Peter Thiel co-founded Paypal, he was born in Frankfurt in 1967 and is now a venture capitalist. His book Zero-to-One arose from a lecture for start-ups. It is refreshingly different and sometimes delightfully provocative – his tips for startups and other entrepreneurs:
- Monopolies are good – too much competition is bad
- Start small
- Search a market niche – expand the market later
- Avoid the competition wherever possible
- Be 10 times better than what is currently available – in best case
- Everything happens only once, don’t want to be Google, Facebook or Apple
- Best practice todayleads to a dead end tomorrow
- Technology means to achieve more with less
- There are no panaceas
- The distribution is as important as the technology
- Technology companies should be performed by technicians
- Creative monopolies are gains for all
- The value of a company is determined by its future profits
- Important are the right partner
- The bubble of green environmental technologies has burst
- Ask yourself:
- Is your technology revolutionary?
- Is it the right time?
- Is it a monopoly?Is there a good team?
- Have you identified a unique opportunity?
- Can it continue for 10-20 years?
Besides the known success and failure stories, there are also companies that have obviously done everything right like TESLA.
Unfortunately, there is no silver bullet. I think in addition to a lot of courage, good expertise, the right time, the right nose and the right connections, you just need a lot of luck.