The Swiss Startup Factory (SSUF) is a Switzerland-based venture capital firm, but it’s not quite your typical venture capital firm. This company has several facets to it from giving a platform to investors in the form of new companies, giving coaching and classroom time for entrepreneurs to build on ideas, and networking entrepreneurs with investors. Mike Baur helped found the SSUF and he brought a wide range of management ideas to the company that he had learned in banking. Baur’s chief mission at the SSUF is to bring startup companies online within a short time frame and help them become sustainable, and he explained how entrepreneurs could make that happen.
Mike Baur told Red Bull Media, a media conglomerate that supports the SSUF that good business ideas don’t have to be searched for. Entrepreneurs will have their “aha” moment that the idea will come, and it will usually grow from there. Instead of fearing that the idea will be stolen, entrepreneurs should never be afraid to share the idea because it can bring together the right business team for them. And nobody should be afraid of failure because those who fail the first time around will do better the next time around.
Mike Baur wanted to go into the venture capital field because he realized this field had much more variety in a typical day than the same old routine in banking. Baur had certainly done a good job in banking while he was at UBS Bank and later Clariden Leu, so much so that he was on the executive board by the time he got to Clariden Leu. Banking was one of Switzerland’s strongest institutions when Baur first began as an apprentice, but by the time he was an executive the post-recession regulations had kicked in and had made banking much more difficult. So in 2014 he decided to go his own way.
The reason Mike Baur decided to form his own private business accelerator was because he felt he could offer more help to business founders than grant programs that the government offered. He met up with former investment advisor Max Meister and with the backing of Helvetia, CTI Group, Goldback Group and Red Bull they were able to open their accelerator. The accelerator has been responsible for many disruptive financial tech businesses brought online, and part of the investment in those businesses has been channeled through Fintech Fusion. Baur also is the CEO of Think Reloaded.
Many people dream of becoming a successful business owner. Running a business is not easy, but a company does provide additional income and ways to impact the local community positively.
With the technology available to business owners, getting started is easier than ever. The problem is taking a company and making it profitable.
Jose Hawilla is someone who has started multiple companies in Brazil. With the economic growth in Brazil, now is the perfect time for someone to start a business. Learning lessons from Hawilla is a proven way for potential business owners to increase their chances of success.
Make a Plan
A successful company should start with a business plan. Few people take the time to write out a detailed business plan. A business plan helps the owner stay committed to various goals. While running a company, there are going to be issues that arise. Successful business owners can turn issues into opportunities.
Some business ideas require additional capital to get started. Other business ideas need almost no money. Jose Hawilla strongly believes in running a company without a high level of debt. Debt is especially dangerous for new business owners. Some business owners end up in a terrible financial position because they borrowed too much money at one time. Check out traffic.com for more.
Marketing is critical for anyone who wants to operate a successful company. Once the company is founded, the business owner should develop an effective marketing plan to engage potential customers.
Operating an online business is a proven way to earn additional income. An online store usually requires minimal capital to get started. An online business is a perfect solution for people who want to own a business without a lot of financial risks.
Jose Hawilla plans to expand his companies in the coming years to serve more customers.
Read more: https://exame.abril.com.br/carreira/cresce-numero-de-oportunidades-no-mercado-esportivo/
David Giertz offers financial advice for millennials that are starting to think about saving for the future. The best way to start planning for the future is to stay alert about ways to save money and pay off debts faster.
A millennial should use their remaining income, after bills, for savings and to pay off debts. They should get rid of debts, such as school loans, as soon as they can so the future is depositing money into a retirement and/or savings account, debt-free. As soon as debts are paid, more money can be deposited into savings.
Roth IRA vs. 401(k)
David Giertz suggests using a Roth IRA for retirement. Unlike the 401(k), the Roth IRA is not taxed when a retiree withdraws funds. Income is taxes and then the deposit takes place. A Roth IRA compounds interest year over year, so the earlier one is invested in, the better.
Be a Creative for Extra Income
A passive income, small business, Etsy store or charging for a particular skill is a great way to be passionate about something outside of work and build a second income. Generating extra money at something that is aside from a standard 8 to 5 job is a great investment toward retirement and putting an unused skill to work.
David Giertz has a MBA from the University of Miami and is a professional in the financial services industry. He has experience of over 30 years and is a successful business coach.