Former startup adviser ventures into entrepreneurship with 'senior university'

Volunteers line up for a group photo at an event held by the Wuhan Guanshanyun Media Culture Co school in Wuhan, Hubei province. (PROVIDED TO CHINA DAILY)

Liu Yu, a retired professor from Huazhong University of Science and Technology in Wuhan, Hubei province, has opened a "senior university" for older adults.

"It has been a mix of both joy and hardship," said Liu, who established a cultural and arts training institution for the elderly in Wuhan's Hongshan district in August.

Her school currently has 250 students and offers 15 courses, including an electronic keyboard class, a recitation class and a singing class. She noted that the most popular offering is the runway model course.

"Why? Because there's no threshold! As long as you can walk, you can sign up, and it has the quickest impact, enhancing the grace of ordinary people's walking," she said.

The Wuhan Guanshanyun Media Culture Co school is located near Guanshan Park in Hongshan. The school's location near five residential areas has led to increased enrollment as word of its offerings spreads throughout the communities.

Since its opening, the school has been operating at a loss and cannot yet afford full-time staff.

Besides managing the school's finances, handling operations and serving as the school's receptionist, Liu also teaches the electronic keyboard class. "The pressure is still significant. But I have always embraced challenges throughout my life. Even if I'm alone, I will persist," the 67-year-old retiree said.

Fortunately, several student entrepreneurs at Huazhong whom she still mentors as a startup adviser have volunteered to help during their free time.

They help manage the school when she needs to attend meetings in other areas.

Liu Yu (right), founder of the school, poses with a donor. (PROVIDED TO CHINA DAILY)

Many students are proactive in supporting the school, with some arriving early to help with various tasks, and nearby residents have approached Liu, pleading with her not to close it. Some have shown their support by purchasing as many as four courses at once.

In starting the school, Liu's plan was to pioneer a volunteer-operated school for middle-aged and elderly students that is managed by locals to minimize costs.

During the initial stages of her venture, people she had previously known and worked with, including entrepreneurs and university professors, offered donations and various forms of assistance.

"The elderly population is increasing. As I am exploring new models, many people believe that what I am doing benefits the country and the residents," Liu said.

"They choose to support me, some with financial contributions, others with labor, and some with innovative ideas."

She noted that labor costs at the school are now very low thanks to the volunteers, and almost all expenses are now supported by tuition fees. Though not yet profitable, the school's losses have declined sharply since its launch.

Liu invested 500,000 yuan ($69,480) to kickstart her entrepreneurial journey last year.

Her family expressed concerns that she might have to sell her house to cover the losses, but she assured them that she would not invest any more money in the school until things turn around.

To that end, she plans to expand her target base. Instead of just catering to seniors, she aims to draw nearby college students and white-collar workers after the Chinese New Year holiday, offering evening and weekend classes tailored to their needs.

"As long as the number of students increases to 500, or the utilization rate of the two classrooms increases from the current 50 percent to 80 percent, I can turn a profit," she said.

Liu speaks at an event. (PROVIDED TO CHINA DAILY)

Liu is the founder of the Dian team, a group she established in the Huazhong University of Science and Technology's Telecommunications Department that helps students become entrepreneurs by presenting their projects to investors.

Members of the Dian team have set up over 70 companies, 25 of which have been valued at over 100 million yuan.

She has also established a matchmaking studio to help aspiring entrepreneurs outside the university find investors.

"I have been guiding others in entrepreneurship for nine years. I have advised over 800 entrepreneurs, and they see me as a mentor for both strategic and tactical issues," Liu said. "However, now I find it quite amusing. In the past, I had no real understanding of the hardships of entrepreneurship, so what qualifications did I have to advise others?"

Some entrepreneurs have told her that even though she hadn't started her own business, having reviewed around 3,000 projects, she could summarize, draw conclusions and identify trends, which still held value.

Liu emphasized that it was only through firsthand experience that she began to understand the challenges that entrepreneurs face.

"When an overseas returnee who wanted to start up his own business visited me, I asked if he had ever experienced betrayal. It was as if he had found a kindred spirit. You see, this is a question I would never have raised before," she said.

"In the past, when I met young entrepreneurs, I would unconsciously adopt a teacher's posture or regard them as juniors, always maintaining a certain air of superiority. Now, regardless of how old the entrepreneur is when they approach me, I feel that we are comrades-in-arms."

Contact the writers at liukun@chinadaily.com.cn