More and more entrepreneurs are investing in the academic sector because it is a fast-expanding area with endless prospects for entrepreneurs. In fact, online assignment help services are also increasingly becoming popular among investors for earning high profits because most students are asking online experts, “Can you help me do my homework?” on different academic portals to receive instant guidance.
However, no business is immune to challenges, and the education sector is no exception. Take assignment help services, for instance. Countless websites are now available where students can request experts, “Please Can you do my homework,” and receive guidance. Such high competition can make success seemingly impossible for entrepreneurs. Hence, it’s important to address the challenges early for high returns.
Common Mistakes Education Startups Make & How to Overcome Them
1. Limited Knowledge of the Education Ecosystem
Every business sector has its opportunities and challenges. Most companies jump into the education sector without studying the market.
All investors need to do their homework research and learn everything about the market – the current EdTech trends, the “most required” resources, the challenges, and the competitors. Investing time in research will enable the investors to learn about the necessary EdTech products, identify the community they want to serve, and take the necessary steps to solve specific problems.
2. Entrepreneurs are Too Impatient
Unlike other industries under the pressure of global recession, the future of EdTech certainly looks promising. Unfortunately, most entrepreneurs are not willing to wait for 5-10 years to see growth and success.
Countless EdTech apps fail to turn their downloads into users. So, instead of calculating the number of downloads as an indicator of success, an investor should pay attention to KPIs. Exploring different KPIs like that of competitors’ apps can increase the success rate and boost income.
3. Unclear Distinction Between Customers & Buyers
Most of us tend to download apps to check the features and see if they work as they are marketed. But only a few of us actually signup for the services or buy the premium versions of those features.
Educators and academic groups have been a part of the standard learning system for ages. They have detailed knowledge about the actual market, the way it has transformed over the years, the changes in the education market, the opportunities for implementing new ideas, and more. Entrepreneurs should team up with teachers and other educators to take advantage of the opportunities and create on-demand apps with features that make learning more effective and bridge the gap.
4. Not Catering to Customers’ Pain Points
Developers have added IoT, AI, AR, and other advanced technologies to education apps to align with the in-demand technology requirements. However, most entrepreneurs tend to overlook customers’ challenges and miss solving them, which is imperative for gaining more users, boosting sales, and accomplishing the main purpose of the app.
One way to succeed in the EdTech industry is to address customers’ pain points and make the solutions more user-friendly. The developers must pay close attention to the issues in the existing learning system and use advanced technology innovatively to simplify the technological solutions and make them more accessible so more learners can benefit from them.
5. Limited Openness and Teacher Collaboration
Most EdTech companies aim to replace teachers and other parts of the existing education system and replace them with smart solutions. Due to this, most educators hesitate to adopt different education apps, which ultimately affects the overall success of the business.
The entrepreneurs must understand that generating revenue in the EdTech industry is a long and slow process. Hence, it’s important to work with a business model that allows them to stay in the competition and involve the educators. Developing advanced tools while considering the schools and educators will get them interested in the education tools and use them for teaching, which, thereby, will increase revenue and make the business a success.
6. Excessive Features Ruins User Experience
Most times, entrepreneurs clutter academic tools with excessive features, making it difficult for users to understand and use them. Complicated features usually drive away users because users don’t understand how each feature works, which worsens user experiences and affects business.
Undoubtedly, it’s not possible to meet every user’s requirements. However, it’s wise to make user-friendly features to increase usage and profit. And that’s possible with Minimum Viable Product (MVP) where the developers have to add the least useful features and technologies into the app to market it faster, save money and development time, and so on.
7. Lack of Awareness Among Users
The EdTech industry is becoming a fierce competitor with each passing day. Business owners are more keen on churning more money by developing robust software and tools with advanced features. In the pursuit, they tend to forget what users need and aren’t proactive in providing necessary guidelines or user manuals for users who need help to navigate the app. As a result, they lose both market and revenue.
Entrepreneurs looking to invest in using cutting-edge technologies to develop tools must focus on users’ needs. They must provide detailed guidelines or user manuals so users can easily understand how the tools work. For increased benefits and revenue, they must collaborate with the development team and work hand-in-hand to develop user-friendly applications.
