Many entrepreneurs question whether they have the right skills to become successful with a startup. According to Fortune magazine, 90 percent of startups failed in 2014. The magazine contributed the failures to lack of consumer interest, funding, staffing, competition and product choice.
Mike Baur founded Swiss Startup Factory in 2015. It now has the leading and foremost accelerator program in Switzerland. The primary values that entrepreneurs receive from the company are mentoring, investment connections and office space to accomplish business operations while going through the startup phases.
Swiss Startup Factory has a 10-week program and business model that is highly sought-after by many talented entrepreneurs. It’s a great recognition to be chosen by the accelerator program. Mike knows how to speak the language that entrepreneurs can understand in order to prevent a startup failure.
Mike’s primary recommendation to entrepreneurs is to allow spontaneity to guide their ideas. According to Mike, a startup idea has a far better chance of survival when it is authentic, rather than a cramped search for the sake of seeking a monetary gain or business venture. He says when entrepreneurs realize there is a gap in the market for a product or service, that’s when things become interesting. “Because you may have already discovered a gap in the market, then you [can] come up with the idea of how you close this gap,” says Mike.
Mike says that is the time when an entrepreneur needs to assess the idea more thoroughly and take a detailed approach towards founding a startup. He believes that many entrepreneurs who hesitate are missing the business opportunity that has the potential to become lucrative. There must be a greater assumption of uncertainty in order to become successful as a startup.
Mike believes there are five qualities that an entrepreneur needs in order to succeed. According to Mike, those qualities are trust, being willing to accept failure, ignoring negative people, being willing to work extremely hard, and breaking a simple rule without breaking the law. Mike adds that entrepreneur’s need to be able to take more risks. If not, they will never be able to reach their true potential.
When it comes to protecting ideas, Mike says that it’s important to always share ideas with other entrepreneurs. Mike’s belief is that sharing ideas becomes an inspirational character for an entrepreneur. He says, “That’s the only way to get valuable feedback and see your [startup] project from a different perspective.”