Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 62nd 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: Digital communication
Much attention understandably focuses on the importance of social media for market awareness, influence and commerce. However, there is another earlier form of communication that the spotlight sometimes misses. Which channel is this, and how can it be better leveraged?
Q2: Home sweet home
Buying a home is an important decision, with long-term implications for the lives and livelihoods of one’s entire family. But the information gathering, negotiation and transaction processes can be quite complicated. How can technology help here?
Q3: Risk management
Business leaders need to plan for a number of risks, ranging from competitive pressures and regulatory shifts to crises like the pandemic. What’s another source of risk to guard against, in the digital era?
Q4: The leadership game
Vision, articulation, commitment, and resilience are some key qualities of aspiring leaders. However, many qualities of leaders cannot be developed in isolation. How can leadership be enhanced and scaled in that case?
Q5: Kitchen and bath
In many markets, the kitchen and bathroom fittings sector is disorganised, with lack of clarity for consumers on available options and features. Poor quality of workmanship, delivery and installation are other challenges. How can digital technology help here?
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: Digital communication
“Every business should look at optimising email marketing for mobile skills,” advises Sharon Supriya, Senior Director – Marketing & Growth Strategy, BYJU’S.
“With an estimate of almost 4.3 billion global email users, and with the number of new smartphone subscriptions increasing by almost 20 percent each year, every business should look at optimising email marketing for mobile skills,” she adds. Read more here about how companies like Netcore Cloud have developed AI-powered email delivery features for clients.
A2: Home sweet home
“Buying a home is one of the most important personal and financial decisions someone can make in their lives. And yet, most buyers are left to understand and explore this journey alone,” observes Helen Chen, Co-founder and CEO of Dubai-based prop-tech startup Nomad Homes.
She realised that home buying was a significantly painful experience in many regions. Read more here about her digital platform that provides accurate listing information, high-quality pictures, search, and transaction services for markets in the Middle East and Europe.
A3: Risk management
“Building resilience against sophisticated cyber-attacks is the key to business survival,” affirms Kiran Vangaveti, Founder and CEO, BluSapphire Cyber Systems. The Hyderabad-based company offers a cybersecurity SaaS platform.
Its full-stack AI and predictive analytics solutions help prevent sophisticated cyberattacks across cloud, on-premise and hybrid work environments. Read more here about how this improves edge detection and response times.
A4: The leadership game
“An ecosystem of support first and foremost starts with giving women leaders a space to voice their needs,” explains Tara Singh Vachani, Executive Chairperson of Antara Senior Living and Vice Chairperson of Max India Limited.
A recent survey by India Leaders for Social Sector (ILSS) reveals that nearly 73% of emerging women leaders in the social sector believe that continued mentorship and networking support would boost their leadership ambitions. Read more here about how a tailored capacity-building programme can enhance the leadership journey.
A5: Kitchen and bath
There is a general perception that items like kitchen and bathroom fittings cannot be sold online, observes Kapil Gupta, Founder, Ruhe. “But I believe this segment has been untouched by online business models,” he adds.
This D2C brand has bagged a Rs 40 crore turnover, and offers premium products promoted via engaging videos. Read more here about the opportunity in the unorganised fittings market, and how Ruhe has partnered with companies like Moglix and Shiprocket for warehouses to stock inventory.
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).
