Lateral Sparks, the weekly quiz from YourStory, exams your area information, enterprise acumen, and lateral pondering abilities (see the earlier version right here). On this 66th version of the quiz, we current points tackled by real-life entrepreneurs of their startup journeys.
What would you do when you have been of their footwear? On the finish of the quiz, you will see out what the entrepreneurs and innovators themselves really did. Would you do issues otherwise?
Take a look at YourStory’s Ebook Assessment part as properly, with takeaways from over 350 titles on creativity and entrepreneurship, and our weekend PhotoSparks part on creativity within the arts.
Q1: Personalisation in retail
A variety of buying choices with merchandise at a number of value factors might help customise the retail engagement for customers. Buyer expertise could be enhanced by way of quick supply, simple returns, and responsive buyer assist. What’s one other key issue for personalising the buying expertise?
Q2: Cybersecurity
Digital transformation provides alternatives for enterprise to innovate, scale, and enhance productiveness. It additionally opens up dangers of cyberattacks, for which quite a few tech options have emerged. However there may be extra to cybersecurity than know-how – what else ought to organisations do to minimise safety dangers?
Q3: Local weather change
The UN’s recently-concluded local weather change convention COP-27 targeted on local weather finance and revolutionary options corresponding to different supplies and inexperienced hydrogen. What are some methods by which digital applied sciences might help in combating local weather change?
This fall: Entrepreneurship assist
Rural entrepreneurs want higher entry to digital connectivity, market linkages, and mentorship assist. Girls entrepreneurs want additional assist in tackling societal and familial challenges. What’s one other key requisite to drive girls entrepreneurship in rural areas?
Q5: A profitable IPO
An important achievement for an rising firm is to be listed on the inventory trade. It opens up new sources of finance, enhances the model picture, and attracts expertise. However what are some challenges founders face of their IPO journey, and the way can they be tackled?
Solutions!
Congratulations on having come this far! However there’s extra to come back – solutions to those 5 questions (beneath), in addition to hyperlinks to articles with extra particulars on the entrepreneurs’ options. Glad studying, joyful studying – and joyful creating!
A1: Personalisation in retail
“Information will play a vital position in driving hyper-personalised expertise,” affirms Gaurav Mangla, CEO and Co-founder of logistics options firm Pickrr.
“Hyper personalisation is likely one of the major the explanation why customers want to buy from D2C manufacturers at this time; even when it means selecting small homegrown manufacturers over legacy gamers,” he provides. Learn extra right here about new gamers like fintech are additionally leveraging knowledge to capitalise on the BNPL alternative in retail.
A2: Cybersecurity
“Organisations must all the time have a look at mixtures of controls in any respect layers of individuals processes and know-how,” advises Manoj Kuruvanthody, Chief Data Safety Officer (CISO), Tredence Analytics Options. This requires administration assist for workers and enough finances for a cybersecurity programme.
Password safety for workers and clients utilizing strategies like two-factor authentication and processes for normal updates are additionally essential, in response to Krithika Muthukrishnan, Chief Information Science Officer, Scripbox. Learn extra about sturdy and pleasant cybersecurity techniques right here.
A3: Local weather change
“The usage of IoT and large knowledge might help enhance vitality effectivity for residential and industrial buildings,” explains Anjali Bansal, Founder, Avaana Capital. Good options can even scale back vitality necessities in manufacturing and transportation.
“Improved route mapping and optimisation in logistics will shorten distances and thus scale back emissions, as will elevated recognition of alternate options to private mobility, corresponding to shared mobility and micro-mobility,” she provides. Learn extra about local weather innovation alternatives right here.
A4: Entrepreneurship assist
“Whereas we now have plenty of girls entrepreneurs in rural areas, not all of them are within the formal monetary system. And that’s the hole that we have to handle shortly,” observes Kalpana Ajayan, regional head, South Asia, Girls’s World Banking.
“Inexpensive credit score continues to be a distant dream for girls,” she cautions. Learn extra right here about how Girls’s World Banking designs and invests in monetary options to create financial stability and prosperity for girls and their households.
A5: A profitable IPO
“Finishing a profitable IPO isn’t a stroll within the park even for established startups. It requires clear imaginative and prescient, foresight, technique, and flawless execution,” cautions CA Jitendra Jain, Director, Tapanshi Finanziell.
“Most significantly, it wants an efficient CFO on the helm to drive your complete operation from begin to itemizing on the bourses,” he provides. Learn extra right here about smaller companies can outsource the finance perform to skilled service suppliers of their IPO journey.
YourStory has additionally revealed the pocketbook ‘Proverbs and Quotes for Entrepreneurs: A World of Inspiration for Startups’ as a artistic and motivational information for innovators (downloadable as apps right here: Apple, Android).