As the Founder and Managing Partner of Swiss Startup Factory, Mike Baur has a lot of great tips for young entrepreneurs. Mike was one of them at one point in his life. He founded Swiss Startup Factory at the age of 39. The company has the leading startup accelerator program in Switzerland.
When coming up with an idea that is considered brilliantly successful, Mike will be the first to tell anyone listening that the idea is hatched on its own. “Spontaneous ideas are always better than a cramped search for something [special],” says Mike. The idea will come to the entrepreneur and reveal itself. Mike knows this very well because it is his passion that has led to many of his successes through the years. When Mike began in business, he was an investment banker.
Mike eventually became a board member with one of the leading banks in Zurich; however, he knew that it was not his passion. Mike’s passion is in helping people become successful through their innate abilities and core drive within themselves. Although there must be a passion to drive the success, Mike also understands that the market allows unique opportunities for entrepreneurs to tap into areas that have not been discovered. He says that when a product is needed, an entrepreneur may ask, “Why isn’t it there yet?”
Mike says that the question in an entrepreneurs mind is the spark that ignites that passion within them to take action. He believes at that moment an entrepreneur has discovered something spectacular – there is a gap in the market and they have an opportunity to close the gap. Mike says that is the moment that an entrepreneur needs to take precise action to found a startup company. At that point, the passion has aligned with the opportunity, which must be pursued.
According to Mike, the conditions for implementing a startup company have never been better for business opportunities, as they are nowadays. The times have greatly changed from when he began in business 20 years ago. He says the reason many entrepreneurs haven’t chosen to implement their idea is that they’re simply unaware of how easy it is to accomplish getting started. “Cheap communication and ideas have potential,” says Mike.
For Mike Baur, the best tip that he can give any entrepreneur is to step out of their comfort zone and take as many risks as possible.