This weekly quiz from YourStory tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 27th 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 themselves actually did. Would you do things differently?
Q1: The digital edge
The pandemic has accelerated the adoption of digital technology. Smaller firms have been forced to enhance their online presence, launch ecommerce storefronts, harness CRM tools, and monitor social media for customer insights. What’s another core plank of digital strategy?
Q2: Health and wellness
The pandemic has taken its toll on physical and mental health. Companies have rallied around by providing online counselling, informal virtual group activities, and buddy systems to bolster wellness and morale. What else can organisations do to provide better employee support?
Q3: Work from home
The pandemic spurred the remote or work from home (WFH) movement. Adversity turned into opportunity for ecommerce and edtech firms, as well as those providing upgraded home IT equipment and even cooking lessons. Who else benefited from the shift to more time at home?
Q4: Health at home
The pandemic greatly increased people’s awareness about and commitment to healthy living. People began to eat healthier food, cook more at home, and even participate in yoga classes via Zoom. What else helped people stay fit at home during the pandemic?
Q5: Beyond talent and tools
Mindsets, skillsets and toolsets are key enablers for entrepreneurial success. But ability is not enough, nor is access to funding. What are two other factors that are drivers for entrepreneurial success in the long run?
A1: The digital edge
“MSMEs who stay invested in cloud offerings will most certainly get to reinvent their business early and get a competitive edge. Start small with cloud ERP and then expand rapidly,” advises Rishabh Devgan, Solution Advisor Specialist, SAP India.
“The cloud can offer rapid deployment capabilities and it is easy to manage and upgrade the IT landscape,” he adds. Cloud infrastructure enables business continuity, agility and productivity. Read more about the pandemic push to cloud adoption here.
A2: Health and wellness
“The last two years have seen social bonds at the workplace – office friendships, watercooler conversations, informal mentoring and knowledge exchanges – fraying due to remote work,” laments Ashwin Naik, Co-founder of Manah Wellness.
To recreate these connections, he advises forming support groups. They can address challenges such as burnout, loneliness, and inadequate self-care. “They also address the fundamental need for community that all humans have – the need to share, listen, and empathise with those around us,” he adds. Read more about such organisational health approaches here.
A3: Work from home
The startup Arrivae offers home styling services online, as well as a digitally integrated supply chain. It recently raised Rs 75 crore ($10 million) in a Series B round from Think Investments, a private investment firm and Havells Group.
“The home improvement industry is evolving into one of the most profitable markets in India, especially post the pandemic,” according to the investors, Think Investments. Founded in 2017 by Yash Kela, it has 35 stores in 19 cities, and has roped in 275+ designers. Read more about Arrivae here.
A4: Health at home
“Treadmills and indoor bikes helped people stay fit at home during the COVID-19 pandemic,” explains Mohit Ahuja, Marketing Director; CultX.fit. Both are great for cardiovascular exercise.
“Your fitness equipment would depend on the fitness goal. So, if you are looking for more muscle training, you should go for a bike, and if you are looking for something that is purely cardio, then the treadmill can be your best friend,” he adds. Read more about home health here.
A5: Beyond talent and tools
“What plays a very important role is how much you’re ready to work hard. Give yourself to your profession or your mission,” advises Michelin-star chef Vikas Khanna, author of Barkat: The inspiration and story behind one of the world’s largest food drives, FEED INDIA.
Entrepreneurs should regularly be rejuvenating themselves as well. “I am constantly reinventing myself by entering new businesses or arts, or new spaces of creativity. You’ve got to be reinventing,” he adds. Read more inspiration tips from this chef-humanitarian 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).