Mike Baur is a 20-year veteran of the Swiss banking industry. He began as a commercial apprentice at UBS which is a large Swiss private bank. Mike decided that he wanted to begin his entrepreneurial journey at the age of 39. He worked with two other people to form the Swiss Startup Factory. The Swiss Startup Factory is a privately financed and independent early-stage accelerator program. Mike is very involved with inspiring entrepreneurship among the youth. He supports his clients financially and as a mentor. Mike also co-founded the Swiss Startup Association and he is the director of the program.
It is notoriously difficult to start a business from the ground up. New business owners have to have a specific plan. That plan must be based on the essential elements of what will make the operation function and reach a level of success.
Beginning business concepts are often basic and at times written on notebook paper. Owners must name the organization and know what brand they are wanting to push forward. Being a sole proprietor is completely different from running a partnership. New business owners should decide whether or not they will take full responsibility for all decisions or share the load.
It needs to be clear what type of products or services a particular business is offering. Clear communication to the consumer base will undo any confusion and maximize profit potential.
Entrepreneurs have to do their research and understand the market they are entering into. Leaders should be carefully chosen. The entrepreneur will either have to do this themselves or hire individuals they trust to run customer operations while they handle their organization. At the end of it all profit potential determines whether not a business plan is going to be successful. Analysis must be done to clearly state what the profit margin is going to be compared to the investment.
Mike Baur and the Swiss Startup Factory team have broken these concepts up into different departments of the organization. The Swiss Startup Factory staff guides everyone through the administrative process in order to obtain the permit to work. Other incubators offer a 3-month program while the Swiss startup Factory commits to a 12-month system. The 12-month program is designed to have a definitive impact on the company’s life. Mentors are assigned to give each business owner the best possibility of success.
Mentors are there to streamline strategy. They offer insight and insure that products are meeting the needs of the intended consumer base. The Swiss Startup Factory team also take part in developing operating plans and link new entrepreneurs together with centers of influence within that particular market.