The ‘Rotterdam business case’ project wants to support entrepreneurs in financial difficulties, and it makes it possible thanks to the help of both students at the Rotterdam University of Applied Sciences and expert senior entrepreneurs. The aim is to increase the profitability and the sustainability of the entrepreneurs in difficulties.
Many entrepreneurs live in poverty; the Central Statistics Organisation of the Netherlands (CBS) calculated that 1 in 10 self-employed workers live in poverty. Experts have shown that, although economic development and social-medical factors (illness, divorce, etc.) may have an impact, a significant underlying cause is a lack of entrepreneurial skills and vision.
To tackle this problem, the concept of the Rotterdam business case was co-created in a partnership with the University of Applied Sciences in Rotterdam, Foundation Entrepreneur Soundboard (retired volunteer business executives) and the Municipality of Rotterdam. Since 2012, more than 1500 entrepreneurs have benefited from the specific services that the Rotterdam business case project offers. More than 50% of them have been saved from bankruptcy.
The triangle made by entrepreneur in difficulties, senior coach (former entrepreneur) and junior coach (student) creates a ‘win-win-win’ scenario. The senior coach is a sounding board, adviser and mentor, who will encourage the entrepreneur to regain control and overcome obstacles and challenges. Students from business economics, financial management or commercial management provide practical assistance such as sorting out the financial administration, cost-calculation, business plan or marketing plan. The students advance their practical experience, learning fundamental skills and developing coaching expertise. They are coached and closely supervised by the former business executives and have the opportunity to extend their network. In this process, the entrepreneur will have a better understanding of up-to-date business principles, gaining insight into a viable business restart. The concept has been called ‘Young and Old = Gold’.