Checklist for New entrepreneurs

New Entrepreneur’s Participation

+++ Your benefits: new knowledge, new partners, new markets +++

You can participate in the programme as a new entrepreneur, if:

  • You are firmly planning to start a business, based on a viable business plan;
  • OR: you have started your own business within the last 3 years.  

Your (future) company or activity can be in any sector and there is no age limit. However, you must also:

  • Be a permanent resident in one of the participating countries.
  • Have a concrete project or business idea, reflected in a business plan.
  • Be motivated and committed to collaborate with an experienced host entrepreneur from another participating country.
  • Be prepared to contribute to the development of the host entrepreneur’s business and have a mentoring relationship.
  • Be ready to complement the programme funds as needed to cover the costs of your stay abroad. 

 

Your Application

  • First step: You identify and contact your support organisation (IO) in your country and consult them for any questions (see IOs of the OPEN-EYE network here)
  • You can consult the helpful registration guideline for the application

You collect the following application documents and submit them to the program database:

Your Business plan needs to include:

  • Description of your product or service offered 
  • Market analysis, definition of the target market, competitor analysis
  • Financial plan, estimated expenses and income in the following 2 years
  • Break-even analysis
  • SWOT-analysis

       You can apply here Need support? Ask your IO!

 

Find your Host Entrepreneur

After your application is confirmed by your support organisation (IO) you get access to the programme’s database with host entrepreneurs. You can start to propose a „match“ to a host entrepreneur and host entrepreneurs can also propose a match to you.

Tips how to find a host entrepreneur:

  • You make use of the database and the support of your IO
  • Make use of contacts through fairs, conferences, social networks, etc. outside of the programme’s database and convince potential host entrepreneurs to register in the programme (if needed, ask your IO for support)
  • Check if you shall become member of an international entrepreneur association such as JCI
  • You learn how to do Business in the EU   Please be aware: If you contact potential host entrepreneurs (especially outside the EYE database) make sure that you do not start working or doing business with your contact before your relationship is established officially in the programme! The reason is that prior existing business relationships are not funded by the programme, as only new business relationships shall be supported.     

 

Create your Workplan (Commitment)

After the confirmation of your business relationship you have to prepare a common work plan (commitment) together with your host entrepreneur and provide it to your IO.
   The workplan should cover the following aspects as described here workplan (commitment).
   also to do…

  • Consult the preparatory information of your target country
  • Check, if you should get an additional language training or an intercultural training to be best prepared for the stay abroad.

 

Finances

You provide your IO the following data for the financial agreement: 

  • Start and end date of the stay (if changed to original plans) and planned dates of interruptions of the stay (if any)
  • City of stay abroad, Name and company of the Host entrepreneur
  • Any additional grant obtained for the stay abroad
  • Home address and emergency address
  • Bank account details for transfer of grant (Name, Address, IBAN and BIC Code of Bank)

Insurances

Check your coverage (abroad) through the following insurances:

  • Health-insurance
  • Accident insurance
  • Liability insurance (see also the useful preparatory information)   Last things to do…
  • Read and sign the financial agreement and send it back to your IO
  • Confirm the final start date of your stay at the Host entrepreneur your IO


When you are abroad

You collect proofs of your actual stay abroad (original documents) at the Host by:

  • Submitting the original of Annex 3 of the financial agreement to your IO (signed by you and your HE)
  • Collecting one of the following types of original documents justifying your period(s) of the stay abroad:
    • Original Invoice of the organisation providing accommodation; the invoice must include the name of the NE and the exact duration of the stay
    • OR a written confirmation by the host person(s)(original document), who provide accommodation (including name of NE and exact period of stay and original signature of the host(s))
    • OR an original boarding pass of the airline and an invoice, which include name of NE and travel dates
    • OR original train tickets, which include travel date and name of NE (or signature of NE)
    • OR if the NE travels by car, an original petrol receipt for each journey (to and fro) issued abroad and containing the date of travel

You get involved in the online coaching:  

  • You participate in the online coaching, which accompanies your stay abroad What is the online coaching?
    • It is about goal setting, implementation strategies, evaluation, and self-reflection
    • It is moderated by a professional online coach
    • It offers the opportunity to get in contact with alumni young entrepreneurs

After your stay abroad

  • You complete the feedback report in the database (and remind your HE to complete his/her report, too) (please complete the report, which is mainly a questionnaire, in one go as the database has no cache memory)
  • You can check the further support opportunities (EU-wide and for your home country) for developing further your business
  • You can imagine to become a host for a young entrepreneur in the future? Get in touch about this with your IO!