School's not out for retired professor

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 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.