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3240 Assignment

In: Business and Management

Submitted By lauhk1995
Words 413
Pages 2
Other than staying in the actuarial field, I would like to start up a new business. In Hong Kong, current policies do not encourage teenagers engage in startup business as little resources are given, yet I believe startups will bring new ideas and eventually change the world.
As there is a quote, ‘After five years, you can only see one in a hundred startups still surviving’. The reason of why often startups fail is that they lack a sustainable fund where expenses are always greater than income received. With prior actuarial experience, it tells me that solvency is the basic requirement for a company to survive. As it is of utmost importance for a startup to maintain its financial stability, with an accounting and actuarial background, I can calculate the EPVs of expenses and incomes after projection with appropriate conservative assumptions.
As all companies have to buy insurance for their employees, I can choose the best insurance plans in the market with the least cost. Another important issue for a startup is about risk management. As there is a track in fellowship called Enterprise Risk Management, we can learn a lot of methods that can be used in managing a firm’s risk. By reducing the risk exposures in the firm, I can enhance my startup’s survivability.
With actuarial background, we are familiar with statistics and computer programming. Whenever I want to design a new product, a thorough market research will be done so as to see whether majority of the public would accept it. When the data are collected, I can use nonparametric method to estimate different parameters in order to understand the market. As we have learnt many courses in statistics, I can apply my knowledge in regression to estimate the best marketing strategy to promote my products. Since we are trained to view things analytically, whenever I have to make decisions, I would first analyze all decisions and their respective outcomes then opt for the best solution. With programming skills, I can build up some functions which help simplify administration work and hence reduce the human effort and error that may occur and hence helps my company to save cost.
The largest difficulty in startup business is that they may face problem everyday, which is similar to an actuary who also faces the same issue. What we learn everyday now is just to solve all problems we encountered and I believe this will not be a hard job for me.

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