Simon Squibb: 30 Years of Business Knowledge in 2hrs 26mins

Over 30 years, I've built 19 companies and invested in 78 startups. Many ask me to mentor or pay for business advice, but I believe knowledge should be free. Today, I'll share everything you need to start, grow, maintain, and sell a business.

Starting a business isn't about having a unique idea; it's about passion. I launched Fluid, a marketing agency, despite 500 competitors. Success came from loving what I did and pushing boundaries with new tech and strategies.

The first step is to identify what you love and dislike doing. Focus on excelling at what you love and outsource the rest. This mindset shift is crucial, as traditional education often misguides us to fix weaknesses instead of leveraging strengths.

Execution is key: start simple. For me, it was a podcast interviewing successful entrepreneurs, which built a network and credibility. For you, it might be a blog, social media, or a small service. Begin with what you can manage and improve over time.

Revenue models should be flexible. Experiment with different ways to monetize your passion. For example, Fluid charged based on outcomes, not hours, aligning incentives with client success. Stay nimble like a boxer, adjusting your approach as you learn.

Purpose drives motivation and sustainability. A business solely focused on profit struggles with employee and customer loyalty. Define a purpose bigger than money to inspire your team and attract customers who share your values.

Winning in business requires delayed gratification, client-centric culture, and persistence. I did work for free initially to build trust, and like Amazon, focusing on customer value over immediate profit leads to long-term success.

Embrace failure as a learning tool. Success is not about avoiding loss but accepting it and bouncing back stronger. Let go of ego and the fear of looking like a loser; underestimated competitors often surprise the market.

Forget rigid business plans; use mind maps to explore multiple directions and opportunities for your business. Start with your hobby, link it to business ideas, and expand organically. This keeps your strategy flexible and adaptive.

Finding a co-founder is like choosing a life partner. Look for complementary skills and shared values. A good co-founder provides accountability and support, increasing your chances of success more than going it alone.

Selling is a system anyone can learn. Sell the sizzle, not the steak—focus on the emotional benefits and outcomes rather than just features. Build genuine connections with customers and persistently nurture relationships for long-term deals.

Marketing is complex and requires experimentation. Understand your customer deeply, build your brand around shared values, and use multiple channels strategically. Remember, marketing should be enjoyable and authentic to resonate.

PR success comes from targeted, well-researched outreach. Journalists appreciate ready-to-use press releases and personalized engagement. Build relationships by interacting on social media and providing value, not just broadcasting messages.

Raising money? Consider if you really need investors or if alternative funding like crowdfunding or client sponsorships can work. When seeking investors, focus on those who bring value, not just capital, and build relationships through referrals.

Building a brand is about values and authenticity. Whether using the reference model (leveraging influencers) or leadership model (being the brand face), align your brand with your purpose and be prepared for risks in both approaches.

Hire people who believe in your purpose; managing purpose is easier than managing people. Give equity to align interests and build loyalty. Grow your business by building culture and systems, transitioning from generalists to specialists as you scale.

Firing is tough but necessary. Use the 'seven and eight rule' to identify underperformers and support them where possible. Be honest and help them transition if needed. Keeping high performers motivated requires addressing low performance decisively.

Going global spreads risk and opens new opportunities. Research markets, consider franchising or partnerships, and plan your expansion carefully. Bigger companies are often easier to manage than small ones, so aim for scale if it fits your purpose.

Mentorship is often misunderstood. Instead of seeking a mentor, look for coaches, advisors, or co-founders who provide accountability and specific expertise. Build relationships by giving value first and clearly defining expectations.

Equity is crucial for business success but complex. Ownership doesn't always mean control; operational agreements matter. Avoid common mistakes like unequal splits or selling too much early. Understand share classes, options, and plan equity based on your end goals.

Selling your business works best when you build something you love. Partnerships, agents, or management buyouts are common exit strategies. Negotiate from a position of strength by focusing on value, not urgency, and build relationships with potential buyers early.