Simon Squibb: Marketing education is important for entrepreneurs, why the first million is a milestone, and the power of personal communication in fundraising.

Important takeaways

• Marketing skills are important and should be integrated into the academic curriculum.
• Effective cold emails are short, personal, and have a clear purpose.
• Social proof can greatly improve the effectiveness of outreach efforts.
• Building relationships outside of email, such as WhatsApp, can help fundraise more effectively.
• Personal communication often has a greater impact on business than formal emails.
• Making the first million dollars is a milestone in business.
• A university education may not be necessary for most aspiring entrepreneurs.
• Small entrepreneurs can take more risks, which is beneficial for business growth.
• The UK could benefit from a cultural shift in embracing ambitious ideas.
• Failure, if used correctly, can lead to great successes.
• Good visualization is critical to fostering innovation and entrepreneurship.
• Practical experience can surpass formal education in business success.

Guest introduction

Simon Squibb is the founder of HelpBnk and The Purposeful Project, dedicated to helping 10 million people start businesses for free. He built and sold his creative agency Fluid to PwC after twenty years in Hong Kong, achieving financial independence at the age of 40. As a serial entrepreneur who started his first homeless business at the age of 15, he has invested in 70 start-ups and endorsed the Sunday Times No.1 bestseller What’s Your Dream?

The importance of marketing education

• Sales should be taught in schools as it is a teachable program.

  — Simon Squibb

• Sales skills are essential to professional success and should be part of formal education.

• Marketing, like anything, is just a process; it is completely teachable.

  — Simon Squibb

• Understanding sales is essential to successfully navigating the business landscape.
• Teaching sales in schools can prepare students for real-world challenges.
• Sales education can improve communication and negotiation skills.

• Selling is a process that can be learned and mastered.

  — Simon Squibb

• Incorporating marketing into education can empower future entrepreneurs.
• Sales skills are transferable across industries and roles.

Making cold emails work

• Effective cold emails should be short, concise, personal, and include a clear inquiry.

  — Simon Squibb

• Personalization is the key to a successful cold email.
• A clear call to action increases the chances of getting a response.
• Being concise in emails respects the recipient’s time and attention.
• Creating a compelling subject line can improve open rates.
• Matching emails to the recipient’s interests can improve engagement.

• Cold emailing is an art that requires precision and clarity.

  — Simon Squibb

• Building rapport over email can lead to long-term professional relationships.
• Follow-up is important if the initial email does not receive a response.

Using social proof in outreach

• Using social proof can greatly improve the chances of getting a positive response.

  — Simon Squibb

• Demonstrating credibility through public testimony can influence decision-making.
• Highlighting connections can strengthen communication efforts.
• Social proof can create a sense of trust and credibility.

• I use social legitimacy as a weapon to encourage people that it was a good and strong place.

  — Simon Squibb

• Testimonies and endorsements can serve as powerful social proof.
• Demonstrating past success can support current outreach programs.
• Social proof can set you apart from your competitors in a crowded marketplace.

Building relationships without email

• Building relationships outside of email, especially through WhatsApp, improves personal communication.

  — Simon Squibb

• Direct messaging platforms can encourage more personal interactions.
• Personal connections can lead to successful business results.

• I raised $70 million through WhatsApp using existing relationships.

  — Simon Squibb

• Removing conversations from email can create a more relaxed communication environment.
• Personal relationships can help smooth fundraising processes.
• Trust is often most effectively built through personal interaction.

• People want to work with people they like.

  — Simon Squibb

• Building relationships outside of formal channels can strengthen business relationships.

The importance of the first million

• Chasing your first million is important because it opens up opportunities that are otherwise unattainable.

  — Simon Squibb

• The first million is usually the hardest to earn but it opens doors to more success.
• Financial divisions can act as incentives for entrepreneurs.
• Achieving initial financial success can validate business strategies.

• The hardest thing to do is your first million so far.

  — Simon Squibb

• The first million can provide the capital needed to grow businesses.
• Financial success can improve credibility with investors and partners.
• Early financial successes can lay the foundation for future growth.

Rethinking the value of university education

• University is a waste of time for 90% of people.

  — Simon Squibb

• Practical experience may provide more value than formal education to entrepreneurs.
• The debate continues about the relevance of higher education in today’s economy.
• Many successful entrepreneurs have succeeded without a formal degree.

• University for 90% of people is a complete waste of time.

  — Simon Squibb

• Skills learned through experience can be more effective than theoretical knowledge.
• The costs of university can outweigh the benefits of many budding entrepreneurs.
• Alternative education methods are gaining popularity among young professionals.

The benefit of youth in business

• You can take more risks at a young age, which is important in business.

  — Simon Squibb

• Youth provides a unique opportunity to try and learn from failure.
• Young entrepreneurs tend to have fewer responsibilities, which allows for greater risk-taking.

• Starting young is very important because we can take big risks.

  — Simon Squibb

• The energy and creativity of youth can drive new business ideas.
• An early start in business can lead to a long career in business.
• Young entrepreneurs can quickly adapt to changing market conditions.
• Taking risks with young people can lead to valuable learning experiences.

Cultural attitudes towards entrepreneurship in the UK

• The UK needs a cultural shift towards positivity and embracing ambitious ideas.

  — Simon Squibb

• Cultural attitudes can influence entrepreneurial success.
• Embracing ambitious ideas can encourage innovation and growth.

• We need the best visibility in the UK.

  — Simon Squibb

• The UK could benefit from a more supportive environment for entrepreneurs.
• Overcoming cultural barriers can lead to greater business success.
• Positive visualization can promote confidence in business pursuits.
• Changing cultural perceptions can attract more investment to startups.

Turning failure into success

• Failure can lead to unexpected success if used correctly.

  — Simon Squibb

• Viewing failures as learning opportunities can lead to future success.
• Resilience is the key to overcoming obstacles in business.

• My biggest failure turned into my biggest success.

  — Simon Squibb

• Using failure can lead to new solutions and breakthroughs.
• Entrepreneurs can learn valuable lessons from their mistakes.

• Bad luck turns into luck in the long run if you use it right.

  — Simon Squibb

• Accepting failure can build character and strengthen determination.