The thought of starting up a new actuarial consultancy has probably crossed the minds of quite a few actuaries over the years. However, taking the next step and developing a successful business is the real challenge. New ventures (as compared to an established consultancy) have to have much greater focus on developing new clients. Working with a small team means that all key personnel will inevitably have to take a major role in generating new business. This can be quite alien to many actuaries who have spent their working lives providing services to clients who have been “delivered” to them.
There are many hurdles to overcome and existing acumen needs probably to be enhanced with not only new business skills but also new resources in order to make a success of a new start up. Read more »