The first and most crucial decision is whom to start it with.

• Ownership: who will run the company's equity
• Possession: who will run the company's routine
• Control: who will govern the company

1. Proprietary Technology: 10x Better than next best alternative.
2. Network Effects: Provide immediate value to early adopters.
3. Economies of Scale: Cost per unit declines as production increases.
4. Branding: A reputation that differentiates itself from competitors and guarantees quality.

1. It's better to be bold than inconsequential
2. A Bad Plan is better than none
3. Don't Compete: competition destroys profits
4. Sales Strategy matters as much as product

Small changes have disproportionate results.

"The secret in venture funding is that the top investment equals or exceeds the rest of the fund combined." 

• One market will bring the greatest success
• One distribution strategy will outperform all others
• Some moments will count more than others
• What's more important probably is not obvious

The best place to find secrets is to ask questions no one is asking and look where no one else is looking. 

• "What important truth do few people agree with you on?"
• "What valuable company is nobody building?"

The best entrepreneurs know this: every successful business is built around a secret that's hidden from the outside. 

A great company is a conspiracy to change the world; when you share your secret, the recipient becomes a fellow conspirator.

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