Teach and grow rich

The e-learning landscape is a dynamic realm born from the convergence of two contrasting sectors: the traditionally slow-moving education system and the swiftly evolving online publishing industry. This fusion has ignited a wealth of opportunities, birthing multi-million dollar information products and beyond. However, it has also led to a stark divergence between low-cost information products and high-end educational offerings. In the educational sphere, the pace of change is notoriously sluggish. The cost of obtaining a university degree is skyrocketing, outpacing both inflation and stock market growth. Graduates are often burdened with massive student loan debts, armed with degrees that may not translate to practical skills or promising job prospects. While academic qualifications hold value, the guarantee of a good job they once offered is no longer a certainty. Employers are increasingly encountering a surplus of applicants with degrees, diminishing the weight of college credentials. Moreover, many professors may lack practical experience outside of their teaching roles, and the financial burden of traditional education is at an all-time high.

On the other hand, the online publishing industry is characterized by its rapid adaptability. The introduction of Google AdSense in 2003 marked a pivotal shift towards audience growth and monetization. Online entrepreneurs have since progressed from selling modestly priced ebooks to offering expensive multimedia courses and other high-ticket informational products. The profitability of teaching as a business has also gained recognition. This transition has spurred the growth of online publishing and teaching, with solo entrepreneurs earning substantial incomes. However, as education and online media have merged, some entrepreneurs have hastily ventured into selling educational products without a deep understanding of effective learning facilitation. They have provided information, but as seasoned educators know, true competence requires more than just knowledge—it demands fluency and practical skills, which cannot be fully acquired through reading or watching videos alone.

Scaling effective teaching within e-learning is a significant challenge that educators have faced for a long time. It's clear that simply investing more money isn't a viable solution. A more effective strategy would be to adopt the agile development methodology from the tech industry. This approach involves starting on a small scale, perfecting the process, and then expanding gradually. Venture capitalists are drawn to the lucrative potential of the e-learning market, which is valued at over $100 billion. Significant investments have been made in various e-learning platforms, such as $113 million in Udemy, $12 million in Treehouse, $30 million in CreativeLive, and $85 million in Coursera. Additionally, LinkedIn's acquisition of Lynda.com for $1.5 billion in 2015 underscores the market's potential.

However, venture capitalists are often in pursuit of swift returns on their investments, which can lead to unintended consequences. Founders of e-learning companies, despite their best intentions, may feel compelled to deliver quick results, which can result in the automation of traditional teaching models. This approach tends to replicate an outdated system rather than reinventing it. The persistence of classroom learning is more a result of economic factors and inertia than its effectiveness. To truly revolutionize how people are educated for productive careers, a fresh approach is necessary. This could include project-based learning, mentorships and apprenticeships, flexible pacing tailored to individual needs, learning through solving real-world problems, collaborative peer learning, customized content and assessments, and ongoing feedback and iteration.

In the evolving landscape of education, the traditional dominance of large institutions such as universities is being challenged by the rise of educator entrepreneurs who leverage the internet to share their knowledge. This shift has democratized the process of education, allowing individuals with valuable skills to teach others online. The success stories in this burgeoning field come from diverse backgrounds. Professionals with industry credentials and status have traditionally monetized their expertise through consulting and speaking engagements. Online courses offer them a new, scalable avenue for income. Journeymen, who possess practical, day-to-day experience in their fields, find teaching online to be a lucrative side business that also expands their reach.

Then there are the experts, those who have dedicated their lives to studying a subject. This group, including professors and authors, sees online education as a means to grow their audience and income. Lastly, insiders, or enthusiasts with hands-on experience but perhaps lacking formal qualifications, are finding their niche in the online course market, proving that traditional credentials are not a prerequisite for success.

The online learning industry, now valued at over $100 billion, presents a golden opportunity for entrepreneurs eager to carve out their niche. To tap into this burgeoning market, starting with a pilot course is a strategic move. This initial step not only tests the waters but also refines your offering based on real-time feedback. A collaborative approach in creating this pilot course with your students is key. By involving them in the curriculum development, they become more invested in the learning process, allowing for adjustments and improvements based on their input.

Identifying the right course topic is crucial. It should be something you are passionate about, skilled in, needed by the world, and willing to pay for. When these elements align, you discover your "ikigai," or reason for being, which should be the focus of your course. Drawing from personal experiences where you've helped others can be insightful. Reflect on moments when your assistance was highly valued, as these can guide you in choosing your course topic. Another useful exercise is to imagine teaching a stranger on a plane something impactful during a two-hour flight. This helps clarify the essential outcome your course should aim to deliver.