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The importance of moving away from the idea of healthy competition is that competition means there will be no capital left for you. The rest of the capital ‘pie’ will be eaten by your competitors. Therefore, Peter emphasizes the importance of building a monopoly.
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1. The Engineering Question: Can you create breakthrough technology instead of incremental improvements?
2. The Timing Question: Is now the right time to start your particular business?
3. The Monopoly Question: Are you starting with ...
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.
Rule 1 : Only invest in companies that have the potential to return the value of the entire fund.
Rule 2 : Because rule one is so restrictive, there can’t be any other rules.
Vertical progress is more ch...
”All happy companies are different: each one earns a monopoly by solving a unique problem. All failed companies are the same: they failed to escape competition.”
“Every moment in business happens only once. The next Bill Gates will not build an operating system. The next Larry Page or Sergey Brin won’t make a search engine. And the next Mark Zuckerberg won’t create a social network. If you are copying these guys, you aren’t lea...
"A good curated idea should be like a girl's skirt; long enough to cover the subject and short enough to create interest."
“Brilliant thinking is rare, but courage is in even shorter supply than genius.”— Peter Thiel
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Competition narrows your focus on beating the other companies. While this makes you good at that which you are competing on, it doesn't guarantee success.
You risk losing sight of the big picture and of what is important for future growth, if you keep relat...
Every startup is small at the start. Every monopoly dominates a large share of its market. Therefore, every startup should start with a very small market.
The perfect target market for a startup is a small group of particular people concentrated together an...
To make an idea sticky, keep it simple. The idea should be stripped down to its core, where there is nothing left to take away. Use fewer bullet points. Use easy words. Reduce the ideas. The more we reduce the information, the more the idea will stick.
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