Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 58th edition of the quiz, we present issues tackled by real-life entrepreneurs in their startup journeys.
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 YourStory’s Book Review section as well, with takeaways from over 340 titles on creativity and entrepreneurship, and our weekend PhotoSparks section on creativity in the arts.
Q1: Bank customers
Having access to vast datasets of customer buying behaviour helps identify transactional patterns and make predictions about lending and spending. But much more can be gained from data beyond transactional insights – how would this work, and what benefits would accrue?
Q2: Democratisation of retail
Social commerce is helping create a more level playing field for smaller companies, beyond large retailers and manufacturers. There’s also another demographic that is benefiting from such online marketplaces – which group is that?
Q3: The Gen Z factor
The Gen Z demographic is much more online and expressive in digital media than earlier generations. But just being online is not enough for businesses to cater to them–what other factors should be considered for Gen-Z engagement?
Q4: The creative journey
Getting lots of ideas, executing on them, and experimenting with different versions are some of the steps in the creative journey. Overcoming frustration during project management and confusion during customer alignment are some emotional challenges along the way. What’s another key emotional requirement for successful creators?
Q5: Knowledge and learning
Entrepreneurs and aspiring leaders need to build deep domain expertise and commit to lifelong learning. Having a talented team also helps strengthen mindsets and skillsets. What’s another effective way to ensure effective learning and personal growth?
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: Bank customers
“With an increasing percentage of customer spending moving online, there is a massive opportunity to help banks and merchants engage with their customers across the lifecycle,” observes Shashank Kumar, MD and Co-founder of Razorpay.
Read more here about its offerings in digital payment, recurring revenue, AI-based risk management, fraud analytics, and loyalty solutions. Thanks to a series of acquisitions, Razorpay offers a growing range of financial infrastructure to banks and businesses.
A2: Democratisation of retail
Social commerce is a fast-emerging sector in countries like India, as researched by Bain & Company. It also helps women’s participation in the economy and digital inclusion. “Connected women, empowered with access to technology processes, are key to a country’s economic growth,” says Sumana Iyengar, CEO and Co-founder, Goavega Software.
“Close to 80 percent of sellers on Etsy are women who operate from their homes. Access to technology is democratising the participation of women micropreneurs in the retail landscape today,” adds Pankaj Jathar, VP and Country Head – India, Etsy.
A3: The Gen Z factor
“Gen Z is an ‘on-demand’ generation. They are big on convenience and are more loyal to trends than to brands. Delivering on a core experience underscored with trends and experiences will be key to engaging with Gen Z,” explains Anuj Rathi, SVP – Revenue & Growth, Swiggy.
Gen Z is poised to become the largest cohort of retail customers. “Self-expression and social proofing are central drivers of Gen Z choices,” adds Sharon Pais, Chief Business Officer, Myntra. Read more here about Gen Z trends and impacts here.
A4: The creative journey
“Courage is the precursor to all change,” explains Ashish Goel, author of Drawing on Courage: Risks Worth Taking and Stands Worth Making. The creative journey of designers and innovators calls for unblocking fears, standing up for values, and rising to the occasion.
Ashish advises that fears should be identified and described in terms such as irrelevant, baseless, mortifying, or scary. Read more here about how to overcome such fear via techniques like prototyping, exposing creative works to broader audiences, and learning from failures and mistakes.
A5: Knowledge and learning
“Identify mentors that are your true critiques and invest in them as much as they invest in you,” advises Nidhi Gopal, Vice President–Product Development, SBSEG, Intuit India.
“There will be blind spots as you self-reflect and seek mentors,” she adds. Read more tips here on growth via learning and competing with oneself. “Be the better version of yourself every single year,” Nidhi urges.
YourStory 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).
