Getting assistance to create your company
In this video about assistance to create your company, Lova Ruth Cohen-Sizyandji shares her views on:
- why get help
- what types of help
- the coaching
- for the financial aspect
- coach’s help, really useful?
Lova Ruth launched her rental and sales of artwork business in 2018. Find her on ruth-gallery.lu.
Subtitles are available in english and french.
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Transcription de l'intervention de Lova Ruth Cohen-Sizyandji
Why get help?
When you’re creating, when you’re becoming an entrepreneur when you stick to an idea, there’s a chance you’ll make mistakes, I’d say.
What types of help?
We’re very lucky in Luxembourg. Because since I was a job-seeker in the profession, when I stopped working, I registered with Employment Services, and they launched a program called Fit4Entrepreneurship. So I managed to convince my adviser at the time that I had a need for creation, that I had a creation project. And I asked if she could sign me up for the program. I followed the program, and despite my knowledge in accounting and such it’s not at all the same thing. I really advise people not to think: “But I’ve already been a director, or a manager all my life…” No, it’s entirely different. It’s completely different because they give you lots of helpful tools for creating a company. And there’s the psychological support, because you’re in a creation-type environment with people who are used to assisting entrepreneurs. For me, the Fit4Entrepreneurship program was a big help.
What about the coach?
He understood my desire to create. He helped me throughout my project from beginning to end, he gave me lots of ideas and helped my not make a lot of mistakes. He asked me lots of questions and said: “If you can answer these questions, if you can work on these points, it will help you move forward.”
On the financial plan too?
When you’re creating, you always need to think about having a financial margin. Do a proper financial analysis, of course. But always remember to leave a margin because you can go over budget very, very fast. It’s good not to be alone because when you’re passionate about something, you spend and spend, you buy more and more, you make a lot of mistakes. But when someone’s there beside you, they’re there to say “Whoa! Open your eyes and stop that!” And it helps.
A coach’s help, truly useful?
Yes! Honestly I’d tell anyone looking to start as an entrepreneur, it’s not a bad idea to seek assistance or advice from someone with more experience. It really helped me!