Pathways Perspective: Find a Problem To Solve
The FORGE Student Venture Pathways program helps build entrepreneurial mindset skills for all students. The eight core entrepreneurial mindset skills are Critical Thinking, Flexibility & Adaptability, Communication & Collaboration, Comfort with Risk, Initiative, and Self Reliance. Future Orientation, Opportunity Recognition, and Creativity & Innovation. Pathways Perspectives is a blog written by FORGE Student Staff who connect with founders to learn more about how they utilized these skills and what the journey of entrepreneurship looks like for different founders.
For this Pathways Perspective, Ananya Singhvi, a sophomore majoring in Economics at the Eller College of Management, interviewed Arizona Luminaria founder Becky Pallack.
Questions to ask yourself
Aspiring entrepreneurs and startup founders are actively building a path toward the future they envision for themselves and their businesses. Asking reflective questions is an important part of the process. “How to develop a deep understanding of the business model?” “How to sustain a startup through multiple revenue streams?” “Can you create a personal support system to stay motivated?” “How to persevere through the challenges?” Becky Pallack the Co-founder of Arizona Luminaria, one of the FORGE Ahead Resident Teams, spoke with me about her story and the various paths she took to get where she is today
A Nonprofit Solution to the Broken Business Model in Journalism
Becky Pallack's journey as an entrepreneur is a remarkable one. As a working journalist, she became interested in how the traditional business model of journalism was falling apart. She built a news startup under the umbrella of a legacy newspaper in an intrapreneurship project and learned many important lessons from that project. Two summers ago, Pallack left to start something new with her work partner and together they created Arizona Luminaria, a nonprofit organization that addresses the broken business model in journalism. “I didn't want to get to the end of my career in journalism without having tried to do it differently and do it better,” said Pallack. “And so as an entrepreneur, I'm getting that chance to try to change, change the system that I had been frustrated with for a long time and getting a chance to try to do things better.”
One of the key elements of Pallack's journey that stands out was the decision to create Arizona Luminaria as a nonprofit. This choice was based on a deep understanding of the business model and the need for multiple revenue streams to sustain local journalism. This approach allowed Pallack and her team to focus on their mission of making a difference through impactful journalism. Pallack created her own personal support system to stay motivated in the form of pep talks from people she trusts, which are written on post-it notes and stuck to her monitor and bulletin board. Additionally, she has made her favorite pep talk in the background on her laptop screen, providing her with a constant source of motivation. While motivation has been important, the key to her success has been in the front-end work, including getting her finances in order and being clear about her purpose.
Pallack's journey as an entrepreneur has not been without its challenges, but she has persevered through her dedication to making a
difference in the world of journalism. Her commitment has led her to build a startup that is focused on bringing change and accountability to her community. With her focus on growth and profitability, she is now learning new strategies at FORGE to take her organization to the next level. “The best part about FORGE is the mentor network. I really learn a lot from experts from other industries, because no one in my industry has this problem solved,” said Pallack. “But listening to other people talk about how their industry works, how their business model works, I always think about what I can take away from that and apply to my own case.”
Be a problem solver!
One value that stands out in Pallack’s story is the drive to make a difference and improve systems through problem-solving. Instead of simply accepting the status quo, this founder saw an opportunity to do things differently and better. This drive to create positive change through problem-solving is a key value of entrepreneurship, as entrepreneurs are often motivated by the desire to positively make a difference in the world. By focusing on this value, entrepreneurs can create ventures that not only generate profit but also have a positive impact on society.
Critical Thinking and Problem Solving is the capacity to apply higher-level, process-oriented thinking, consider an issue from a range of possible perspectives, and use that reasoning to make decisions. Take our self-assessment quiz HERE to find your entrepreneurial mindset strengths.