Brian Reese’s frustrations with finding time to study gave way to an idea. That idea became TestSoup, a new and innovative way for students of all kinds to study on the go.
Questions and Answers:
Q: Have you ever started a business from scratch before?
A: I used to own and operate a baseball card and lemonade stand in the front yard when I was about seven years old. It took me a while to realize why I wasn’t profitable. Of course, operating at the end of a cul-de-sac didn’t help. I learned a lot about the importance of location and timing.
Q: What was your motivation for starting TestSoup?
A: It mostly started from the general frustration I had when studying for the GMAT. I didn’t like the systems on the market for core concept review and wanted something quick and easy that was both web and mobile based. Also, it brings together three of my favorite things: teaching, learning, and entrepreneurship.
Coming from a business undergraduate background, it had been a long time since I took geometry and basic algebra, and I no longer had access to simplified versions of the coursework. I wanted to find a way to use technology to let people steal a few minutes here and there just to help refresh their memory on certain key concepts needed for standardized tests.
Q: Many people get into entrepreneurship when they lose their job. You haven’t. How is that working out?
A: By day, I’m an active duty Air Force officer stationed in Phoenix, Arizona and by night, I spend a lot of time reading, writing, and entertaining my entrepreneurial side. I think it’s important to stay fresh on the latest business issues regardless of your day job. The bottom line; however, is that you can’t start a business on your own—especially if you work full-time. Without the management and web development support from Wasabi Ventures there would be no way I could have made this happen. Surrounding yourself with a great team is truly one of the most important things to starting any business.
Q: What is the biggest lifestyle change you had to do undergo as you moved to being an entrepreneur?
A: The time constraints — there are lots of late nights and early mornings. Because I have the weekends off from my job, I tend to devote the weekends to my business projects—whether it’s mentoring someone else or working on my own endeavors.
On a side note, I have literally run this company from my BlackBerry. If I didn’t have it, there is no way I would be able to have a full-time job and start and operate this company. I find this particularly interesting because it lines up with the concept on which we built the company — stealing 15 minutes here and there before a meeting or even a movie to brush up on core concepts, like math or verbal skills. It’s the same with operating the business. Whenever you have a spare second, you can’t let it go to waste.
Q: What is the biggest challenge you have had as you started a new business?
A: Probably overcoming the “I’m not qualified for this” mentality. In the beginning, you always have this feeling of, “Am I qualified? Are we ready to launch? Are people going to take me seriously?” My advice is: just go for it. You’ll never know if you never try. This reminds me of the quote “The best time to start a business is never and always.”
Another interesting thing I’ve found is that there is no clear line of where you transition from idea development to sales. One day you’re thinking of an idea for your website and the next you’re taking a call from a potential customer who wants to know what you can do for them. It just happens over night and there’s no definitive period that leads up to that. I remember meeting with a potential client and as I walked back to my car I thought, “We’re trying to do a deal here and I don’t even feel like our website is ready.”
Q: What is the biggest difference between being a military officer and being the CEO of a company?
A: Believe it or not, there isn’t that much difference, which is one of the reasons why companies seek those with military experience. The role of both is essentially to direct resources to accomplish either the mission or the goals of the company. As CEO, there are three essential capabilities that I am constantly trying to balance whether it’s employees or advisors: (1) Initiative, (2) Creativity and Innovation, and (3) Passion. The CEO must be able to provide a basic vision while enabling a community attitude that encourages innovation. If your company is not innovating, you are probably on a slippery slope to failing.
I would say that the biggest difference is that I’m a junior officer so I don’t get to call all the shots. I’m at the middle management level of a huge bureaucracy so it’s sometimes difficult to change things in real-time. One of the things I love about running my own company is that I don’t have to ask for approval—at least not yet. The company as well as all value added products and services can change in real-time. Being able to call all the shots is a powerful thing. I try to remind myself to cherish the moment because your ability to call all the shots dwindles over time as more people and resources get involved.
Q: When will you consider yourself a success as a start-up?
A: I think TestSoup is already a success. With the exception of setting some 12-month goals in terms of number of users, revenue targets, etc, there are really too many things to focus on, so I don’t want to limit the company. Maybe five years down the road I’ll think of a defined end-state and use that as the benchmark. However, as far as I’m concerned: it’s launched, it’s live, and people like it.
Q: What advice do you have for other entrepreneurs?
A: Find a co-founder with similar goals and interests and launch your company as soon as possible. You don’t need an extensive business plan—write a one page executive summary that defines your company and launch! No matter how smart you are or how great of an idea you have, the difficulties of starting a company can wear on you at times. A co-founder brings accountability and purpose. He/she motivates you during the ups and downs. After that, surround yourself with really smart people and constantly reach out to them for advice.