Posts in Category: Business Ideas

Mike Baur’s Boot Camp For Startups

Swiss banker Mike Baur may not look like a harsh individual, but he is determined to whip Switzerland’s entrepreneur’s into shape. Since 2014, his company has been taking in small business people and helping them turn their startup business into a long-term successful one.

The title of this article comes from his own words. He says that, before he first started Swiss Startup Factory, he had an idea to create a kind of “boot camp” for startup business owners. The goal was simply to boost the performance and success rate of Swiss startups. Of course, he doesn’t have them out in a field marching around or doing push-ups, but he is teaching them the art of business management in a controlled environment with the best and most qualified people guiding it. in 2014, Baur along with business partners Max Meister and Oliver Walzer, founded a company based on that idea. their 3-month “boot camp” has proven to be pretty successful.

Mike Baur is originally from Freiburg, Switzerland. He graduated from Bern University with an Executive MBA. Then, he attended the University of Rochester and graduated with an MBA. From there, he went to work as an apprentice for the Union Bank of Switzerland. He would later work for Clariden Leu bank for about 6 years as well. Between these two jobs, he has about 20 years worth of banking experience.

During his time as a banker, he worked for a time as an early-stage startup investor. Naturally, this involved hearing a lot of business pitches from a lot of different people. According to Baur, there were simply too many of these ideas that were not good enough. He says that he didn’t just want average ideas, he wanted great ideas, and set about making a plan to start a new company based on that need.

Some of Baur’s best tips for new startups:

  1. Look for a gap in the market, and fill that gap.
  2. Take advantage of new technology to reach more people.
  3. Have trust.
  4. Don’t be afraid to fail, because you can learn from it.
  5. Ignore all the naysayers.
  6. Work hard (“Work like a pig” to be exact.).
  7. Always share ideas with others, because you never know what they may have to offer.
  8. Don’t be frustrated by long dry spells, as these are just meant to separate the wheat from the chaff.

 

GLEN WAKEMAN’S IDEAS ON HOW TO FIGHT FINANCIAL CRISIS IN NEW BUSINESS

These are problems faced by new businesses in relation to finance. Financial management is one of the first things to plan effectively when starting a new business and according to business expert Glen Wakeman failure to do so is the first step to the financial crisis. There’re some financial risks and crisis that are typical in new business and can be managed.

 

Business Strategy

Underestimating business expenses is a serious problem for new businesses. Glen suggests always keeping some cash for some emergencies like unexpected bills, marketing, or adding some assets like a computer. He is a big believer in having a financial cushion, just in case an emergency arises. This helps new businesses avoid a potentially fatal financial episode.

Overestimating cash flow coming into a new business is just as dangerous as underestimating expenses. To help in avoiding a financial crisis, it’s good to be conservative when estimating the cash from sales. An expert in business says that you should be aware that completing sales does not guarantee the use of cash but it depends on when the collection is done. At times a new business owner might discouraged because the influx of cash is low and because customer turnout low and growing. However, it requires patience to responsibly manage spending and not overestimating cash flow. This will help lead to sustainable growth in the future.

Financial liquidity is the life blood of any business. Glen believes in the importance of keeping track of your liquidity as a new business owner in order to avoid a potential financial crisis. Always have a access to your financial institution and ensure that you have a track of all transactions related to your business. Losing track of business financial transactions will lead to a giant crisis that might ultimately cause business failure or bankruptcy. As Glen Wakeman says “Don’t wait until the last minute to solve financial problems”, always solve the problems when they occur.

Having an in depth knowledge of all financial matters in a business will assist in solving a financial crisis. Being reliable, committed and having a firm understanding of how cash is managed in a business will play a large role in the all future success.