Startup businesses have been on the rise over the recent past. Most of these firms, however, are run by people who are inexperienced in the entrepreneurship world, and this leads to mismanagement. Mike Baur from the Swiss Startup Factory was kind enough to share some business tips that can help a startup business to grow. This article discusses some of these tips.
Setting Up a Professional Staff
According to Mike, the success of a startup is dependent on how it was established and how the staff is assembled. His advice was that all co-founders in any startup must be pushing towards the same side regardless of their backgrounds. The staff, on the other hand, must comprise of experts and professionals. He argued that without a good sales team, even a good product will do poorly in the market. It is advisable to have a professional steering sales and marketing in the startup or better still, one of the co-founders takes it upon himself to market the products.
Mike cautioned startup entrepreneurs from being overconfident with their plans since success doesn’t depend entirely on good ideas. He pointed out that success is highly dependent on the execution of an idea, which means that an entrepreneur must be committed, convincing, and be ready to go an extra mile to see their ideas blossom. Mike noted that the idea execution process might be tedious, but business is not for quitters. He advised that instead of giving up during hard times, the advisable thing to do is to get customer reviews and use their feedback’s to improve the business. When taking customer feedbacks, Mike advised that it is good to be hard but nice, for not being nice is detrimental. The other issue Mike touched on was about negative criticism. He advised startup entrepreneurs to be smart enough not to be swayed from their course by negative critics. According to him, it is good to listen to them, but always be equipped with a ready answer to counter their criticism.
Avoiding Fraudulent Investors
Mike also discussed entrepreneurs who hide their ideas up their sleeves for fear of it being copied. He argued that hiding an idea limits an entrepreneur from getting better strategies to grow his good idea. About giving out contracts and finding investors, Mike advised startup business operators to hire professionals for such jobs to avoid being shortchanged by fraudulent investors and contractors.
Mike Baur is a professional banker with over two decades of experience. Since he left banking in 2014, Mike has been helping startups to grow through Swiss Startup Factory (SSUF).