This weekly quiz from YS tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 36th edition of the quiz, we present issues tackled by real-life entrepreneurs in their startup journeys.
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What would you do if you were in their shoes? At the end of the quiz, you will find out what the entrepreneurs and innovators themselves actually did. Would you do things differently?
Check out YS’s Book Review section as well, with takeaways from over 335 titles on creativity and entrepreneurship, and our weekend PhotoSparks section on creativity in the arts.
Q1: Insurtech
Widespread internet access, coupled with increasing diffusion of smartphones, has enabled more people to get access to insurance products and services. However, access is only the first step – what’s another important aspect of getting people to buy and benefit from insurance?
Q2: The creator boom
The pandemic accelerated the consumption of educational, health, and entertainment content online. Digital platforms enabled creators to effectively connect with consumers around the globe. But what is the next crucial step in monetising this content?
Q3: Drone impacts
Drones have shot into prominence in a number of industries, with applications including aerial photography, construction site monitoring, powerline inspections, and operations in large stores. This can help improve accuracy, reduce costs, and deliver new value. How have drones helped in another area – risk management?
Q4: The journey of entrepreneurship
Anticipating, avoiding, and mitigating risk are key aspects of entrepreneurship. That is easier said than done. How should entrepreneurs factor in risk during their journeys, and what are the benefits of facing risks?
Q5: Diversity and leadership
Having more women in the workforce is a good start toward becoming an inclusive company. In addition to social responsibility, it helps design products and services that appeal to broader audiences. What’s another benefit of encouraging and empowering women leaders in a company?
Answers!
Congratulations on having come this far! But there’s more to come – answers to these five questions (below), as well as links to articles with more details on the entrepreneurs’ solutions. Happy reading, happy learning – and happy creating!
A1: Insurtech
“Access is only one aspect of the insurance purchase journey. Another equally important aspect is informed decision making,” says Dhirendra Mahyavanshi, Founder of Turtlemint. He co-founded Turtlemint in 2015 as a digital platform to help financial advisors insure their community of customers.
“Insurance is an important risk mitigation tool that needs to be universally accessible,” he adds. This helps bring transparency and trust to customers, according to Peter Read, Partner at investor Vitruvian Partners. Read more about the insurtech potential here.
A2: The creator boom
“The creator economy is expanding rapidly as more and more people have turned to content creation as a secondary or primary source of income,” observes Rahul Khanna, Founder of Barcode Entertainment. Connecting creators to brands and guiding them in the monetisation journey is key.
“We want to support this new creative class by connecting them to the world’s enterprise consumer brands, allowing them to turn their passion into a possibility to earn a living,” he adds. Read more about data-led performance, creative strategy, and paid media targeting here.
A3: Drone impacts
“Drone-based inspections/deliveries can not only reduce CO2 emissions but can also potentially save lives by working in confined spaces and hazardous environments,” explains Niharika Kolte, Founder of Volar Alta. The startup uses AI and ML to automate inspections and facilitate predictive maintenance.
During the pandemic, she helped police forces use drones as a tool for surveillance in containment zones. Read more about drone impacts on operations, downtime, and security here.
A4: The journey of entrepreneurship
“One of the most invigorating parts about being an entrepreneur is handling the unexpected,” explains Eric Grosse, President, Suki.AI. “Having patience and flexibility is also something that’s really critical because there are very few businesses that grow in completely unexpected ways. There are always surprises,” he adds.
“One of the key attributes of entrepreneurship is the ability to take a risk, not let the fear of the unknown bother you,” affirms Somdutta Singh, Founder, Assiduus Global Inc. Read more about how passion and attitude can help pursue dreams even in the face of risks here.
A5: Diversity and leadership
“Having women in leadership roles has this crucial duality of not just showcasing the voice of women in decision-making, but also in inspiring other women to pursue their ambition fearlessly,” explains Divya Gokulnath, Co-founder, BYJU’S.
“Women who network can also learn strategies to ask for promotions, seek fair pay, and even become mentors to others, creating a positive cycle of change for women in the workplace,” adds Anita Kishore Chief Strategy Officer, BYJU’S. Read more about how women leaders network for success here.
YS has also published the pocketbook ‘Proverbs and Quotes for Entrepreneurs: A World of Inspiration for Startups’ as a creative and motivational guide for innovators (downloadable as apps here: Apple, Android).
