Challenges Of Edupreneurs In India
India has over 250 million school going students, number of schools and colleges going to 39,050 and 903 respectively, and Gross Enrolment Ratio in Higher Education of 25.8% in 2017-2018. With such a drastic improvement in education in India over the years, India’s Education Sector has opened up as a great opportunity for aspiring businessmen, willing to flourish their life as an ‘edupreneur’, or ‘education entrepreneur’.
Ever since the Government of India allowed a 100% FDI on Education Sector, it has seen some top-notch people joining hands to make India a literate country, which, in the end, opens up the world of endless possibilities for every citizen. These people, or companies, called ‘edupreneurs’ have made education more accessible and convenient for all.
Big brands like Procter & Gamble have come up with raising funds for education, through the platform of ‘SHIKSHA’. Since then many brands have come up with this ideology. Such initiatives prove that education is for all and should be made available to everyone, irrespective of any barriers.
In the opinion of the education stalwarts, it’s a great opportunity for edupreneurs to start their own educational institutions and spread the word of wisdom and education amongst everyone.
However, even with the opportunities available, many people look upon education as a “money-making business” which creates mistrust in them. Therefore, the challenges that the edupreneurs come across are huge, because there is a lack of acceptance of the purpose.
Few challenges that edupreneurs face;
1. Fewer sources of funding:Edupreneurs are allowed to open up schools and/or colleges only under a non-profit entity, which restricts the sources of fund. For example, they can’t get investments via equity investors, or through shares and debentures. Non-profit entities are, however, eligible for DONATIONS, which somehow relieves them, but not completely. Because of lesser sources of funding, edupreneurs take time to expand their institutions by making additions to the available facilities.
And that’s not all. Government Regulations require the edupreneur or his trust to fund their own assets like land and building, which again requires huge money.
2. Lack of trust:In India, people think of education as “business”, which means that the emerging yet deserving ones don’t get a chance to instill the faith in them. Parents prefer to spend their hard-earned money in already established institutions, rather than looking for the right type of education offered. This paradigm is often seen in higher education institutions.
3. Deploying wrong people:Edupreneurs, sometimes, fail to judge the human resources that are being deployed in their venture. This motivates these people to take edupreneurs for granted, which ultimately leads to diversion in edupreneur’s plans.
4. Lack of proper research:Edupreneurs often don’t have adequate analyses and researches in place, and that’s how they end up wasting money in things not required. A proper plan can take up years of research and doesn’t happen overnight. Targeting the right audience, framing the education structure, tying up with the appropriate universities, Government approvals, etc. aren’t the factors to be messed around with.
5.Human Touch : Edupreneurs are unable to create a perfect blend of Tech with human touch, education is getting digital while people are seeking for actual mentors, which is a huge gap we are facing.
Education business doesn’t gain success overnight. It’s a collective effort of passion followed by systematic planning and execution. Edupreneurs, however, continue to face challenges despite normalcy in the situation, but with a right knack and patience, it becomes a win-win situation for all
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