The Greek philosopher Aristotle indicated that learning is the outcome of both teaching and practice. Clearly, learning is not confined to classroom lectures exclusively. In the past several decades, educators explored the possibility of providing learning experience to remote students. With improvement in technology and the growing popularity of Internet usage, e-learning caught the attention of both corporations and educational institutions. However, traditional learning methodology began transforming when elite universities embraced the Internet as a vehicle for their degree programs (Forelle, 2003). Progress in e-learning has increased its popularity in the past decade (Levy & Murphy, 2002). Consequently, it is carving a new brand of universities, causing traditional schools to rethink their business model. Furthermore, some elite schools have developed specialized online degree and certificate programs. In doing so, these schools strive to compete on this new learning medium and create a new source of revenue, especially due to the declining enrollment and lower government funding resulting from the events on September 11, 2001 (Roueche, Roueche, & Johnson, 2002). This paper provides definitions of the eight key elements any institution should have to successfully implement self-funding e-learning systems.