In a recent interview with Red Bull, business mogul and co-founder of Swiss Startup Factory Mike Baur shared some essential tips that every startup needs for it to be successful. Unlike the norm, Mike Baur gets startup ideas spontaneously and does not often look for them. The simplicity in spontaneity is what triggers him to identify and take advantage of an opportunity in the market. With the current technology that has reduced the world to almost one village, Mike Baur believes that it is easier now for entrepreneurs to expose their products to a broader market than it was two decades ago.
The mogul believes in the power of networking of thoughts and urges fellow entrepreneurs not to conceal business ideas but instead share them with others and learn one thing or two from other people’s response. If you start a business and it fails, the only way to succeed in it is to dust off yourself and try again and again until that failure turns into success. It is in these hard times that an entrepreneur best learns from his mistakes and rises again only that this time they will be stronger and smarter than before.
About Mike Baur
Born in Switzerland, Mike Baur had an interest in finance and accounting from a tender age. At the age of 16, Baur started working in the banking industry where he served for about twenty years. Mike Baur began his career at Sallfort Bank before moving to work for the Union Bank of Switzerland. The hardworking entrepreneur rose up through the ranks and was assigned by the UBS to be the financial adviser of their most esteemed clients.
Mike Baur holds an MBA from the University of Rochester and an executive MBA from the prestigious University of Bern. The scholar quitted his job in 2014, and together with his colleague Max Meister, they partnered to establish the Swiss Startup Factory with the aim of mentoring and supporting young digital innovators. Swiss Startup acts as an incubator where the young minds can go for support in actualizing their ideas. The ideal startups are taken through a three month period accelerator program that seeks to brainstorm ideas from various like-minded experts and innovators to have a final model that can be sold to potential investors for financing. During this phase, entrepreneurs are trained on financial health review, payroll management, invoice management and cash flow reports.