Test your business creativity with edition 52 of our quiz!
side sparks, the weekly quiz Your story, tests your domain knowledge, business acumen and lateral thinking skills (see previous edition here). In this 52nd edition of the quiz, we feature issues faced by real entrepreneurs in their startup journeys.
What would you do if you were in their place? At the end of the quiz, you will find out what the entrepreneurs and innovators themselves have actually done. Would you do things differently?
Discover YourStory book review section too, with takeaways of over 340 titles on creativity and entrepreneurship, and our weekend PhotoSparks section on creativity in the arts.
Q1: Online retail
An effective online retail experience requires a suitable range of products and prices, an attractive yet intuitive design, and seamless payment features. Websites and apps with fast response times are also helpful. What other factors improve the customer experience?
Q2: Fintech success
Spotting a real gap in the financial services market is the first step for a successful fintech player. Efficient technology solutions based on ML and real-time services are other factors. What pressures do fintech players today have to overcome, and how would they do it?
Q3: Digital media
Access to vast archives of content, personalization, personalization and social consumption have transformed the digital media industry. A lot has also changed when it comes to user behaviors and expectations. How do these new media generate opportunities?
Q4: Social impact
The world is full of opportunities and challenges. Reading about organizations striving for social impact gets a lot of likes and shares on social media. But how do you help people move beyond sympathy to active support?
Risk management and effective planning can help individuals and organizations avoid failure. Accidents that occur along the way can be a source of lessons, but we should not dwell on them too much. However, there are other ways to frame and accept failures and accidents – what are they?
Congratulations on getting this far! But there’s more to come – answers to these five questions (below), plus links to articles with more details on entrepreneur solutions. Happy reading, happy learning and happy creating!
A1: Online retail
“The post-‘add to cart’ experience has also become critical over the past few years,” observes Atul Mehta, Chief Operating Officer, Shiprocket. Over the years, a number of ideas have been discovered about the consumer retail experience.
“If you’ve reached, say, 3-4,000 orders per month, it’s critical to start investing in your post-payment experience and how you can improve it further,” adds Atul. Learn more about D2C opportunities and success factors here.
A2: Fintech success
“The relentless focus on innovation and customers has made fintechs successful. This should continue. Nevertheless, new muscles must be added for new priorities,” advises Yashraj Erande, Managing Director and Partner of BCG. Many fintechs face pressure to demonstrate profitability alongside customer acquisition.
“Growth in partnership with incumbents and private innovation on utilities will be key moats,” adds Vikram Vaidyanathan, Managing Director at Matrix India. Read more here of the “State of India Fintech Union 2022” report by Matrix Partners India and Boston Consulting Group.
A3: Digital media
“As digital native audiences have changed their behavior, entertainment has shifted to 30-second snackable social videos, OTT shows, casual and AAA games,” says Mayank Yadav, CEO, Rusk Media.
The New Delhi-based company runs social channels Very well! and Playground with over 500 million monthly views. Read more here about the OTT platform and opportunity for game developers.
A4: Social impact
“A lot of the time we don’t know what to do or how best to participate beyond posting on social media and making small donations. It shouldn’t be that hard to get involved,” says Aashi Chandna, founder of the Project Involve platform.
It allows people of all ages to contribute to a cause. The platform has gathered over 12,000 unique users from 60 countries. Read more here on how the platform connects viewers to a partner NGO to provide support.
“You will learn over time; you will have to go through rejections, it is part of the journey”, explains Esha Shukla, Product Manager at WhatsApp. “If you really want something, I think it’s always important not to give up and try again and again,” she adds.
“I think I’ve had a lot of positive crashes throughout my journey that have helped me move and navigate; I am grateful to all of them,” recalls Takena Mehra, Founder of the fashion company Label Prerna Mehra. Learn more about her journey and her advice as a founder here.
YourStory 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).