepreneurs they become who are efficient in Growth journey, Sustainability, and their contribution to the society.
Let us see a few things that make that makes an entrepreneurial journey complete.
Zeal: Entrepreneur if you want to be, you need to start looking out for Problems around you and think of what you can do about it. You need to have the Zeal to undergo learning and gain insights with an open mind.
Brainstorming: Connect with the Field Experts, Peers, or thought leaders who can share ideas and experience for more Idea generation that can help you with solving a real-world problem, give back to Society and yet generate money.
Problem Identification: Once you have done with your brainstorming, chart down out fine problems that can lead to a specific Process design that helps you in Fund generation, Market Viability (for the Product or Service), Sustainability, Executable Action Plan and Scalability in the future.
Be S.M.A.R.T: Make your business idea a SOLUTION (Product or Service) that can a MEANINGFUL contribution to the user that is ADVANTAGEOUS and can help the user with RE-ACTIONABLE support that brings in utility for the long sustainable TIMELESS duration of scalability.
- Solution – Solution that your idea provides in the form of a Product or Service shall be an affiliated component for the clients business. E.g.: a Catalyst to the core business process
- Meaningful – The Solution shall provide a meaningful improvement or benefit that can be a contributor for the clients business. E.g.: a report that aids decision-making
- Advantageous – The Solution shall become provide inevitable support by its presence in the clients business. E.g.: an integral lead generation mechanism that stimulates further business by digital media integration
- Reactionable – The Solution shall bring in insights that can caution on sustainable changes that the clients’ customer makes to keep their business abreast with trends and requirement in the future. E.g.: an expected change in demand over a newly arrived model by the competitor offering
- Timeless – The Solution does not go obsolete, but shall adopt to the changes with time and scalable as well. E.g.: offer upscaling or customisation based on statutory compliances and market demands.
Believe that once you have these in place, you are almost ready for the journey of Entrepreneurship.
However, there are other Challenges, Psychological Preparation and Sacrifices that you need to think of before your venture.
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Are you an Individual / Employed professional who look upon Data Science as an Ocean with fear to take a dip in? Herewith this short write up I have made an attempt to shallow the floor of the ocean for clear visibility and confidence.
Let me welcome you to the emerging Industrial Revolution 4.0 which is foreseen as the era of Data Science and Artificial Intelligence which will steer the entire global transition irrespective of the industry it touches from Household to Outer Space. Let’s now look a little deep into Data Science alone.
Hope you would agree with me that all of us would have asked “What’s for Breakfast / Lunch / Dinner?” to another at home during these Quarantine days. As soon as the question is raised the counter queries that come to us shall be “What would you like to have?” to the members for choices and “What’s in Store with us?” exploring the resources available for planning a suitable recipe.
Now if we look at an Organisation or any business entity it shall work on similar grounds with differing in functionality and solving real-world requirements pertaining to their situations. The amount of information in the form of DATA involved in this process is enormous thereby requiring additional support for a smooth decision-making process which requires involving SCIENCE to process and analyse these data. Hence DATA SCIENCE in simple terms is defined as Scientifically Analysing and Processing Available and Sourced Data for the purpose of arriving at the desired outcome.
Data Science is a more than 3-4 decade old concept that has evolved with the ever-changing world with extensive usage of the Internet and information Data that is been shared through it. It is now been widely used and is predicted to see huge demand with High pay packages across the globe for the Data Scientist or person who can effectively and efficiently use data science for the purpose of effective engagement and outcome.
Data Science as a concept involves 4 Stages broadly may vary depending on the depth of usage, involvement and categorisation :
- Problem Identification : The data Scientist identifies and defines a problem or an desired outcome along with couple of Possibilities and Probable requirements shared by the Organisation.
e.g. > Say Increase in Sales, New Product launch, R & D Requirement, Advertisement Reach, Usage of Application, Spending pattern etc…
- Data Preparation : The data scientist then sources the required Direct and Indirect data from various resources internally and via external resources pool source. These accumulated data may be Structured or Unstructured for ease of process and Understanding. Hence required to be processed as it is been derived from a Huge Versatile ocean of data termed as BIG DATA.
e.g. > Say Client Needs, Basic Buying Pattern, Competitors Product USP, Peak Sales or Revenue, consumption Pattern, Loan requirement, New Product expectation etc…
- Analysis and Tools : The data once gathered are being churned with the usage of Statistical and Analytical Tools such as Phython, R, Tableau, Hadoop, Machine Learning, Data Mining, Apache Spark, Qlikview and many more depending on the usage and availability.
e.g. > Say Info collected in Excel, Image, Pdf, E-mail, Videos, Infographics, Charts, etc...
- Outcome / Presentation : Once these data are Analysed and Processed with the help of Algorithms and Machine Learning tool and are made available as a meaningful data set the process of decision making is been made more Optimised, Precise, Scalable and Effective.
e.g. > Launch of New Scheme, Promotional Offer for Festive Season, Interest Rate for FD/Loans/Investment instruments, New Showroom Location, Branding Timeline for Advertisement etc…
Individuals from the Non-Technical field are also using Data Science with the help of various tools that help them to Identify, Gather, Analyse and make successful decisions.
Now that you know the ways and means of Data Science.
Am I a Data Scientist? Yes, You can be one among them.