What are the characteristics of an aspiring entrepreneur?
An aspiring entrepreneur is anyone who wishes to start up a business or have already started one within the last three years.
Aspiring entrepreneurs will have to demonstrate skills and knowledge related to their studies as well as personal attitude to the business world. Holding a business idea is essential to participate in the programme.
Aspiring Entrepreneurs must reside in one of the 28 member states.
What are the characteristics of a host entrepreneur?
A host entrepreneur has to have minimum 3 years experience in the management of a micro, small or medium enterprise in one of the 28 Member States or to be directly involved in entrepreneurship at SME board level.
Host Entrepreneurs shall have the ambition / willingness to share their experience and skills with aspiring entrepreneurs benefiting from them in terms of acquisition of new skills and new areas of business in another European country.
Host entrepreneurs must commit to ensure the development of aspiring entrepreneurs’ skills through a mentoring and training on the job process.
Is there an age limit to participate in the program?
There is no age limit to participate in the Erasmus for Young Entrepreneurs programme, whether you are aspiring or host entrepreneurs. Therefore, you will have to keep in mind the other requirements specified in the Application Guidelines with respect to experiences and competences.
Can self-employed professionals apply as host or aspiring entrepreneurs?
Yes, according to the European definition of small and medium-sized enterprises, self-employed professionals are considered entrepreneurs and thus can participate in the program as host or aspiring entrepreneurs.
Is the program limited to specific areas?
No, business activities can be related to any sector.
What is a business plan?
A business plan is a document containing a summary of the operational and financial objectives of your own business, diagrams and detailed budgets and enlightening how the set goals will be achieved.
Can a host entrepreneur accept more than one aspiring entrepreneur?
There is no limit to the number of aspiring entrepreneurs that can be hosted individually. However, as a rule, a host entrepreneur cannot host two or more aspiring entrepreneurs simultaneously. An exception can be made if the hosting company has two founding partners and both sign up individually as host entrepreneurs in respect to the programme requirements.
What financial support is available?
Financial support to aspiring entrepreneurs contributes to travel costs (to and from the hosting country) and covers subsistence costs (in particular in terms of accommodation). Intermediary Organizations are responsible for funds disbursement and originally contacted by new entrepreneurs pay the financial support. New entrepreneurs must provide intermediary organizations with proof of expenditure and if it proves to be lower than the initial amount of financial support provided, the paying intermediary organisations are entitled to claim back the excess.