So how did he get started? Burck’s education wasn’t in business or education – he’s trained in public policy. But he was bothered by a problem – technology should make education significantly cheaper and more accessible. So why weren’t the colleges doing it? Why is an online class the same price or more expensive than a regular class?
Astoundingly, 93% of colleges charge more for online classes even though cost for the college is less, while at the same time, college prices are rising and the median family’s assets are declining. Armed with a mission to bring quality education to all on an affordable level, Burck founded StraighterLine. Now students can take classes for $99 a month with guaranteed credit transfer to many colleges. Within 6 short years, StraighterLine has become wildly successful and has changed the dynamics of the education marketplace.
Burck kindly gave us a few moments of his time to share the 6 core ideas that helped his business succeed.
1. Reflection. It’s important to constantly reflect on your goals, progress and cash flow. You need to have executive measures of success to be able to look at yourself and see if you’re doing what you set out to achieve. Look back at your initiatives, how much you spent, how much you earned and make sure you’re headed in the right direction. If it’s not going as expected, nip it in the bud and try something else.
Reflection enables you to stop an initiative you started when you see that it’s not going as planned. There’s a tendency that once you’re enamored with an idea, you feel strongly about it and feel a need to manage that vision with reality. But, if it isn’t going as planned, you need to be able to identify where you’re going wrong and correct course. Shift your efforts to initiatives that will keep your company alive.
2. Cash flow. Be realistic about your cash flow. Cash flow is everything. Constantly monitoring how your plan is hitting your cash flow will enable you to cut your losses early or shift your efforts into what’s most profitable.
3. Flexibility. Expect things to be different than you think they’ll be. There are nuances to each market that you won’t know until you’re there. Some will be well planned but not work out, or move at a different pace than you anticipate. And sometimes you’ll be more successful in areas you didn’t think you’d be. Being able to adapt easily and shift your course is crucial to the survival of your company.
4. Mission. Believe in your vision. This is the driving force behind your entire company. If you feel like you have to do something, do it. Take the risk of making your vision come to fruition – the worst that will happen is that it won’t work out, but at least you tried. It’s especially important, though, to always remain realistic about your performance. Even if you’re passionate about it, your plans might not realistically work out, and it’s important to be able to redirect your efforts if it doesn’t work as planned.
5. Listen. Keep talking to people. Talk to friends, mentors and colleagues. Listen to advice and listen to criticism. Dismiss whatever isn’t applicable – not everything everyone says will be applicable – but constantly listen and adapt. There’s a lot of wisdom and guidance you can tap into if you allow yourself to.
6. Systems. Make sure you always have good systems supporting your work. There’s a lot of good technology available to address your needs. Making sure you have good systems in place forces you to be introspective and to have good practices throughout your company. And keep adapting – once your business hits a certain ceiling where those systems don’t work anymore, you’ll need to revamp the way things are done and implement new systems to support yourself.
For more information about StraighterLine, visit their website at http://www.straighterline.com/. You can also watch a 5-minute video about their services and mission here.