What do you need to start a business? Many people think that a business idea and capital are the most important factors when starting a business. However, this is not the case. Besides capital and business idea, an entrepreneur needs to have a mentor who will guide them through the process of running a successful venture. Many mentorship programs have been created to help upcoming entrepreneurs incubate their business ventures. Unfortunately, most of these mentorship programs tell you what to do, but they don’t provide the necessary resources that will help your business venture to succeed.
Your business venture won’t succeed because you have the capital. Nor will it succeed because you think it is a million dollar idea. So, what determines if a business will succeed? Mike Baur, an established Swiss entrepreneur, has taken the trouble to share important tips with upcoming entrepreneurs to succeed in their ventures.
Mike Baur is a successful entrepreneur with a proven track record in Switzerland where he was born and raised. Mike started his career in Banking at an early age. He spent much of his career working with young entrepreneurs in Switzerland where he offered capital for startups and monitored their growth.
During this time, Mike came face to face with the challenges that young entrepreneurs in Switzerland faced in their quest to establish their business ventures. He used his position to link these entrepreneurs with mentors in their field who not only offered valuable tips but also invested their money in some of the business.
Mike Baur then left the lucrative baking industry and partnered with Oliver Walzer and Max Meister to establish Swiss Startup Factory. The business incubation center has played a pivotal role in helping young people in Switzerland to establish their businesses.
Mike Baur believes that for a startup to succeed, an entrepreneur needs to set up a professional staff. The staff involved in running a business should comprise of experts and professionals. In his words, Mike notes that even the best products will perform poorly in the market without a great sales team.
Mike Baur warns entrepreneurs from being overconfident with their business ideas. Mike believes that the success of a company is determined by an array of factors and not ideas alone. Thus, entrepreneurs should focus on planning how to execute their ideas rather than brag about them. According to Mike, execution of the business idea is the most important phase of establishing a successful business.