TLDR;
This video provides a comprehensive guide to starting, growing, and selling a business, drawing on Simon Squibb's 30 years of experience building 19 companies and investing in 78 startups. He emphasises the importance of passion, purpose, and a strong ethical code, while also covering practical aspects such as mind mapping, finding co-founders, sales, marketing, PR, securing investment and sponsorship, branding, hiring, and going global. Squibb stresses the need to embrace failure, accept risk, and delay gratification, offering actionable advice and challenging conventional business wisdom.
- Start with passion and purpose, not just an idea.
- Embrace failure and accept risk to achieve success.
- Build a strong brand and ethical culture.
- Focus on providing value to customers and employees.
- Delay gratification and play the long game.
Intro [0:00]
Simon Squibb introduces himself as a seasoned entrepreneur with 30 years of experience building 19 companies and investing in 78 startups. He aims to provide free knowledge and guidance to help others start, grow, maintain, and sell their businesses. He outlines the topics he will cover, including mindset shifts and tools for success, and challenges viewers to stay engaged for the duration of the video.
How To Start A Business With No Money [2:57]
Starting a business begins with a feeling that a change is needed, followed by learning how to build something you love. It's not about filling a market gap but about pursuing your passion and applying a business mindset to it. Write down what you enjoy and excel at, and outsource what you don't. Combine your passion with an idea, which doesn't need to be original but should align with your interests. If there are gaps in your abilities, find a partner to complement your skills.
How To Win [11:25]
Winning in business requires passion, purpose, and a secret formula. Delay gratification by not rushing to charge customers, build a strong ethical culture centred on customer care, and understand that culture eats strategy for breakfast. Luck can be "hacked" through persistence, knowing your destination, and accepting risk. Be prepared to lose everything, view business as a marathon, and focus on building a brand rather than just making money.
How To Lose [17:34]
Learning how to lose is essential for success. Don't let possessions control you, let go of your short-term ego, and embrace looking like a loser. Learn to enjoy being underestimated and accept failure as a student. Don't let others define your success or tell you how to do things. Embrace failure, and be willing to try again.
How To Do A Mind Map (Business Plan) [20:44]
Instead of a traditional business plan, create a mind map to explore the potential directions of your business. Start with your passion at the centre, then branch out to consider the business aspects. Include elements such as podcasting, networking, branding, app development, team building, and sales. A mind map allows for flexibility and continuous evolution as your business grows and changes.
How To Find Purpose [28:15]
Finding your purpose is crucial for motivation and success. Start by thinking about what you enjoy and what problems you want to solve. Consider how your life aligns with your purpose and don't be afraid to work with others who share your goals. Once you find your purpose, be cautious not to take on too much; collaborate with others to address significant issues.
How To Find A Co-founder [34:34]
Finding the right co-founder can be transformative. First, identify what you love and hate doing to determine the skills you need in a partner. Ensure they share your ethical code. Write a detailed description of your ideal co-founder, and then actively seek them out by making your needs known. Pay careful attention to equity structure.
How To Sell [40:27]
Anyone can learn to sell by understanding the system and philosophy behind it. Sell the sizzle, not the steak, by focusing on the results and philosophy rather than just the product features. Understand your customer, ensure they need your product, and that you genuinely like each other. Think long-term and build relationships by consistently staying in touch. Be authentic and focus on providing real value.
How To Market Your Business [48:55]
Marketing is about connecting with people over time. Understand your customer, use the "staircase philosophy" to stand out, and create a system for your marketing efforts. Marketing should be enjoyable and align with what you like to do. Focus on building a brand and providing a promise of a better future for your customers.
How To PR Your Business [1:01:08]
Target your PR efforts to achieve tangible results. Remember that journalists are lazy, so provide them with everything they need, including a well-written press release and high-resolution images. Research journalists and tailor your approach to their interests. Engage with journalists on social media and be mindful of your brand image.
How To Get An Investor [1:07:28]
Before seeking an investor, consider if you truly need one. Focus on traction and target the right investors who can add value beyond just money. Consider family and friends, network effectively, and view your team members as potential investors. Ask for advice rather than just money, and create FOMO. Explore crowdfunding and ensure you actually need the money.
How To Get Sponsors [1:23:23]
Sponsorships are driven by value return and emotional connection. Understand the brand's values and the motivations of the people behind it. Work with media buyers and agencies, and be genuinely invested in the brand. Don't forget to understand the brand, research the people, and build a relationship.
How To Build A Brand [1:32:45]
Building a brand starts with defining your personal brand by identifying your values and non-negotiables. Understand how others perceive you and translate those values into your company's brand. Choose a reference or leadership model for brand representation and be prepared to cut ties if necessary. Learn to say no to anything that doesn't align with your brand.
How To Hire, Grow And Build [1:42:46]
Hire people who believe in your purpose and give them ownership through equity. Develop a culture that values employees and focus on continuous improvement. Define your destination and grow your business by developing your culture. Build systems and transition from generalists to specialists.
How To Fire Someone [1:52:31]
Learn to identify and fire underperforming employees (7s and 8s) to protect your high performers. Provide structure, understand their work, and offer support. Be honest and help them find a better fit elsewhere.
How To Go Global [1:58:27]
Going global can mitigate risk and create new opportunities. Research potential markets, consider franchising, and ensure your business can withstand the test of time. Aim to build a large business to gain more freedom and avoid being trapped.
How To Get A Mentor [2:02:02]
Instead of seeking a mentor, find someone who can answer your specific questions or provide coaching. Research potential mentors, define what you want from the relationship, and offer value in return. Consider joining an advisory board or seeking introductions through mutual connections.
How Equity Works [2:08:37]
Understand equity structure and its impact on control. Don't sell too much equity early on and be cautious about giving away small percentages without a clear purpose. Aim for a 50/50 split with co-founders and establish a board of advisors to resolve disputes. Align your equity structure with your brand and understand the different types of equity, such as share options and real equity.
How To Sell Your Business [2:19:53]
The best way to sell your business is to not want to sell it at all. Partner with companies that might want to acquire you, work with agents, or merge with a competitor. Consider allowing management to buy the business. Build a business you love and let the sale happen organically.