Thinking outside the Box: Statistics and effective myth-busting
From making-up a silly "5-second rule" to predicting an industry's future using no more than our judgment, we humans love to tell stories. We can sell off stories, maybe to a friend, our employers, or an aspiring entrepreneur. However, the truth of these stories or myths that we spread ends up having dire consequences.
Brainbox is a market research and consultancy firm based in Bangladesh to solve clients' underlying business issues. With a critical view of subject matters, Brainbox uncovers the marketing or the strategic issues of their clientele, developing a solid research framework of their hypotheses. On World Statistics Day, they have used the power of statistics to bust those myths. Thus, the importance of this Statistics Day is in itself justified. Not only is this a day that appears every 5 years on the 20th of October, but it is also one where we celebrate the ability to find truth in this sea of lies, with BrainBox's research.
Importance of statistics in the startup culture of Bangladesh:
Large multinational organizations and businesses operating in Bangladesh for quite some time now are relatively secured from the effects of myths. These companies have already recognized the importance and relevance of data and have years of experience to back up their ideas and decisions.
However, things seemingly take a very different turn for start-ups; these aspiring leaders of the future rely on their peers' judgment to conclude extremely important decisions. These decisions are some of the key building points for a company, thus falling apart instantly as the company lacks data and statistics to justify any of it.
How can statistics help?
According to BrainBox's research, for a start-up, the idea of having statistical data to cover up these myths is one that comes into the minds of many but is implemented by only a few. A core reason for this is the lack of knowledge that people have regarding the value of data and its statistical implementation.
This is where Brainbox comes in; the company's goal is to provide a platform that bridges this gap of the unknown. Creating a method by which a company can detect its lies from the truth and have structured plans catering to it. The data here is collected from mass and authentic sources, which is then organized into complex statistical charts that portray the trends that are currently running and their future forecasts. So, how do they help, according to Brainbox?
Being a start-up, solid data is one of the most crucial methods of attracting new investors. A solid research background will further show the investors the company's commitment and its reliability, a trust that takes people years to build.
Statistical Data can also help build a more harmonious work environment! We all love to be right, but when it comes to working with different minds, they also develop different myths. Instead of bleeding out your cash on anger management classes to solve those conflicts, a small investment into a strong research network should help you build a reliable front for reviewing your decisions.
Being above the myths further helps give us a stronger edge than any other competitor in the market. It's a small world, and words spread like wildfire; in this fiery furnace, you'll be the oasis of truth with a pool of information only available to your convenience. Thus knowing where the consumer's buying pattern stands and where to make the most profit from is what can give you an extreme edge.
"Myths are always going to exist in a market that relies on people; the idea is to rise above them. Busting myths is what Brainbox does best; thus, making their mark on this day of Statistics by leading the charge; we have already created a mark on many in this industry, and we're certain there are many more to come." Said the CEO of Brainbox, Talha Mohaimen Adittya.