When you look at successful entrepreneurs, you’ll find that operating in that entrepreneurial sweet spot, that place where their product, passion and price all intersect. To be successful as an entrepreneur, an educational entrepreneur, you also need to find that sweet spot where the problem, product, passion and profit combine. Missing any of these factors and you’re going to miss that edupreneurial sweet spot. Click here if you would prefer to watch the Video version.
Let’s explore each of these key factors.
You need to be solving a problem. People don’t pay for a course. They pay to have a problem solved. You need to make sure that you are delivering a solution to that problem.
To be a successful edupreneur you need a product. This product is a combination of your knowledge or subject matter expertise and the capability to convert that knowledge into a structured learning program that provides value to your learners. Many of you will have the expertise around the product, but lack the capability to design and develop the learning experience. That element is less critical, as you can collaborate with learning designers (such as Superb Learning) to receive the support and technical know-how required.
Having passion for the subject matter you are delivering is vital for the success of an edupreneur. Without the passion you are going to lack the motivation to put in the hard yards when needed. Without passion, procrastination has a greater chance of taking over or you become distracted by the new shiny objects when the design, development or delivery of the product becomes difficult. Passion is also essential to provide a superb learning experience to the people undertaking your program.
The final key factor is profit. Edupreneurship is about creating an income generating business through educational products. There needs to be a market for your learning program, that is willing to pay a price (preferably a premium one) to access your product that is going to provide you a profit. The profit is generated once the revenue from sales is greater than the cost in design, developing and delivering the course. The profit is going to be determined by price point and sales volume. You could look to create a profit through a low price point with a high volume of sales or a higher price point with lower volume of sales.
Without profit you are just a passionate educator, giving away your knowledge through an online product.
Without passion you are going to be an unmotivated educator that will never finish developing their course, or building a lackluster experience that fails to provide value.
Without an effective product you will be selling a course that fails to engage the audience and deliver on the promises provided.
Before designing and developing your online course, consider where your edupreneurial sweetspot is.