How To Build The Next Billion Dollar Startup, Peter Thiel
Fascinating suggestions by one of America´s most successful entrepreneur and investor, Peter Thiel, founder of Paypal as well as many other ventures. He was one of the first outside investors in Facebook.
Here are some key ideas and thoughts that Peter shares in the video,
- Every moment in business happens only once, meaning the next Bill Gates will not start an operating system. The next Elon Musk will not start another electric car company.
- Great an amazing business are zero to one, they are one of a kind. It’s not like science.
- The one thing that comes from great business is DIFFERENTIATION, what are you doing that no one else is doing? What ideas do you have that no one else has. What great business are you working on that no one else is working on?
- If you are an entrepreneur you should always aim to build a monopoly. Competition is what 99% of the business are in. You want to dominate something, build a monopoly, were you are the only person in the world doing what you are doing.
- There are two types of business in this world, there are business with crazy competition, and there are ONE OF A KIND BUISNESSES, that are monopolies.
- You become an entrepreneur because you work on an important problem no one is working on, work on a problem that otherwise will not get solved. What is so many people missing in one way or another?
- Imitation is a great way of learning, but also leads to insane behavior. Do not automatically imitate and think for yourself.
- The core is to have a great product and then you can improve, but start with an extraordinary product. The most important is to start with a great product, develop a great product.
- VISION: Ask yourself where are you going to go with this business?.
Develop a 10 year vision; think where this business will be in 10 years.
Great entrepreneurs have great vision; they have a vision where the future is going. A bad plan is still better than no plan at all.
- We attribute too much to luck in business and in the world.
- You should be doing something you are passionate about.
- Do what’s truly important, valuable and meaningful. When you are competing you get good at what you are competing on, but you want to be one of a kind, create a business that is one of a kind, with no competition.
- Work on solving problems that no one is working on and if you weren’t working on solving them, no one else would be working on.
By Miguel De La Fuente founder of Turbomind &Turbomind Coach. Do you have a dream you want to accomplish? We can help. Call 507-62463797 for a special introductory Coaching Session