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Zero to One
by
Peter Thiel (1) The Challenge of the Future (There are…
Zero to One
by
Peter Thiel
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2) Party like it's 1999
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To make sure to not get distorted from bubbles created by the conventional ideas presented during a certain time period, it is important to not only consistently question your current but also question your past
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5) Last Mover Advantage ( For long term success, dominate a small niche and move up)
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Building a Monopoly
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Don't be disruptive. Don't make your sell that you are better than another. Sell your product as an individual entity
Every startup should start in a small market. It's easier to dominate and grow.This doesn't mean nonexistent. Make sure it's a market that is desired and useful
A great business is defined by cash flow in the future Many profitable tech companies lose money in the first few years. For a company to be valuable, it should not only grow but endure
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7) Follow the Money
The biggest secret in venture capital is that the best investment in a successful fund equals or outperforms the entire rest of the fund combined
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8) Secrets
There are more secrets left to find. Arguably, we are at the edge of some of the most insane and incredible secrets, but we will never learn any of these secrets unless we demand to know them and force ourselves to look
When you figure out a secret, only tell those who need to know.
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9) Foundations
The smaller the board, the easier it is for the directors to communicate. A perfect board is 3, and it should never be larger than 5 people(unless the company is publicly held).
For the most part, other than the occasional outside lawyer or accountant, everyone involved in your company to be involved full time for it to be successful. They should also be compensated fully for their work. A company does better when a ceo is paid less at the beginning, while making sure employees were being paid more. It shows committment. Also start-ups don't necessarily have to pay high salarys, offering equity can be more beneficial in the long run (but also make sure to allocate carefully. )
For a successful business, you need to have the right partner. Even if you have the greatest most profitable idea, if the partnership it's built on is not sustainable, the company will fall. Same goes with those who work for the company.
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11) If you built it, will they come?
Complex sales work the best when there isn't a separate "salesman" More effective when the CEO is also the salesman
Advertising does not have to be door to door to feel personal or effective. Advertising should be profitable rather than regressive, which is why companies like P&G use quirky commercial and brightly colored ads to sell their products. Also make a point to sell through all channels (the web, tv, newspapers, etc) to target both targeted and un-targeted customer groups
Whatever the career, those who are both skilled at their craft and can sell their job/themselves, are the ones who have the ability to stand out above the rest. No matter how strong a product is, if you don't have a market strategy for it, it has no value
12) Man and Machine
Man-machine symbiosis enabled major companies to stay in business. The relationship is complementary. They help us continue to do the unimaginable
The purpose of technology is to increase our mastery over nature and reduce the role of chance in our lives
People have intentionality, while machines are good data processors for large amounts of information. Neither has both. One will never out perform the other because machines are tool that can improve the state of people. Their each in their own category; therefor, cannot compete
13) Seeing Green
If your company is only supported by conventional truths, it won't succeed. You need to have specific reasons for success that are different from the rest. Also, if a ceo wears a suit to an investor meeting, don't invest. People in tech wear jeans and t-shirts. They're probably a bad coder and even worse salesman. They're team is probably not skilled at both
If you are going to sell something a socially good, you have to make the distinction of it being good for society rather than being seen as good for society
The questions you should be able to answer to make a successful company ( A company that can answer all 7 of these Q's is Tesla)
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