Education system in India is undergoing a rapid expansion and there can never be a better period than this for Edupreneurs to make their presence felt.
The Budget has pegged an outlay of Rs 79,685.95 crore (US$ 11.952 billion) for the education sector for financial year 2017-18, up from Rs 72,394 crore (US$ 10.859 billion) in 2016-17—a 9.9 per cent rise.
The IBEF study says at present, higher education sector witnesses spending of over Rs 46,200 crore (US$ 6.93 billion), and it is expected to grow at an average annual rate of over 18 per cent to reach Rs 232,500 crore (US$ 34.87 billion) in next 10 years.
India and Germany have signed an agreement on vocational education and skill development with a budget of US$ 3.37 million, which will help create and improve cooperative workplace-based vocational training in India’s industrial clusters.
The Government of India has allocated around Rs 17,000 crore (US$ 2.55 billion) towards skilling, employment generation, and providing livelihood to millions of youth, in order to boost the Skill India Mission.
It looks like money is flowing from every side and filling the education sector, thus it is time for Edupreneurs to pull their socks and tighten their shoe laces before diving into the field of education sector and create ripples of their presence.
Here are five tips for budding Edupreneurs to keep in mind:
Check the playground
Keep in mind that being an edupreneur is no joke, one should keep in mind that opening an education firm or owning a franchise is related to education and education is a very sensitive field. One should never neglect the fact that an edupreneur has to deal with children.
Parents pay very close attention, so there is no room for goof ups, when it comes to taking huge responsibility of building a generation. Thus, it is very important to keep thorough knowledge about the industry.
Know the rules
To be the best in the game, you have to be the master in knowing the rules, so that you can easily identify the weakness and work on it. It is very important to keep every nitty gritty details of the business handy to run it smoothly. There are many edupreneurs waiting to take advantage of your one mistake and you lose your years of hard work in a flash.
Identify the strength of players
Currently, India’s higher education system is the largest in the world, enrolling over 70 million students, while in less than two decades, India has managed to create additional capacity for over 40 million students.
It is very important to know what steps your competitor is taking and where you are lagging. Self evaluation and self awareness go hand in hand, it is very important to keep an eye on your competitors’ strength.
Make a detail strategy about your moves, how you are planning to start the business, investment, estimate payback, and ROI. Blue print of the entire business should be ready even before passing the first step.
Principal, teachers, classrooms and quality of teaching should be the main focus of your business. The quality of education is the key to success. Quality is going to speak for itself and the brand, so never compromise with the quality of education.
Keep a track of latest developments in the field and update it. There are technological changes taking place in the education system, adapt the change and if possible stay ahead in the game of change, people will start noticing and would get encouraged to be a part of it. This will help in spreading the news and parents always want to give their children, the best education available around.