The research field is prone to errors with significant consequences on generalizing results and interpreting statistical relationships. The following are some of the most common: Assuming you have a representative sample: This error is common especially in large data sets (big data). The results may look convincing, but the sample does not represent a true…
Encouraging home-based businesses as a sector is a smart move in any economy, but for the Jamaican economy it is even more important as we pull out of this recession and into a period of recovery and growth.
We are happy to announce that Balcostics Limited has been selected as one of 12 finalists in the Caribbean and Latin America Investor pitch competition. Learn more about the other finalists here Two companies will be selected to attend the WeXchange Conference to complete a second round of pitching. This event is hosted by FOMIN…
Only about 1 in 10 Jamaican entrepreneurs saw the possibility of great financial reward as the main driver (impetus) for starting their own business – The Jamaica SMEs Survey Report 2013. Jamaican entrepreneurs were more motivated by the mindset of actually owning a business – it was a “personal goal” (35%). In addition, there were…
Recently I read a post on LinkedIn titled "We need our brightest people working on our biggest problem ". The post was written by Bill Gates, who made reference to his foundation and their fight to eradicate polio and other global diseases . Problems are opportunities disguised! Living in Jamaica, we can all relate to…
On August 16, 2013 we opened our head office in Mandeville (Unit #7, Q-Villa Plaza, 5-7 Villa Road). This was truly a special occasion for us here at Balcostics as we also celebrated our second year in business. We would like to thank all the persons who assisted with this relocation and those who attended our…
Jamaica SMEs Survey 2013. What are the Main Challenges facing Jamaican SMEs
Balcostics Limited was nominated in the Jamaica Observer's Mogul in the Making programme 2013. This year’s Mogul in the Making was held on July 10,2013 at the Courtleigh Auditorium. Twenty outstanding SMEs were recognized. We would like to extend our congratulations to all the Nominees and especially to those who were were selected as the…
Our COO explaining what we do here at Balcostics Ltd
Data analysis should be reproducible! That is, a colleague should be able to look at your codes (yes codes) and clearly understand each step that was taken to produce your results. This is not as difficult as it sounds, since all the popular statistical software (e.g. SPSS, RATS, STATA and R-stats) all allow the analysts…
As we work ourselves out of our economic problems, Jamaicans who know how to "tek dem hand and mek fashion" will start new business ventures. Enterprising gardeners will provide services for lawn care on a more structured basis; electronic gurus will ply their trade on a greater structured basis by providing follow up service to…
Our Balcostics Team is conducting research in the parish of St.Catherine! See highlights
The sacrosanct principle of limited liability is explicitly stated in the House of Lords decision Salomon v Salomon[1]. The learned judges in this case held that the company and its shareholders have separate and distinct legal personalities, hence the shareholder is not liable to indemnify the company against debt it incurs. This fundamental principle is…
Should you hire an Independent Contractor or Employee? One is not an alternative to the other by the standards laid out by the revenue department. It is therefore crucial that business owners correctly determine whether an individual providing services is an independent contractor or an employee. The general rule is that someone is an independent…
In doing research and data analysis, many have struggled with differentiating between the dependent and independent variables when running statistical tests and/or experiments. A clear understanding of these two concepts will play a major role in an individual's thinking as a researcher/ experimenter. This animation seeks to address this common challenge of differentiating between the independent & dependent variables…
What is satisfaction? How do we ask questions about satisfaction? Is there a best approach? Here we present some tips and best practices for asking satisfaction questions in a survey. At Balcostics our mission is to empower leaders with the required data and information to make better decisions. Learn more about our full list of research…
Research is a systematic approach to collecting, entering and analyzing data. The process of data collection begins with determining which 'sampling method(s)' one will use - qualitative or quantitative. This slideshow provides a practical 'how-to guide' in sampling techniques, looking at the qualitative versus the quantitative approaches. At Balcostics our mission is to empower leaders…
Surveys like products work best when we have a well thought out design. More researchers need to pay attention to how they design their surveys. We found this insightful slideshow which highlight some tips and best practices. At Balcostics our mission is to empower leaders with the required data and information to make better…
Another thoughtful answer to a question many have asked: How do we approach market research in an emerging market like Jamaica? We found this insightful, yet simple answer on Quora: "Market research is a very important part of a business and when you are entering into an emerging market it is of utmost importance…
We continue to highlighting the fun side of researching in Jamaica. We visited the breadbasket parish of St. Elizabeth and went further west into Negril. Again, we use this medium to say thanks to the management and staff at YS Falls for warmly accommodating us - YS Falls is truly breathtaking and we do encourage…
Working, researching and enjoying Jamaica - this has been our story in recent weeks. In our most recent exploration, we visited Dunn's River Falls, completing our work, while basking in the ambiance of Jamaica's natural environment. Thanks to the Management and Staff of Dunn's River for accommodating our Balcostics team. See highlights from our visit…
See why we enjoy what we do! Our team had a wonderful time in Falmouth, see the highlights below (click on photos to view as slides):
The following question was asked on Quora: "How do you conduct market research?" This answer by Cate Riegner, was as simple and concise as we could do, so here is it: "Think in terms of different methodologies and consider which ones are right for your needs at various stages of business development, product development and marketing:…
Project Rita is the code name of our new and exciting project. We will be researching to aid Jamaica's environmental and cultural resources. We've been contracted by one of America's top 5 environmental charities, but this is as much as we can say. Stay tune to learn more and follow us on this exciting research…
Balcostics 