Hi ,
How large a return would an opportunity have to bring for you to consider it a no-brainer to say "yes" to
it?
A 2X return on investment? 5X perhaps?
When running a service business, it’s sometimes recommended
you price your services to deliver a 10X return on your client's investment. That way, you will be adequately rewarded for the value you bring, and your client will come away from the deal with the knowledge they got a bargain.
If you want a client to be happy to pay you $100, look for ways to
deliver $1000 value in return.
Here's the thing...
Most
data scientists don't work for clients directly, but they do receive payment from their employer as a salary. And ideally, their employer would like to earn a return on that investment.
If you want your employer to be happy in their decision to employ you, a good strategy, therefore, is to actively
seek out data problems to solve that can deliver that return.
Not all data science problems are created equal. Some deliver greater returns for solving them than others.
Focus on solving the problems that will maximise your employer's return on investment in your salary and you will maximise the chances of your employer valuing the contribution you make.
Talk again soon,
Dr Genevieve Hayes.
