Education, ecommerce, EVs: Test your business creativity with Edition 104 of our quiz
This insightful feature from YourStory tests and strengthens your business acumen. Here are 5 questions to kick off the 104th quiz. Ready?
Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In the 104th 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: Fintech success
Fintech players need to meet customer demands for convenience and affordability. Agility and customer experience (CX) are key differentiating factors in the face of competition. What else should fintech players be keeping an eye on?
Q2: Education and sustainability
Internships are one way of getting students exposed to real-world contexts. Volunteering in neighbourhood projects is another option. What else can schools do to teach students valuable skills in areas such as environmental sustainability?
Q3: Technology and apparel returns
Studies reveal that the apparel sector has a return rate of 25%. Optimising the reverse logistics process can also be a challenge. How can technology help the apparel industry here?
Q4: The EV sector
Affordability and compelling design are key success enablers in the electric vehicle (EV) sector. Government subsidies can also drive demand creation. What else is needed for a thriving EV ecosystem?
Q5: The HR-tech advantage
Much has been written about how large firms are benefitting from advanced technologies in HR, such as chatbots and generative AI. But how can digital transformation enhance life for a small business?
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: Fintech success
“Another crucial part of the financial business is data security and compliance. Compliance with data security regulations is critical for maintaining sensitive data's confidentiality, integrity, and availability,” explains Prashanth Kancherla, Head of Products at Ozonetel Communications.
“Platform access must be protected and available only within a relevant network and to the necessary persons. While agents must have access to data that gives a 360-degree context, critical identifiers such as phone numbers should remain masked,” he adds. Read more about fintech CRM approaches here.
A2: Education and sustainability
Started by Parmita Sarma and Mazin Mukhtar in 2016, Akshar School collects dry plastic waste as a fee. It also provides students vocational skill training in landscaping, plastic recycling, tailoring, and carpentry.
Students are taught to recycle plastic for small construction projects like eco-bricks, plant guards and other products. Read more here about the school’s inspiring journey with 110 students who all learn practical crafts and entrepreneurship in a holistic manner.
A3: Technology and apparel returns
“Data modelling and predictive modelling help with demand forecasting, route planning, sustainable decision-making, and customer-centric strategies, thus redefining how footwear companies manage the complexities of product returns,” explains Prashant Gupta, Co-founder, ClickPost.
For example, Myntra allows the creation of various buyer profiles, which helps extract sizing data via predictive algorithms. Read more here about how this reduces returns due to wrong sizes, along with other applications for reverse logistics.
A4: The EV sector
The EV sector should focus on a higher degree of indigenisation, not just demand creation through subsidies, according to Kunal Khattar, Founder of AdvantEdge Founders. It is important to not just invest across the entire value chain but also foster local champions.
Countries like India must invest in creating intellectual property around the EV space, Khattar adds. Read more here about the necessity to create centres of excellence around green technologies, and investments in R&D and early-stage technologies.
A5: The HR-tech advantage
From managing their workforce to streamlining operations, human resource management systems (HRMS) technology is helping small businesses enhance their competitive advantage, according to Haresh Awatramani, CEO of Beehive.
“Through automation, online job postings, applicant tracking, and automated interview scheduling, HRMS streamlines the hiring process, reducing the time required to fill vacant positions,” he adds.
Read more here about HRMS simplification of payroll and benefits management and even acceleration of employee self-service.
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).