Lateral Stimulates, the weekly quiz from YourStory, tests your domain understanding, business acumen, and lateral thinking skills (see the previous edition here). In this 65th edition of the test, we present issues taken on by real-life entrepreneurs in their start-up journeys.
What would you do if you were in their shoes? At the end of the quiz, you will learn what the business owners and innovators themselves actually did. Would you do things differently?Check out YourStory
‘s Book Review area as well, with takeaways from over 350 titles on imagination and entrepreneurship, and our weekend PhotoSparks section on creativity in the arts.Q1: The loaning opportunity Conventional lending platforms count on assessments based
on credit bureau and banking transaction information.
These might work well in lots of contexts, however can be difficult to scale or roll out rapidly. What’s a good tech-driven solution here?Q2: Better marketing Marketers are always trying to find better methods to produce reliable material, engage with consumers, and personalize updates
for target market
. How can technology assistance here, and what are some tools that have emerged in this context?Q3: Environment change The looming risk of climate modification calls for more reliance on renewable resource sources such as solar, wind and tides. How can sustainable energy be brought into the movement
sector, and how can this be economically supported?Q4: Worry of failure Slogans like’ Fail quick and fail early ‘are much easier stated than done. Having tactical backup plans is one way of handling failure. But the key depend on the state of mind– what is a good attitude to have
to be able to frame, understand
, and cope with failure?Q5: Is the customer always right?Much has been said about finding product-market fit through customer journey mapping, empathy, and resolving requirements and goals. The focus on the’ voice of the client ‘is crucial here. But the client is not always right– how need to innovators approachthem in this case?Answers!Congratulations on having come this far! But there’s
more to come– responses to these five concerns(listed below), as well as links to short articles with more information on the business owners’services. Pleased reading, delighted learning– and pleased creating!A1: The financing chance”To produce a procedure for digitally underwriting subprime clients, I explore numerous ideas like self-psychometrics, artificial intelligence algorithms
, and gamification,” discusses Sameer Aggarwal, Creator, RevFin.The start-up offers chauffeurs with funding items for various types of electrical lorries (two-wheelers, three-wheelers, fleets), and has actually already financed over 10,000 EVs in 14 states in India. Find out more hereabout how consumer underwriting and product threats can be conquered with digital identity confirmation and loan disbursal. A2: Better marketing “In digital marketing, Machine Learning accommodates the business’s smooth marketing execution in a lot of ways by combining data sources, automating tasks, and by predicting project outcomes,”explains Arif Kazi, Founder, Dust Worth Media Company.”With the help of Expert system, producing content automatically, automating chatbot conversations, and customizing news feeds can be streamlined,”he adds. Read more about digital tools for marketing here.A3: Environment modification”Electric mobility is the remedy for the sustainable transportation needs, there
is an immediate requirement for consistent investments in the sector,”discusses Ankit Kedia, Founder, Capital-A.” In order to do so, various services require enhancing; one such service is battery swapping, “adds Ashvin Chadha, Handling Partner
, Anicut Capital.Both companies have invested in EV startup Chargeup.”The lorry emissions will keep increasing; the only method to reduce and stop that is to have an EV fleet,” affirms Punit Goyal, Co-founder of BluSmart, a start-up that rents, owns, and operates EVs.A4: Worry offailure”Accepting that one does not
understand whatever, and need not either, is an excellent beginning to gain from errors and failures,”describes Karthik Srinivasan, a marketing and branding professional, who spoke at the DesignUp 2022 conference. “Being open to being incorrect about things is another dimension of that humility,”he includes. Learn more here for success pointers from this interaction consultant, also patterns in the
creative industries.A5: Is the consumer constantly right?”Listening intently to the clients may frequently be self-limiting, if not outrightly self-defeating. You need to understand which client to listen to, specifically if you hear clashing needs,” cautions Pavan Soni, author of Design Your Thinking
.”Essentially, you listen to your
consumer intently when you are handling existing business designs and sustaining(read’incrementally much better’ )technologies,” he includes. Read here about how launching disruptive innovation calls for listening to your internal voice, and not simply to current customers.YourStory has actually likewise released the wallet’Proverbs and Quotes for Entrepreneurs: A World of Inspiration for Startups ‘as an innovative and motivational guide for innovators(downloadable as apps here: Apple, Android).