This transcript was generated from the episode audio and may contain minor errors.
[Music]
All right, all right, welcome back. Welcome to Side Hustle School. Welcome to this week's Failure Friday segment. Failure Friday is built on the principle that we can learn as much from something that goes wrong as we can from something that goes right. And sometimes actually we learn through that process, we end up doing something so much better on the other side.
So Failure Friday, a collection of short stories about mistakes, missteps, disasters, and of course failure. You get to hear directly from a side hustler who has struggled to get something off the ground. What happened? What do they learn along the way? And what are they gonna do next?
Or at least how does this point them in a different direction? So in this segment, we're gonna hear from a college teacher who attempted to start an online alt MBA program, like an alternative MBA. There are a bunch of these different kinds of programs out there for everybody who wants an MBA who doesn't wanna spend $80,000 or whatever it costs now, whatever it is, it's too much. You don't need an MBA. That basically teaches you how to run somebody else's business.
Or at least I should say, if you want to run your own business, you don't need an MBA. That's what I should say. Because MBA programs are all about helping people be middle managers. So this person tried to start an alt MBA program, but faced some unexpected challenges, didn't really take off. Let's hear more about what went wrong and what we can learn from the experience.
[Music]
Hi, I'm James. Not too long ago, I set out to create an online alt MBA program. The idea was inspired by the growing trend of alternative education. Programs that focus on the practical skills and real world experience rather than traditional academic credentials. I saw an opportunity to build something unique and valuable for people looking to advance their careers without going through the typical MBA route.
Unfortunately, things didn't go as planned. The concept seemed solid, a condensed, intense learning experience that combined mentorship, project-based learning, and peer feedback. I envisioned a program where participants would collaborate on business challenges, develop leadership skills, and build a network of like-minded professionals. It was all about hands-on learning with none of the fluff that often comes with traditional MBA programs. I spent months developing a curriculum, reaching out to potential mentors, and designing the online platform where the program would be hosted.
I was excited about the potential impact this could have and the value it could bring to people's lives. But when it came time to market the program, I hit a wall. Despite my best efforts, I struggled to get people interested. My target audience wasn't biting and the signups were far below what I had hoped for. I tried tweaking the messaging, offering early bird discounts, and even running some targeted ads, but nothing seemed to move the needle.
One of the biggest challenges was explaining the value of the program. The term Alt-MBA was intriguing to some, but it wasn't clear enough for most. People didn't fully understand what they were getting, and I didn't do a great job of communicating why it was worth their investment. The alternative education space is still new to many, and without a well-established brand, it was kind of hard to convince potential students to commit. Another issue was the competition.
Even though I believed in my program, there were already a few well-known alternatives out there, and they had strong communities, established brands, and a proven track record. It was tough to break through the noise, especially as a newcomer without a big ad budget. In the end, the program didn't take off. I had to face the reality that the demand wasn't there, at least not in the way I had envisioned it. It was disappointing, especially after putting so much time and effort into developing the concept.
I realized the importance of validating an idea before diving in too deep. I also learned that marketing and messaging are critical. If people don't understand the value of what you're offering, they won't sign up no matter how good the product is. Another takeaway was the importance of timing and positioning. The alternative education space is growing, but it's also competitive, and breaking in requires more than just a good idea.
You need a clear value proposition, a strong brand, and the right timing. While my alt MBA program didn't work out, the experience gave me valuable insights that I'm taking with me to my next venture. For now, it's back to the drawing board with a clearer understanding of what it takes to launch a successful program. Jason, thank you so much for sharing. Thank you for just kind of walking us through what happened.
As I said, I've seen a number of programs that try to do like online MBA, but not accredited, and more like entrepreneur focused, but it's really difficult to do. Unless you're Marie Forleo, she's running a program called B School for many, many years. She's kind of pioneered in that space and owns it pretty well. But all the others, I don't wanna say all the others, but most of the others tend to kind of come and go unless they're associated with a university and they can just kind of put resources behind it and such. That said, never confuse a single defeat with a final defeat.
Jason's gonna take this project, tries to take this experience and go on to something else. And I hope that you'll do the same listeners whenever you encounter something that doesn't work the way you hope the first time. If you have a question, if there's something we can help with, sidehustleschool.com, today's notes, sidehustleschool.com/2848, 2,848. Every single episode is free. You can listen wherever you want.
Comes out every morning, seven days a week. My name is Chris Guillebeau. This is Side Hustle School. [Music]
