Zero To One by Peter Thiel


Peter Thiel

  Startup, Innovation, Leadership

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Frameworks for new ventures and radical innovation

- Globalization Vs technology. Zero to one Vs one to many.
- future is unknown and about new context
- cannot do it alone and too big an organisation can also not deliver. Startup fewest number of people who can bring the change

- it is better to risk boldness than triviality
- a bad plan is better than no plan
- competitive markets destroy profits
- sales matter just as much as product

- not to think against the crowd but to think about yourself
- what valuable company is nobody building?
- value created Vs value captured. Not enough to create value, but to be valuable should be able to capture a good part of that value also.
- if you want to create and capture lasting value do not create an undifferentiated commodity business
- every business is successful exactly to the extent it can do something that others cannot
- monopoly profits provide the incentive for innovation

- competition is not good. Avoid fights wherever you can. Evaluate of the fight is worth fighting which industry are you really in and why . If you need to fight, fight and win early.

- build a business whose most value is far or in the future and then the market will assign a higher multiple for the current revenues. How to build a durable monopolist business.

- how to build monopoly business- properiteary technology, network effects, branding and economies of scale
- prop technology - has to be 10x better.
- network effects need to have value for the very early adopters also. Start with incredibly small markets before going wider and large scale.

-Building a monopoly - start small and monopolize. Expand to related and slightly broader markets. Hidden obstacles to scaling, including sequencing markets correctly. Rather than being the first study the end game and be the last player to get the big move. Avoid disruption or direct competition with big established players.

- mechanics of mafia : everyone in the company should be different in the same way. Build a tribe. No need to invest too much in perks. People should join the mission and the opportunity to work alongside other brilliant people. Each person should do just one thing and be clear about it. Avoid any doubts or turf wars.

- Sales: sales is v important. Best sales is hidden in plain sight. Choose between digital and personalized sales depending on the deal size. Marketing works better for customer pull. Find an entry point and then sell the full suite. For complex big ticket sales, CEO should be the sales man. Distribution doldrums existed in the SME space. Company needs to sell not just the product but sell itself to investors employees and customers.

- 7 key questions every company should answer
- Engineering - can you create breakthrough technology instead of incremental improvements
- timing - is now the right time to start your business
- monopoly - are you starting with a big share of a small market
- people - do you have the right team
- distribution- do you have a way to not just create but deliver your product
- durability -will your market position be defensible 10 years from now
- secret- have you identified a unique opportunity that others don't see

- why 10x better - 20% better in lab may not even be better in reality. Post adjusting for conditions. Also consumer cynicism will discount the value you deliver. If it's 10x then sales will be easier and transparent

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