Zero to One by Petter Thiel - nugget collection
Transcript
- 1. Peter Thiel Properly understood, any new better way of doing things is technology.
- 2. Peter Thiel My own answer to the contrarian question is that most people think that the future of the world will be defined by globalization, but the truth is that technology matters more.
- 3. Peter Thiel In a world of scarce resources, globalisation without new technology is unsustainable.
- 4. Peter Thiel 1. It is better to risk boldness than triviality. 2. A bad plan is better than no plan. 3. Competitive markets destroy profits. 4. Sales matters just as much as product.
- 5. Peter Thiel The most contrarian thing of all is not to oppose the crowd but to think for yourself.
- 6. Peter Thiel Under perfect competition in the long run, no company makes an economic profit.
- 7. Peter Thiel If you want to create and capture lasting value, don’t build an undifferentiated commodity business.
- 8. Peter Thiel Monopoly is the condition of every successful business.
- 9. Peter Thiel As a good rule of thumb, proprietary technology must be at least 10 times better than its closest substitute in some important dimension to lead to a real monopolistic advantage.
- 10. Peter Thiel The clearest way to make a 10x improvement is to invent something completely new.
- 11. Peter Thiel A good startup should have the potential for great scale built into its first design.
- 12. Peter Thiel The perfect target market for a startup is a small group of particular people concentrated together and served by few or no competitors.
- 13. Peter Thiel As you craft a plan to expand to adjacent markets, don’t disrupt: avoid competition as much as possible.
- 14. Peter Thiel Making small changes to things that already exist might lead you to a local maximum, but it won’t help you find the global maximum.
- 15. Peter Thiel A startup is the largest endeavour over which you can have definite mastery. You can have agency over not just your own life, but over a small and important part of the world.
- 16. Peter Thiel Long-term planning is often undervalued by our indefinite short term world.
- 17. Peter Thiel VCs must find the handful of companies that will successfully go from 0 to 1 and back them with every resource.
- 18. Peter Thiel Once you think that you’re playing the lottery, you’ve already psychologically prepared yourself to lose.
- 19. Peter Thiel If there are many secrets left in the world, there are probably many world-changing companies yet to be started.
- 20. Peter Thiel Very few people take unorthodox ideas seriously today, and the mainstream sees that a sign of progress.
- 21. Peter Thiel Every great business is built around a secret that’s hidden from the outside.
- 22. Peter Thiel Equity can’t create perfect incentives, but it’s the best way for a founder to keep everyone in the company broadly aligned.
- 23. Peter Thiel A startup is a team of people on a mission, and a good culture is just what that looks like on the insight.
- 24. Peter Thiel From the outside, everyone in your company should be different in the same way.
- 25. Peter Thiel On the inside, every individual should be sharply distinguished by her work.
- 26. Peter Thiel Superior sales and distribution by itself can create a monopoly, even with no product differentiation.
- 27. Peter Thiel If you can get just one distribution channel to work, you have a great business. If you try for several but don’t nail one, you’re finished.
- 28. Peter Thiel The most valuable companies in the future won’t ask what problems can be solved with computers alone. Instead they’ll ask: how can computers help humans solve hard problems?
- 29. Peter Thiel The seven questions every business must answer: 1. The Engineering Question Can you create breakthrough technology instead of incremental improvements?
- 30. Peter Thiel The seven questions every business must answer: 2. The Timing Question Is now the right time to start your particular business?
- 31. Peter Thiel The seven questions every business must answer: 3. The Monopoly Question Are you starting with a big share of a small market?
- 32. Peter Thiel The seven questions every business must answer: 4. The People Question Do you have the right team?
- 33. Peter Thiel The seven questions every business must answer: 5. The Distribution Question Do you have a way to not just create but deliver your product?
- 34. Peter Thiel The seven questions every business must answer: 6. The Durability Question Will your market position be defensible 10 and 20 years into the future?
- 35. Peter Thiel The seven questions every business must answer: 7. The Secret Question Have you identified a unique opportunity that others don’t see?
- 36. Peter Thiel Of the six people who started PayPal, four had built bombs in high school.
- 37. Peter Thiel Our task today is to find singular ways to create the new things that will make the future not just different, but better-to go from 0 to 1.
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