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test your business creativity with Edition 22 of our quiz!

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This weekly quiz from YourStory tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 22nd 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?

Check out YourStory’s Book Review section as well, with takeaways from over 325 titles on creativity and entrepreneurship, and our weekend PhotoSparks section on creativity in the arts.

Q1: Product-market fit

Founder passion and customer empathy are great ways to get started on solving a problem. Evolving from MVP (minimum viable product) to a scaled portfolio are other milestones in the journey. But what are other success factors beyond getting satisfied customers?

Q2: The innovation pathway

Investing in R&D, improving employee creativity, and promoting intrapreneurs are proven ways to increase a firm’s innovation quotient. Externally, mergers and acquisitions are other ways to acquire new IP, talent, and market share. What’s another powerful approach to innovation?

Q3: Online healthcare

Online healthcare received a tremendous boost during the pandemic for virtual consultations, medicine delivery, and at-home workouts during the lockdowns. It reduces risk and increases productivity as well. What are other advantages of online healthcare?

Q4: Digital branding

Tapping social media influencers can be an effective way to increase brand visibility. Becoming an influencer is even better. There are multiple channels available now to publish and promote a company’s content, ranging from email newsletters to immersive media. But one foundational media space is often overlooked – what is it?

Q5: Fundraising

“Friends, family, and fools” is the most direct way to raise external funding for an entrepreneur. Angel investors, VCs, and crowdfunding are the next obvious sources, along with grants or investments from incubators, accelerators, and government schemes. What’s another fast-emerging source of funding for startups?

Answers!

Congratulations on having come this far! But there’s more to come – answers to these five questions (below) and links to articles with more details on the entrepreneurs’ solutions. Happy reading, happy learning, and happy creating!

A1: Product-market fit

“Paying and repeat customers are the best indicators of a product-market fit that is working,” explains Shreyans Daga, CTO of MyGate. The product must solve a real problem, and the market should be large enough to offer the potential of scale.

“Entrepreneurs are often extremely passionate about their ideas, which may not be the case with their customers,” Shreyans cautions. One of the leading causes of startup failure is the lack of market need and the inability of the founders to pivot to a new product. Read more on product-market fit here.

A2: The innovation pathway

“Open innovation is the future,” explains Rajiv Mukherjee, Co-founder of IncubateHub. The firm connects corporates to a curated community of startups and facilitates the creation of prototypes and solutions.

The corporate innovation market is expected to reach $750 million by 2023, according to Rajiv. Read more here about the growing popularity of the open innovation model thanks to its advantages of synergy, lower cost of experimentation, and competitive advantage through new revenue streams.

A3: Online healthcare

“One of the many benefits of the internet is that this medium makes mental healthcare more approachable while also being readily accessible,” explains Rakesh Sharma, Director, AtEase. In the pandemic era, online platforms have provided private and confidential access to counsellors to deal with stress.

Rakesh also showcases the importance and advantages of online mental health platforms for women and LGBTQIA+ communities. “Online mental health platforms do not restrict you to a particular geographical radius, allowing you to connect with licensed medical practitioners from all over the country or globe,” he adds. Read more about online mental healthcare here.

A4: Digital branding

“Every other space has its own rules and regulations, but a website is a timeless artefact that people can always visit,” explains Ajit Sivaram, co-founder of U&I. The charitable organisation works towards providing non-formal education to children.

In spite of all the social media craze, websites play a huge role in establishing a brand presence, according to Ajith. “We can organise the data we want, show it the way we want, so I think it’s the best way to portray your brand,” he adds. Read more about the website advantage here.

A5: Fundraising

“Today there is a lot more opportunity to raise capital from the HNIs and family offices,” explains Adith Podhar, founder of Gemba Capital, a micro VC fund. Over the past few years, many family offices have become keen to invest in entrepreneurs.

It is usually the younger generation of these families that take the lead, thanks to exposure to the startup boom. The buoyancy of the startup ecosystem in India is attracting a new breed of investors. Read more of such investor trends 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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Elon Musk Reveals Twitter Will Soon Release a New Feature

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Elon Musk continues to reach out directly to Twitter users to get feedback on his newly acquired platform.

In a tweet earlier today, the billionaire/Chief Twit turned his focus on lurkers who consume the content but don’t contribute. He politely encouraged these so-called ‘doom scrollers’ to get involved.

“I meet so many people who read twitter every day but almost never tweet,” he wrote. “If I may beg your indulgence, please add your voice to the public dialogue!”

Musk has reason to be concerned. According to a study done in 2021, around 25% of Twitter users in the U.S. produce around 97% of all tweets.

His plea to be more active on the platform received nearly 85,000 responses, but he honed in on one in particular from a Twitter user named Rocket_Medic who, perhaps channeling hundreds of thousands of others in the Twitterverse, wrote:

“I reply a lot…no one reads my tweets.”

Musk then asked Rocket_Medic if he was aware of Twitter Analytics, which can be surfaced by clicking on the graph icon at the bottom right of all users’ tweets. The feature lets you know how many times people have seen, Retweeted, liked, and replied to each tweet.

Musk told Medic that he shouldn’t be bothered by the low reply rate since that’s not the metric that really matters. “Those who read tweets outnumber those who reply/retweet/like tweets by over 1000%,” Musk wrote.

At this point, Musk revealed an upcoming feature that had not yet been discussed publicly.

Twitter will soon start displaying tweet reach metrics up-front on all tweets, just like they do for video views.

The reaction to Musk’s announcement seemed mostly positive, with over 15,000 likes. But one user was not convinced.

@JamieHutchens4 replied:

“My Tweets get zero reactions. I think that’s the case with most people. No reactions give a feeling of being unimportant. Avoiding that feeling is likely why lots do not tweet. Most probably don’t even realize that is why they aren’t Tweeting.”

To which Musk replied: “How many views do your tweets get?”

At press time, @JamieHutchens4 still had yet to respond to Musk’s question.

Ironically, his tweet has been liked over 10,000 times, with nearly 800 replies.

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CEO of Amazon Says Platform Won’t Stop Selling Anti-semitic Film From Kyrie Irving Tweet

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Opinions expressed by Entrepreneur contributors are their own.

On Wednesday, Amazon CEO Andy Jassy said the company would not be removing the antisemitic film Hebrews to Negroes: Wake Up Black America from its streaming service. Jewish groups such as the Anti-Defamation League (ADL) have prodded Amazon to take down the film because it contains antisemitic tropes and allegations that, throughout history, Jews have conspired to oppress Black people.



Michael M. Santiago | Getty Images

The video first received widespread attention near the end of October after Brooklyn Nets guard Kyrie Irving shared a link to it on Twitter.

Speaking at the New York Times DealBook Summit, Jassy — who is Jewish — said Amazon should allow access to controversial viewpoints. He continued: “As a retailer of content to hundreds of millions of customers with a lot of different viewpoints, we have to allow access to those viewpoints, even if they are objectionable — objectionable and they differ from our particular viewpoints.”

Jassy added that Amazon must be consistent with its policies and take care not to censor content. If the media “actively incites or promotes violence,” Jassy said, “or teaches people to do things like pedophilia,” the decision to take it down is “more straightforward.”

Amazon has “very expansive customer reviews,” according to Jassy, and where any kind of media receiving considerable public attention are concerned, “customers do a good job of warning other people.” According to the Times, Amazon has indicated that it is considering adding a disclaimer to Wake Up, but Jassy also expressed confidence in customer reviews playing a role in how the video is perceived.

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‘Reformers will play a role in creating level playing fields’ – 15 quotes on motivation and change

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Launched in 2014, StoryBites is a weekly feature from YourStory, featuring notable quotable quotes in our articles of this past week (see the previous edition here). Share these 15 gems and insights from the week of November 21-27 with your colleagues and networks, and check back to the original articles for more insights.

See also our pick of Top Quotes of 2021 on Entrepreneurship, Investment, Digital Transformation, Storytelling, The India Opportunity, Pandemic Resilience, Failure Recovery, Design, and Art.

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Tapping on new trends can result in fascinating prospects for development. When you decide to hop on a trend, it would be best to strike a balance between meeting your customer’s expectations and fitting your brand image. – Rishi Vasudev, G.O.A.T. Brand Labs

A positive post-purchase experience indicates whether a customer will return to repeat the purchase, or how likely they are to recommend the product or service to their friends and family. – Gaurav Mangla, Pickrr

We need programmes to develop the ecosystem of both startups and established firms in smaller cities.Kris Gopalakrishnan, N Dayasindhu, and Krishnan Narayanan, ‘The IT Story Of India’

Today, successful startup founders in India are akin to rock stars, and that has led startup creation topping joining a consulting or a private equity firm as the career of choice at India’s premier institutes. – Ashwin Raguraman, Bharat Innovation Fund

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With national and international initiatives in place, encouraging young girls to take up core fields and subjects, there is a ray of hope where the STEM field will no longer be attributed to gender gaps and dominance. – Shalini V Nair, Ennoventure

A zero harassment policy that aims to help women to come forward without any fear of being judged will create a conducive work environment and ensure that they don’t feel unsafe. – Sumanpreet Bhatia, Exotel

While going through these challenging times, inclusive decisions are critical for sustained engagement and belongingness. – Pothen Jacob, Interweave Consulting

Looking closely at the world around us today, we feel that not just teenagers, but children in general are under severe stress of growth, expectations, and aspirations. – Neeraj Kumar, PeakMind

A bit of care, affection, and conscious steps can go a long way in making your fur companion more friendly and careful in the company of others. – Aamir Islam, Carry My Pet

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Show up, speak up and don’t try to do it alone. It’s about how to get out of bed, even on the hard days. – Chandni Nihalani, PayPal India

If something has gone wrong in your life, take it up as a challenge and get over it. Avoid being regretful or feeling distressed, humiliated, and frustrated. – Manjari Jaruhar, ‘Madam Sir’

Don’t worry about failures. As long as you learn from them, the next time will be better. It’s when you don’t learn from them that the problems start! – Dhruv Nath, ‘Dream Founder’

Feedback is all about an invitation to problem solve. – Matt Abrahams, Stanford GSB

Decarbonising electricity is critical: the power sector is already India’s largest greenhouse gas emitter. – Anjali Bansal, Avaana Capital

Reformers will play a role in creating level playing fields and bringing the world back to peace and equilibrium. – TN Hari, ‘Winning Middle India’

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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