Can you even start a business with a math degree?

In summary: Most of my friends who are in more "applicable" programs in university have a desire to start a business. They're in engineering mostly but what kind of business can you even start with a math degree? In summary, you can start any company you desire with a math degree. The limiting factor, however, is what you are able to pull off, and that isn't determined on a general level by looking at a person's degree.
  • #1
kramer733
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So most of my friends who are in more "applicable" programs in university have a desire to start a business. They're in engineering mostly but what kind of business can you even start with a math degree?

I don't really want to be working for somebody my whole life but if you're in engineering and want to start a company, it's obvious that you'll probably start an engineering company down the road when you have more experience as an engineer.

With math, can you even make a statistics or cryptography company? I feel all those things could be done way better by the government and they are. I don't really know any statistics of cryptography companies at all.
 
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  • #2
You can start any company you desire with a math degree. The limiting factor, however, is what you are able to pull off, and that isn't determined on a general level by looking at a person's degree. Your degree has nothing to do with the type of business you establish, apart from the (important) factor of knowledge you obtain.
 
  • #3
The thing with starting a business is that you have to have a product or a service that someone needs or wants (or at least a product or service you can convince someone else they need - whether they actually need it or not seems to be a rather moot point these days).

So one of the keys to starting a successful business is identifying a niche area that you have some expertise in. Remember a math degree is not a professional degree. It's part of your education. You have an extra step or two to make to identify a specific service that you can offer. This could involve working for someone else for a few years and seeing how the industry works.

If stats is your game for example, you may want to look at specializing in market research or focus groups. Perhaps you could try to get a job with such an existing company or simply spend some time job shadowing.

Or you could provide a service for social science investigators who collect tonnes of data but would prefer someone else to crunch the numbers.

You could provide a service for law enforcement agencies that ascribe to an "intelligence model" of policing - examining their records and cruching the numbers to identify areas or times of high crime, or more importantly, what police officers are spending their time doing.

Or you could move into something more oriented towards forensic accounting. Insurance companies will pay big bucks to avoid paying much bigger bucks to illegitimate claimants.

Beyond the basics and perhaps what you've learned through a research project and perhaps some independent study, you probably don't have a specific skill you can offer yet. But start casting around and see what comes up. When you look for opportunities, they have a way of finding you.
 
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  • #4
Wow thank you very much choppy. That's a really insightful post.
 
  • #5


Yes, absolutely! A math degree can provide a strong foundation for starting a business in various industries. While it may not seem as obvious as starting an engineering company, there are many successful businesses that have been started by individuals with a math background.

Math is a fundamental skill that is essential for problem-solving and critical thinking, which are crucial skills for entrepreneurs. With a math degree, you have the ability to analyze data, identify patterns and trends, and make informed decisions based on quantitative information.

Statistics and cryptography are just two examples of industries where a math degree can be valuable. With the increasing importance of data and information security, there is a growing demand for individuals with a strong understanding of statistics and cryptography. You could start a consulting firm, develop software or algorithms, or provide training and education in these areas.

Furthermore, a math degree can also lead to opportunities in finance, technology, and even healthcare. Many successful entrepreneurs in these fields have a strong math background, using their skills to develop innovative solutions and drive their businesses forward.

In conclusion, a math degree may not seem like the most obvious choice for starting a business, but it can provide a solid foundation and open up numerous opportunities in various industries. With determination, creativity, and a strong understanding of how to apply math in real-world situations, you can definitely start a successful business with a math degree.
 

1. Can a math degree be useful for starting a business?

Yes, a math degree can be very useful for starting a business. Math skills such as problem-solving, data analysis, and budgeting are crucial for running a successful business. A math degree also demonstrates strong analytical and critical thinking abilities, which are essential for making informed business decisions.

2. What specific skills from a math degree can be applied to starting a business?

A math degree provides a wide range of skills that can be applied to starting a business. These include data analysis, statistical analysis, financial modeling, budgeting, and problem-solving. These skills are essential for making informed business decisions and managing the financial aspect of a business.

3. Are there any successful entrepreneurs with a math background?

Yes, there are many successful entrepreneurs with a math background. Some notable examples include Elon Musk, founder of SpaceX and Tesla, who holds a Bachelor's degree in Physics and a Bachelor's degree in Economics, both of which require a strong understanding of math. Another example is Jeff Bezos, founder of Amazon, who holds a Bachelor's degree in Computer Science and Electrical Engineering, both of which also require a solid foundation in math.

4. How can a math degree help with identifying and analyzing market trends?

A math degree can be extremely beneficial for identifying and analyzing market trends. The skills learned in a math degree program, such as statistical analysis and data interpretation, can be applied to analyzing market data and identifying patterns and trends. This can help a business make informed decisions about their target market, product offerings, and marketing strategies.

5. Can a math degree help with developing a business plan?

Yes, a math degree can be very useful when developing a business plan. The analytical and problem-solving skills learned in a math degree program can help with conducting market research, analyzing financial data, and creating realistic projections for the business. These skills are essential for developing a comprehensive and effective business plan.

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