Brief Summary
This article summarises Simon Squibb's YouTube video, "30 Years of Business Knowledge in 2hrs 26mins." It highlights key strategies for building a successful and sustainable business.
- Follow your passions and find a partner to execute your ideas.
- Focus on long-term value for customers and delay immediate gratification.
- Build a mind map instead of a traditional business plan for flexible exploration.
- "Hack" luck through persistence, clear goals, and calculated risks.
- Prioritise your personal and company brand by defining values and non-negotiables.
Starting with Passion and Partnership
To start a business, tap into a feeling or instinct to make a difference. Combine your passion with a skill you enjoy, and find a partner who can help you bring your idea to life. It's important to delay instant gratification and instead, concentrate on building lasting value for your customers. Even if it takes years, like it did for Facebook and Instagram before they started making money.
Mind Mapping Your Business
Instead of a traditional business plan, create a mind map. Start with your hobby and then add business aspects to it. This allows you to explore ideas in a more flexible and expansive way.
Hacking Luck and Building Value
Luck can be "hacked" by being persistent, knowing exactly where you want to go, and taking calculated risks. The main focus should always be on building value for your customers.
Finding the Right Co-Founder
When looking for a co-founder, first identify your moral code and what you absolutely won't compromise on. Then, write down detailed specifications for your ideal partner.
Sales and Building Relationships
In sales, focus on the "sizzle" rather than the "steak." Build relationships with 50+ companies over several years.
Targeted PR Strategies
Implement targeted PR by focusing on the right journalists, providing them with content tailored to their needs, and engaging with them on platforms like Twitter to build strong relationships.
Seeking Investment and Value
When you're looking for investors, ask for their help and the value they bring, not just their money. Clearly state the equity you're offering and your long-term plans. Make them feel special and lucky to be a part of your venture.
Building a Strong Brand
Build a strong brand by starting with your personal brand. Identify your core values, non-negotiable principles, and your personality. This will help you define your company's brand.
Crowdfunding and Delayed Gratification
Consider using crowdfunding for pre-orders of your product or even for equity. This can be more effective than going to traditional investors. Remember the importance of delayed gratification in building a sustainable business.
Hiring and Firing
When hiring, check if candidates genuinely care about your company's purpose by looking at their social media and past actions. Give them equity in the company so their success is tied to the company's success. Firing underperforming employees is crucial for the survival of your business. You can identify these employees by how often they are being discussed by team members and customers.
Going Global to Reduce Risk
Expanding your business globally can reduce risk by spreading it across multiple markets. Research opportunities, consider franchising, and make sure you have enough management and resources to support the expansion.
