Mike Baur, the Co-Founder and managing partner of the Swiss Startup Factory has some awesome tips for startups, and these tips don’t come without requiring you to think about how you do business. You can have many great ideas and you can even have innovative ideas for products and services, but ultimately without a good team you won’t get very far. This is one of the main things Baur focuses on a recent episode of Mind Cast TV. His interview with Pascal Kocher, Baur shares his insights into why many startups fail and why others succeed.
One of the things Baur hones in on early in the episode is about “going the extra mile“. He talks about being ready for surprises along the way and just being prepared. Additionally, he knows that some startups have team members that don’t understand what it takes to be really successful. He says that many individuals don’t understand that they just can’t on vacation once they have started their business. It takes absolute dedication and commitment for a business to be started and to grow to fruition.
There are numerous ways to ensure that your business is a success, but going the extra mile is really important. Creating a product is great but you’ll need sales. If you have created something great but it doesn’t sell then it makes no sense for you to be in business with this product.
Adapting to the market changes is also important, and some individuals aren’t willing to adapt or to ride the waves when things don’t look so great. Those who are most successful won’t give up so easily and they are more likely to press on and focus on ways to get better every single day. Startups are always going to learn things along the way, but there are ways to minimize the pain that come with major mistakes by just avoiding them.
Mike Baur has more than 20 years of experience in banking, and as an entrepreneur he knows how to build successful partnerships from the inside out. Baur has carefully chosen the right individuals to work with to make the SSUF a huge success, and he is just steps away from building some of the most successful startups in the fintech industry.