test your business creativity with edition 37 of our quiz!
This weekly quiz Your story tests your domain knowledge, business acumen and lateral thinking skills (see previous edition here). In this 37th 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 335 titles on creativity and entrepreneurship, and our weekend PhotoSparks section on creativity in the arts.
Q1: Technical skills
For startups that have a strong focus on a technology product or service, it is critical that they put the right talent in place for development as well as scaling the offering. Two key roles in this regard are the product manager and the technical architect. What is the third key role?
Q2: Livelihoods and empowerment
Many housewives and mothers are highly skilled in making food for home consumption. For those who want to sell these products and to a wider audience, how can technology help, beyond channels like D2C?
Q3: Technology in healthcare
Digital technology is making important contributions to the healthcare sector. Areas of impact include telehealth, predictive analytics and genomics. What are the main technological contributions in the field of medicines?
Q4: Marketing effectiveness
With opportunities to collect consumer contact information such as email IDs and phone numbers, marketers can send real-time messages to their customers at far lower costs than previous channels. But efficiency is not enough. How can technology also improve engagement and experience?
A unicorn refers to a startup with a valuation of $1 billion and above. Unicorns can bring massive returns to early investors, while stimulating more innovative activity in the respective fields. What other impacts do unicorns have?
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: Technical Skills
“The biggest hires will be in your product or solution space. Focus on the three gods of your technology team: product manager, industrial designer/head of user experience and technical architect,” advises the technical expert. Vivek Mansingh, author of Achieve significant success.
He advises founders to make sure all three of these roles are filled by Class A people. “These three people will define the potential success of your business, especially if your business is in the technology space,” Vivek adds. Learn more about other aspects such as external partnerships here.
A2: Livelihoods and Empowerment
Founded by Aman Porwal in 2021,MomsKart leverages the platform model to create an e-commerce marketplace for home-made food products by mothers. The offerings include products such as pickles, jams and snacks.
“The goal is to connect authentic regional products on a single platform while empowering women in smaller regions,” describes Aman Porwal. MomsKart has vendors from all over India, with over 1,000 homemade food items made by over 500 female vendors and a community of 5,000 bloggers. Learn more about his $2,000-3,000 MRR and other growth metrics here.
A3: Technology in healthcare
“AI also helps reduce the cost of discovering new drugs,” says Ram Kishan Agrawal, Senior Director, Technology, Optum Global Solutions (India).
Additionally, digital tools that use AI-based algorithms can offer alternative medicines. “They are the same basic substitute but are relatively less expensive and offer the same value as the prescribed drug,” he adds. Learn about technology trends reducing healthcare costs here.
A4: Marketing effectiveness
“The advent of technology and digital accessibility means that we are no longer in a one-size-fits-all era. With the amount of data available to brands, consumers expect hyper-personalized experiences,” says Avlesh Singh, Co-Founder and CEO, WebEngage.
“The companies that have created customer delight and stood the test of time over the past two or three years are the ones that have focused on the most crucial business metric: customer retention,” he adds. -he. Founded in 2011, WebEngage offers a complete marketing automation suite. Read more here about their recent report, Omni Channel User Engagement – Winner’s Booklet.
Many VCs in India are now focusing on areas where technology can make a difference, such as SaaS startups, exemplified by the successful IPO of Freshworks. “Once these ratings turn into real values, more people are rewarded, which in turn creates deeper talent in the ecosystem. This paves the way for more people to join the startups,” explains GV Ravishankar, Managing Director, Sequoia Capital India.
“India now has the third largest number of unicorns after the US and China, and India’s startup ecosystem is a priority for almost all global investors,” adds Varun Laul, Partner, Private Equity, Investcorp. Many unicorns create white-collar and blue-collar jobs while actively innovating for consumer needs, according to Abhay Hanjura, co-founder of Unicorn D2C Licious. Learn more about unicorn dynamics 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).