Simon Squibb: Sales education is essential for entrepreneurs, why the first million is a crucial milestone, and the power of personal connections in fundraising | 20VC

Key takeaways

• Sales skills are crucial and should be integrated into educational curriculums.
• Effective cold emails are concise, personal, and have a clear purpose.
• Social proof can significantly enhance the effectiveness of outreach efforts.
• Building relationships off email, such as through WhatsApp, can facilitate successful fundraising.
• Personal connections are often more influential in business than formal emails.
• Achieving the first million dollars is a pivotal milestone in entrepreneurship.
• University education may not be necessary for the majority of aspiring entrepreneurs.
• Younger entrepreneurs can afford to take more risks, which is beneficial for business growth.
• The UK could benefit from a cultural shift towards embracing ambitious ideas.
• Failures, when leveraged correctly, can lead to significant successes.
• Positive visualization is essential for fostering innovation and entrepreneurship.
• Practical experience can outweigh formal education in entrepreneurial success.

Guest intro

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 two decades in Hong Kong, achieving financial independence by age 40. As a serial entrepreneur who started his first business while homeless at 15, he has invested in over 70 startups and authored the No.1 Sunday Times bestseller What’s Your Dream?.

The importance of sales education

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

  — Simon Squibb

• Sales skills are fundamental for professional success and should be part of formal education.

• Sales, like anything, is just a process; it’s totally teachable.

  — Simon Squibb

• Understanding sales is critical for navigating business environments effectively.
• Teaching sales in schools can prepare students for real-world challenges.
• Sales education can enhance communication and negotiation skills.

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

  — Simon Squibb

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

Crafting effective cold emails

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

  — Simon Squibb

• Personalization is key to successful cold emailing.
• A clear call to action increases the chances of receiving a response.
• Conciseness in emails respects the recipient’s time and attention.
• Crafting a compelling subject line can improve open rates.
• Tailoring emails to the recipient’s interests can enhance engagement.

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

  — Simon Squibb

• Building rapport through email can lead to long-term professional relationships.
• Following up is crucial if the initial email does not receive a response.

Leveraging social proof in outreach

• Using social proof can significantly enhance the likelihood of getting a positive response.

  — Simon Squibb

• Demonstrating credibility through social proof can influence decision-making.
• Highlighting mutual connections can strengthen outreach efforts.
• Social proof can create a sense of trust and reliability.

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

  — Simon Squibb

• Testimonials and endorsements can serve as powerful social proof.
• Showcasing past successes can bolster current outreach initiatives.
• Social proof can differentiate you from competitors in crowded markets.

Building relationships beyond email

• Building relationships off email, particularly through WhatsApp, enhances personal connections.

  — Simon Squibb

• Direct messaging platforms can foster more personal interactions.
• Personal connections can lead to more successful business outcomes.

• I raised $70 million through WhatsApp by leveraging existing relationships.

  — Simon Squibb

• Moving conversations off email can create a more relaxed communication environment.
• Personal relationships can facilitate smoother fundraising processes.
• Trust is often built more effectively through personal interactions.

• People want to work with people who they like.

  — Simon Squibb

• Building rapport outside of formal channels can strengthen business ties.

The significance of the first million

• Chasing your first million is crucial because it unlocks opportunities that are otherwise inaccessible.

  — Simon Squibb

• The first million is often the hardest to earn but opens doors to further success.
• Financial milestones can serve as motivators for entrepreneurs.
• Achieving initial financial success can validate business strategies.

• The hardest to make is your first million by far.

  — Simon Squibb

• The first million can provide the capital needed for scaling ventures.
• Financial success can enhance credibility with investors and partners.
• Early financial achievements can set 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 offer more value than traditional education for entrepreneurs.
• The debate continues on the relevance of higher education in today’s economy.
• Many successful entrepreneurs have thrived without formal degrees.

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

  — Simon Squibb

• Skills learned through experience can be more applicable than theoretical knowledge.
• The cost of university can outweigh the benefits for many aspiring entrepreneurs.
• Alternative education paths are gaining popularity among young professionals.

The advantage of youth in entrepreneurship

• You can take more risks when you’re young, which is essential for entrepreneurship.

  — Simon Squibb

• Youth offers a unique opportunity to experiment and learn from failures.
• Younger entrepreneurs often have fewer responsibilities, allowing for greater risk-taking.

• Starting young is quite important because we can take more risk.

  — Simon Squibb

• The energy and creativity of youth can drive innovative business ideas.
• Early start in entrepreneurship can lead to a longer career in business.
• Young entrepreneurs can adapt quickly to changing market conditions.
• Risk-taking in youth can lead to significant learning experiences.

Cultural attitudes towards entrepreneurship in the UK

• The UK needs a cultural shift towards positive visualization and acceptance of ambitious ideas.

  — Simon Squibb

• Cultural attitudes can impact the success of entrepreneurial ventures.
• Embracing ambitious ideas can foster innovation and growth.

• We need much more positive visualization in the UK.

  — Simon Squibb

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

Turning failures into successes

• Failures can lead to unexpected successes if leveraged correctly.

  — Simon Squibb

• Viewing failures as learning opportunities can lead to future success.
• Resilience is key to overcoming setbacks in entrepreneurship.

• My biggest failures turned into my biggest successes.

  — Simon Squibb

• Leveraging failures can lead to innovative solutions and breakthroughs.
• Entrepreneurs can learn valuable lessons from their mistakes.

• Bad luck turns into good luck over time if you leverage it right.

  — Simon Squibb

• Embracing failures can build character and strengthen resolve.