Entrepreneurship is all about choices. From the choice of the type of venture to start to everything else in the life of such venture – employee recruitment, business model etc. For every choice you make on that journey, there are sacrifices you’ll make for not choices the alternatives.
This was my talking point with Tola and Jaiye last week when we were discussing an issue that came up due to the primary revenue model we chose at the beginning of the business.
For us at 1Plify, one of our aims is to put hungry educational
consultants agents out of business due to their current evil ways. Most of them often dupe innocent students and charge exorbitantly for unnecessary services or services that could have been free.
So, we started 1Plify and decided we won’t charge students fee that are not pre-approved by the institutions we partner with. In most cases, we won’t even charge the students anything if the school doesn’t charge an application fee at all.
Therefore, the only way to achieve our aim of putting the agents out of business is to show them (and the students) the superiority of our model by not charging additional fees (unnecessary ones) like they do and still offer world class services. It’s a big sacrifice especially when there are students in the market who are willing to pay such fees so long they get admitted to the University of their Choice. That the agents currently accept such fees doesn’t make it right.
This is a tough choice, and the sacrifice we are paying is the decision not to have those additional revenue like the agents (i.e. the real icing that makes this type of business lucrative). That choice may mean lower revenues in the short term, but if we achieve our aim, the choice would have paid off. Chances are that we won’t, but I hope we eventually do. As fast as humanly possible.