FINANCIAL INVESTMENT

There is no predefined magic recipe when it comes to personal financial investment. Whether the money comes from the entrepreneur's savings or from his or her loved ones, the ideal amount will differ from one project to another. It all depends on the initial amount the entrepreneur needs, but especially how much he or she is willing to put in. In 2015, the Quebec Entrepreneurial Index noted that nearly half (50.1%) of canvassers were counting " on their personal savings to get started ." Of this number, a quarter (26.7%) of respondents in the canvassing phase said that $5,000 was enough to start their business. Across Quebec, one in five respondents plan to invest more than $100,000 in their project.

PERSONAL INVESTMENT

Before even taking the steps to launch his project, the entrepreneur must keep one thing in mind: he must invest, but above all invest himself. That is to say, he must be ready to invest time and effort without counting. Starting his business is first and foremost a question of conviction. We do not take the leap because we want to become rich in the first place, but because we want to be an agent of change, according to our values, our principles, our interests and our passions. The entrepreneur starts his business project because he has identified a need and he thinks he has an original approach or solution to meet it. This principle is just as important as personal financing.

Investing also means investing time in risk management, uncertainty management and resource planning. It is therefore an upstream investment to minimise costs in the face of unforeseen events.

Entrepreneurship is first and foremost a question of values; integrating personal choices into the process is therefore essential. In HEC Montréal's entrepreneurship support programs (e.g. the entrePrism incubator, the Rémi-Marcoux entrepreneurial path and the Banque Nationale-HEC Montréal accelerator), the human aspect is at the heart of the activities. These programs were established for entrepreneurs or buyers in order to support them, from the idea to growth, including market validation. Entrepreneurs supported by these accelerators and incubators have access to advice that will help them take advantage of several available resources such as financing, network, services, etc., but above all, to equip themselves and train as entrepreneurs and future business leaders.

Also read: How to prepare a catchy and solid business plan?

MANAF BOUCHENTOUF

Executive Director and Head of Support within the Entrepreneurship, Takeover and Families in Business Pole at HEC Montréal

Manaf Bouchentouf is Executive Director and Head of Support at the Entrepreneurship, Repreneurship and Families in Business Hub at HEC Montréal. He set up and directs the Banque Nationale – HEC Montréal accelerator as well as entrePrism-HEC Montréal, an innovative incubator whose mission is to support entrepreneurs, particularly from cultural communities.

He is also a coach and instructor in project management, development and provides targeted training in entrepreneurship and innovation, both technological and at the business model level, particularly at the HEC Montréal executive school.

Before joining HEC Montréal, Manaf Bouchentouf held several executive positions in industry in Canada and internationally.