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The Power Law

The Power Law

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

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MORE IDEAS FROM THE SAME BOOK

  • Successful people find value in the most unexpected places. They think in terms of principles, not formulas.
  • Refining an existing idea moves the world from 1 to n, but to move from 0 to 1, we must create something new.
  • Progress comes from Monopoly, not competition. 

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

  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

A start-up is the largest group of people you can convince of a plan to build a different future. 

  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 guaran...

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

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