Having a fertile idea is the first step towards a successful entrepreneurship journey. What follows is the desire to satisfy a certain want and fill a niche in the market. This is often dictated by a brilliant business plan. Startup entrepreneurs utilize their extensive analysis skills, market research, professional resources, tireless work ethic and cunning skills to ensure that their budding business becomes successful. Sometimes, the entrepreneur can lose sight of their business’ backbone as they often have their sights on expansion plans, sales figures, and contracts. Thus, the humanistic approach to business is becoming more and more popular with budding business people. This approach involves the fostering of the group and individual talents, mentoring opportunities, and giving significant value to the different roles played by the team members within the business venture.
Mike Baur is a co-owner of the Swiss startup factory. The Startup Factory is a very successful business accelerator program which is based in Switzerland. The program is well conversant with the power that people have. Baur has had extensive success in the banking industry in his previous professional life. Mike Bauer has had firsthand experience about the struggles that are faced by entrepreneurs while providing portfolio management and counseling on financial investment. Bauer has been able to get valuable insights regarding the growing challenges and pains of startups. He has also been able to talk to the savviest investment moguls in Switzerland. The humanistic approach was Bauer’s idea from the get-go, when he started his entrepreneurial career. The startup accelerator committed to making others succeed in their business models.
The accelerator gave a lot of emphasis on building a team that was highly functional. Moreover, business innovation, sales figures, and numbers were also given as much clout in the startup accelerator. Mike Bauer realized that his entrepreneurial client’s success was dependent on their teams of leadership and not just the brilliance of their ventures and business models. Mike Bauer also recognized that the motivation of any individual towards entrepreneurship was often relative to how successful they would become. He adds that strength of character and perseverance throughout the growing pains of their business was critical to the success of any startup. Bauer, together with co-founders Oliver Walzer and Max Meister funded the venture on their own and chose to forego their salaries for the first two years of the business venture. The three entrepreneurs used the self-funded method to ensure that their business was run precisely to their liking.