Entrepreneurship Masterclass by Simon Squibb

Introduction

• Speaker: Simon Squibb
• Experience: 30 years in business, built 19 companies, and invested in 78 startups.
• Purpose: To provide knowledge for free on starting, growing, maintaining, and selling a business.
• Key Insight: Endurance and focus are essential for success.

Topics Covered

1. How to Start a Business with No Money

   • Start with passion and instinct, not just an idea.
   • Fill a market gap but realize your love for the work is essential.

2. Winning in Business

   • Delayed Gratification: Focus on building relationships and trust instead of immediate profit.
   • Build a client-centric culture.
   • Luck is hackable through persistence, knowing your destination, and taking calculated risks.

3. How to Lose

   • Embrace failure and learn from it.
   • Do not let things own you; avoid nurturing short-term ego.
   • Accepting losses builds resilience and greater understanding.

4. Mind Mapping vs. Business Plan

   • Mind maps are more dynamic and adaptable compared to rigid business plans.
   • Start with passion and hobbies, then link them to a business idea.
   • Develop a clear execution strategy.

5. Finding Purpose

   • Think about purpose as a personal and essential drive not taught in traditional education.
   • Identify the problem you want to solve.
   • Match your life's activities with your purpose.

6. Finding a Co-Founder

   • Identify your strengths and weaknesses.
   • Look for someone with complementary skills and the same moral code.
   • Be specific and detailed about what you want in a co-founder.

7. Sales Techniques

   • Sell the sizzle, not the steak. Focus on the emotional and aspirational aspects.
   • Understand and connect with the customer genuinely.
   • Long-term persistence in follow-ups is crucial for sealing deals.

8. Marketing Strategies

   • Marketing combines PR, branding, and sales aspects.
   • Focus on understanding your customer deeply.
   • Utilize clever tactics like newsjacking and creating viral moments.
   • Developing marketing systems helps to execute strategies effectively.

9. Public Relations (PR)

   • Targeted PR results in tangible outcomes, avoid ego-driven PR.
   • Make journalists' jobs easy by providing complete package stories.
   • Engage genuinely with journalists and leverage social media to build relationships.

10. Securing Investors

    • Be clear if you need an investor or can bootstrap.
    • Profile potential investors correctly, focusing on family, friends, employees, angel investors, or VCs.
    • Create investment-worthy traction and ask for help, not just money.

11. Getting Sponsors

    • Understand and align with a sponsor's brand and emotional triggers.
    • Provide tangible ROI and emotional appeal to secure sponsorship.
    • Work with media buyers and agencies.

12. Building a Brand

    • Define the essence and purpose of the brand.
    • Use reference models (influencers) and leadership models.
    • Ensure brand alignment in all business activities.
    • Learn to say no to misaligned opportunities.

13. Hiring and Growing a Business

    • Hire for alignment with business purpose.
    • Offer equity to employees to ensure commitment.
    • Transition the business from generalist to specialist focus.
    • Establish scalable systems and define the end-destination.

14. Firing Employees

    • Use the 7 and 8 rule to identify borderline performers.
    • Fire sensitively but necessarily to maintain overall team quality.
    • Help underperforming employees transition out.

15. Going Global

    • Mitigate risk by entering multiple markets.
    • Use franchising and identify global opportunities.
    • Consider market research and potential ROI.

16. Finding a Mentor

    • Define what mentorship means to you clearly.
    • Provide value first before asking for mentorship.
    • Consider advisory roles instead of traditional mentorship.

17. Understanding Equity

    • Equity ownership vs. operational control.
    • Avoid giving away too much equity early; implement shares wisely.
    • Use SAFEs (Simple Agreement for Future Equity) for flexible early-stage funding.

18. Exiting a Business

    • Maintain an attitude of not wanting to sell to maximize value.
    • Partner with potential buyers and build strong relationships.
    • Consider using agents, mergers, or internal buyouts for exits.

Conclusion

• Building and selling a business requires a mix of strategy, passion, and careful planning.
• Key elements include understanding your strengths, securing the right partnerships, and maintaining a focus on both short-term execution and long-term goals.
• Equity, sales, marketing, and branding are critical components of the entrepreneurial journey.
• Keep learning and stay mindful of purpose and values in all business activities.