Lateral Sparks, the weekly quiz from Your Story, tests your domain knowledge, business skills, and lateral thinking skills (see previous edition HERE). In this 66th edition of the quiz, we present the issues that real-life entrepreneurs face in their startup journeys.
What would you do if you were in their shoes? By the end of the quiz, you’ll know what entrepreneurs and innovators actually do themselves. Would you do it differently?
Check out YourStory’s Book Review section too, with takeaways from over 350 creative and entrepreneurship titles, and our weekend PhotoSparks creativity section of the arts.
Q1: Personalization in retail
A wide range of shopping options with products at multiple price points helps customize the retail experience for consumers. Customer experience can be improved through fast shipping, quick returns, and responsive customer support. What is another key factor in personalizing the shopping experience?
Digital transformation offers opportunities for business to innovate, scale, and improve productivity. It also opens up the risks of cyberattacks, for which many technological solutions have emerged. But there’s more to cybersecurity than technology – what else should organizations be doing to mitigate security risks?
Q3: Climate change
The recently concluded UN climate change conference COP-27 focused on climate finance and innovative solutions such as alternative materials and green hydrogen. What are some ways in which digital technologies can help fight climate change?
Q4: Support for entrepreneurship
Rural entrepreneurs need better access to digital connectivity, market links, and mentorship support. Women entrepreneurs need more support to face social and family challenges. What is another key requirement to drive women entrepreneurship in rural areas?
Q5: A successful IPO
A big success for an emerging company is listing on the stock exchange. It opens up new sources of finance, improves brand image, and attracts talent. But what are some of the challenges that founders face on their IPO journey, and how to deal with them?
Congratulations on making it this far! But there’s more to come – answers to these five questions (below), as well as links to articles with more details on solutions for entrepreneurs. Happy reading, happy learning – and happy creating!
A1: Retail personalization
“Data plays a key role in driving the hyper-personalized experience,” affirms Gaurav Mangla, CEO and Co-founder of logistics solutions company Pickrr.
“Hyper personalization is one of the main reasons why consumers prefer to buy from D2C brands today; even if it means choosing small homegrown brands over legacy players,” he added. Read more here about new players like fintech that are also leveraging data to capitalize on BNPL’s opportunity in retail.
“Organizations must constantly look at combinations of controls across all layers of processes and people technology,” advises Manoj Kuruvanthody, Chief Information Security Officer (CISO), Tredence Analytics Solutions. This requires management support for employees and an adequate budget for a cybersecurity program.
Password protection for employees and customers using methods such as two-factor authentication and processes for regular updates are also important, according to Krithika Muthukrishnan, Chief Data Science Officer, Scripbox. Read more about the robust and user-friendly cybersecurity system here.
A3: Climate change
“The use of IoT and big data can help improve energy efficiency for residential and commercial buildings,” explained Anjali Bansal, Founder, Avaana Capital. Smart solutions can also reduce energy requirements in manufacturing and transportation.
“Improved route mapping and logistics optimization will shorten distances and thus reduce emissions, as well as increasing the popularity of alternatives to personal mobility, such as shared mobility and micro-mobility,” he added. Read more about climate change opportunities here.
A4: Support for entrepreneurship
“While we have many women entrepreneurs in rural areas, not all of them are in the formal financial system. And that is the gap that we need to address immediately,” said Kalpana Ajayan, regional head, South Asia, Women’s World Banking.
“Affordable credit is still a distant dream for women,” she warned. Read more here about how Women’s World Banking designs and invests in financial solutions to create economic stability and prosperity for women and their families.
A5: A successful IPO
“Completing a successful IPO is not a walk in the park even for established startups. It requires a clear vision, foresight, strategy, and impeccable enforcement,” cautions CA Jitendra Jain, Director, Tapanshi Finanziell.
“Most importantly, it requires an effective CFO at the helm to drive the entire operation from the beginning of the listing on the bourses,” he added. Read more here about small companies that can outsource the finance function to professional service providers on their IPO journey.
YourStory also publishes the pocketbook ‘Proverbs and Quotes for Entrepreneurs: A World of Inspiration for Startups’ as a creative and inspiring guide for innovators (downloadable as apps here: apple, Android).