In a recent interview, expert businessman and entrepreneur Mike Baur gave some of his useful insights for startup success. Mike Baur is the founder of Swiss Startup Factory, a company that helps entrepreneurs utilize the right tools for their business. This article highlights some of the advice he shared:
Mike Baur and His Three Tips to Startup Success
- Good ideas come from within
Whether it is a need that you observed or something you learned over time, good business ideas do not come from other people. A lot of skilled entrepreneurs will know a good idea when they discover it, and usually, it comes like a “light-bulb” moment. When you have that good idea, it is important to take action and pursue it. The reason why people don’t succeed with their ideas is that they fail to do something about it. They miss out as they get stuck in the planning stage.
- Promoting your business is as valuable as operating your business
Startup company owners also need to understand that the world is already congested with offers given by other household giants. Even when you think you have the best product in the market, there is no way of reaching your target audience if you don’t do anything to promote your business. The digital age has made it easier for companies to reach out to as many people as possible without large costs. Tools such as social media, building websites and other digital marketing tools are extremely helpful and should be utilized by every business that wants to grow fast.
- Learn from what didn’t work
As you run your business, it is important to note which tactics within your marketing and operations are working and not working. According to Mike Baur, when a business fails, it is most likely bound to happen. What he learned throughout helping many businesses grow over the years is to learn from the things that didn’t work, and avoid them in the next venture.
About Mike Baur
Mike Baur is a successful entrepreneur and adviser hailing from Sweden. He had several experiences in the banking industry and has worked well in this field for two decades before establishing his own company, Swiss Startup Factory.
Mr. Baur co-founded Swiss Startup Factory with Olive Walzer and Max Meister in 2014. He is presently the managing partner of the company, and through his leadership, Swiss Startup Factory has formed many partnerships with other local and international brands. Mike was also featured in Wall Street Journal December 2016 issue about his successes in startup investments along with Swiss banking.