Content, commerce, community: test your business creativity with Edition 129 of our weekly quiz!
This insightful feature from YourStory tests and strengthens your business acumen! Here are 5 questions to kick off this 129th 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 this 129th 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?
Check out YourStory’s Book Review section as well, with takeaways from over 355 titles on creativity and entrepreneurship, and our weekend PhotoSparks section on creativity in the arts.
Q1: The ecommerce experience
The ecommerce route is promising for traditional retailers but raises challenges like customer drop-offs, errors in payment, and checkout problems. How can these be addressed so that customers and retailers both benefit?
Q2: Networking for success
It is not just what you know but who you know that determines your success. But there is much more to networking than simply being connected to people or becoming a social influencer. How can effective networks be cultivated?
Q3: Product launches
AI is transforming product launches by enabling a more targeted and efficient launch strategy, thus improving sales and customer satisfaction. How else can AI benefit the launch of products?
Q4: Education for tribal children
Children in remote villages often do not have proper access to education or are unable to find relevant jobs after school. They also have limited access to technology and emerging opportunities. How can these issues be tackled?
Q5: Content creators
Content generation as a business can be exciting and lucrative, but it also comes with challenges of financial sustainability, customer loyalty, and finding the right partner. What are some effective approaches for creators?
Answers!
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: The ecommerce experience
Razorpay's Optimizer has helped Fabindia via an intuitive analytics dashboard and AI-powered insights. It offers decision-making guidance in real-time, tracks success rates based on payment methods, and pinpoints reasons for drops.
This has led to a surge in transaction success rates, ultimately leading to happier customers and a tangible boost in revenue.
Read more insights here from Nitika Sharma, Head, Customer Success, Fabindia, with respect to expedited issue resolution and reduced customer grievances.
A2: Networking for success
“Power partners are your squad, the unwavering support system every professional needs,” affirms Rinku Kaul, Lead - Human Resources, Advanced Technology Centers in India, Accenture. Unfortunately, many women underestimate their networking abilities, which results in missed opportunities.
“Start small and cultivate relationships based on trust, gradually expanding your network,” she advised, at YourStory’s SheSparks conference.
Read more here about how organisations should facilitate networking opportunities via small-scale events, employee resource groups and communities of practice.
A3: Product launches
AI-generated content can enhance engagement and creativity in marketing efforts of product launches, according to Sriram PH, CEO & Co-founder of DaveAI, an AI-powered sales augmentation platform. AI streamlines pricing and sales for better synchronisation and efficiency, while also improving customer interaction.
Generative design tools can produce compelling visual content such as images, videos, and advertisements.
Read more here about how AI can personalise user experiences during product launches.
A4: Education for tribal children
The Riverside Natural School, started by former investment banker Priya Nadkarni and Digvijay Singh, aims to fulfil the education dream and career aspirations of tribal children from remote areas in Madhya Pradesh. It trains the students in football, farming and technology, in addition to the basic subjects.
With this combination, the school aims to foster all-round development. It has partnered with platforms like Coursera to teach programming languages, and takes students on farm visits to gain hands-on knowledge about agriculture.
Read more about this inspiring school here.
A5: Content creators
Speaking at YourStory’s TechSparks Mumbai conference, content creators RJ Princy Parikh, Anshuman Sharma, Ayush Shukla, and Rohit Shroff shared their insights and tips in the business.
Parikh advised creators to continually experiment with something new and surprise the audience, even if a certain kind of content has fetched popularity.
Relatability is another factor that can help one’s content stand apart, according to Sharma. Content creators should keep their eyes open for “unusual partners” for monetisation, said Shukla.
Read more tips from creator on resilience 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).
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