Advice for budding entrepreneurs

29.06.2011

With the emphasis on promoting entrepreneurship and self-employment to aid economic recovery, the number of European citizens looking to start up their own SMEs either at home or in another European country is set to rise. Many may want to take advantage of EURES services to this end.
With the emphasis on promoting entrepreneurship and self-employment to aid economic recovery, the number of European citizens looking to start up their own SMEs either at home or in another European country is set to rise. Many may want to take advantage of EURES services to this end.      
 
“Before starting a new business in another European country, I highly recommend starting entrepreneurs to draw up a well formulated business plan, an investment plan and a personal financial plan. It can be very costly to move to another part of Europe just to find out six months later that your business plan didn’t work,” says Henk Smolders, a Senior EURES Adviser in the Netherlands specialised in advising starting entrepreneurs who want to move abroad.       
And for those people brimming with ideas but lacking the capital to get their project off the ground, microfinance organisations springing up throughout Europe could be the solution.
 
Microfinance organisations provide some of Europe’s most vulnerable groups (women, young people, minorities, people with disabilities and sole traders) with small loans or “microcredits” to get their projects started. Any entrepreneur or enterprise with fewer than 10 employees can apply for a microcredit of up to
EUR 25 000, as long as the operations are in the country in which they apply for the loan.
 
But perhaps the best advice in starting up a business comes from those who have already done what you are trying to achieve. EURES Advisers may be able to put you in contact with business owners as well as giving you a whole host of other information on banking systems, legal and administrative practices of your destination country.
 
Read more:
 
Find out more about microfinance and the organisations in your area at the European Progress Microfinance Facility.
 
About what EURES can do for employers
 
The European Commission’s work for starting entrepreneurs

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