side sparks, the weekly quiz Your story, tests your domain knowledge, business acumen and lateral thinking skills (see previous edition here). In this 49th edition of the quiz, we present the issues addressed by real entrepreneurs in their startup journey.
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: Digital transformation
Technologies like AI can play a powerful role in understanding, predicting, and even prescribing what needs to be done in a number of contexts. AI can help identify sources of inefficiency and reduce waste. What other ways can AI contribute to sustainability?
Q2: Risks and threats
An increasingly digital world also opens up opportunities for risks and threats. Having effective tools for creating, storing, accessing and transmitting data can help here. But cybersecurity is not just about acting after breaches. What other way to reduce digital risks?
Q3: Brand success
Achieving product-market fit and timing can help a brand succeed in a crowded market. Effective customer engagement and support also help build brand strength. What are the other two requirements for building a successful brand?
Q4: Talents and impact
Hiring top-notch talent and providing effective mentorship can help a company’s workforce perform well. Attractive review metrics and incentives can also bring out the best in employees. But what is another way to succeed? Can empowerment also help?
Q5: Stories and beyond
Stories are powerful communication tools to share experiences, inspire employees and create alignment in organizations. Such stories also work well with business case studies and data visualization. But stories can be even more powerful if harnessed through other communication techniques – 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: Digital Transformation
“AI & Digital Twins will play a key role in driving the future of sustainable manufacturing and building the foundations of an efficient, connected and sustainable business. factory of the future“, Explain Avnish Kumar, founder and CEO of LivNSens.
These technologies can help optimize efficiency and use of resources. This can help accelerate renewable energy, decarbonization and carbon negative initiatives around the world. Read more here on LivNSense’s solutions for industrial resource efficiency through its distributed intelligence from edge to cloud.
A2: Risks and threats
“Violations will continue to happen. All platforms are vulnerable. Hackers are constantly probing for the weakest links. The only way to counter that is to stay ahead of the game,” says Venkatesh Sundar, Co-founder and CMO of SaaS cybersecurity company, Indusface.
“It’s only when companies are affected that they realize they have to do something about cybersecurity,” adds Biju George, Co-founder and CTO at InstaSafe, a Bangalore-based cybersecurity company. Learn about organizational policies and preventative cybersecurity practices here.
A3: Brand Success
“Finding a niche and creating a quality product are the two key pillars of building a successful D2C brand,” explains Vishesh Khurana, co-founder, Shiprocket. The rapid growth of online shopping spurred by the pandemic has led to the emergence of D2C brands that compete fiercely with traditional consumer brands.
As an example, he cites Rage Coffee competing with Nescafé. Another example is Arata, which has established itself as a category leader in hair care products for curly hair. Learn more here about changing customer dynamics and D2C brands here.
A4: Talent and impact
“People really, really want autonomy,” observes Prashant Pitti, co-founder of EaseMyTrip. Giving them that autonomy to perform helps them do well in their careers and even in their lives.
The company focuses more on internal promotions than on hiring at top institutions. “If you can delegate a lot of work to them and give them responsibility, they’re usually up to it,” he adds. Read more here on the company’s journey to scale.
A5: Stories and beyond
“Conversations build trust, which leads to engagement, and then actions follow,” says Dr. Latha Vijaybaskar, author of Talk to action: How successful teams align conversations with action.
“Stories are layered alchemical narratives deeply embedded in our cognitive and social fabrics. It’s the most powerful invitation to a conversation,” she adds. Read the book review here to learn more about the power of storytelling and listening to stories as effective communication tools.
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).