Rachel Koretsky is the founder and CEO of Upace—a mobile fitness management platform serving over 200 recreation facilities, YMCAs, and community centers across North America. She is also the founder of DC Startup & Tech Week, one of the regions most celebrated entrepreneurship events with over 8,000 attendees.
TAKEAWAYS
Informational Interviews as a Starting Point
If you have an idea for a company, my recommendation is to start by doing as many informational interviews as possible. I learned so much through those interviews, like the end buyer didn't really care about the original problem I was trying to solve.
It’s also a great way to practice asking questions like, ‘How much would someone be willing to pay?’and ‘How much revenue could I generate based on how I’m able to penetrate the market?’
Most importantly, ask yourself if this an idea you’re passionate about. In my opinion, it’s not about the size of the addressable market. If you’re waking up excited to solve the problem, that’s the best determinate to know if you’re ready to make a pivot.
No One Way to Sustain Entrepreneurship
I’ve seen founders who went back to work in-house, but continued to have a team work on their startup to cover personal costs and put money back into the business. I see founders who start working nights and weekend on their idea. Then there are stories of company’s gettings acquired and the team has to work under a bigger organization, which is another kind of pivot. What entrepreneurship looks like is a personal, in the moment decision.