Resilience, speed, opportunity: test your business creativity with Edition 40 of our quiz!
This weekly quiz from YourStory tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 40th 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?
Q1: Healthcare opportunity
The pandemic spurred trends like online delivery of medicines and teleconsultations with doctors. But other than curative healthcare, what other health trends did the pandemic accelerate, and how?
Q2: Digital business
Going digital helps many MSMEs reach new customers and serve them better. It improves workforce productivity as well and unlocks new innovation. What’s another benefit for small businesses going digital, on the monetary front?
Q3: Work from home
The pandemic spurred the remote work movement by requiring work from home (WFH) during the lockdowns and beyond. It redefined the way people connected to their colleagues, along with online education and entertainment. But what key impacts did the pandemic have on employer-employee relationships?
Q4: Need for speed
Businesses need to have speed in the way they respond to customer queries in the digital era. They also need to anticipate their needs and aspirations faster. Where else does speed matter for founders, in the launch and growth stages?
Q5: Role of government
During the pandemic, digital channels helped the government in ensuring vaccine distribution and coordinating three-phase vaccination campaigns. What’s another key example of effective e-government during the pandemic?
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: Healthcare opportunity
There are two kinds of healthcare approaches - preventive and curative. “While people think about healthcare as curative, things have started to change now pushed by the onset of the pandemic,” observes Aniruddha Sen, Co-founder of healthcare subscription platform Kenko Health.
Proper diet, fitness regimes, and immunity-boosting products witnessed significant growth during the COVID-19 waves. Kenko Health reports at least 70,000 monthly customers and hopes to cross 100,000 this year. Read more about the subscription-based startup here.
A2: Digital business
“By taking the transactions and payments online, businesses increase their financial transparency and provide comprehensive cash flow insights to potential investors or creditors,” explains Meghna Suryakumar, Founder and CEO of Crediwatch.
Instead of just annual reports, business activity can be tracked on a monthly basis, eg. service tax payments. “These actionable insights enable lenders (banks or other financial institutions) to assess MSME creditworthiness better,” she adds. Read more about how digitisation helps banks expand their customer base via the fintech route here.
A3: Work from home
“The pandemic has acted as a catalyst in rebuilding employer-employee relationships. Employees today are looking for more flexibility in terms of the working hours and the location of work, along with other things,” observes Senthil Kumar Muthamizhan, Founder of CultureMonkey.
“While empathy has always been critical, it’s earned a new meaning in a post-pandemic world. Active listening forums or formal/informal pulse checks are a few mechanisms that can help leaders build a culture of empathy and compassion,” adds Prashanti Bodugum, VP, Walmart Global Tech India. Read more about accessible support for all employees here.
A4: Need for speed
“Today, everything happens very quickly compared to before, so if you want to grab a chance, you have to act super quickly,” says Marcin Beme, Founder and CEO of audiobook platform Audioteka, as a launch tip for startups.
“Make time for learning because in this world, your only advantage is to learn faster than the rest,” adds Jowita Michalska, Founder of Digital University. The world of digital startups is fast-moving, and the stage is global as well. Read more entrepreneurship tips and case studies here.
A5: Role of government
“The onslaught of COVID-19 accelerated digitalisation and reinforced the role of G2P (government-to-person) payments in helping countries and governments deliver social assistance rapidly, effectively, and responsibly,” explains Lamia Naji, Consultant, Digital Development, World Bank.
“Digital government has played a major role in COVID-19 response,” adds Dr Abiyot Bayou Tehone, Lead, Digital Transformation Program at Ministry of Innovation and Technology, Ethiopia. Read more about digital infrastructure and resilience in the pandemic era here.
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).