5 Entrepreneurship tips by Peter Thiel, the founder of PayPal
Entrepreneur, Investor, and amazing personality. This is what we can perceive from Peter Thiel’s Persona. Thiel is the founder of Pay PayPal and Palantir. He is also one of the investors in Facebook and an early investor on LinkedIn. He is a perfect idol for entrepreneurs. Thiel has written the book called “Zero to One” that is a perfect pick for entrepreneurs. Here are 5 Entrepreneurship that you can learn from
Zero to One: As the name suggests, it is a journey from “zero” to “one”. In other words, it is a description of how someone can start from “zero”, factors around that “zero” can lead you to “one”. It is evident to see the metaphors in the title, “Zero” metaphoric to the start and “One” metaphoric to the reaching of step 1 of the success ladder.
The book is a genuine handbook for budding entrepreneurs and is definitely worth a read. It is seen as a book suggesting how to start a startup or how to Build the Future. Here, we have decoded the book and jotted the 5 key takeaways from this book, “Zero to One”.
5 Entrepreneurship tips from Peter Thiel’s book Zero to One: Let us take a look
1.Think and grow from 0 to N
In the beginning, Thiel has emphasised ongoing from 0 to N and the only way to do it is, doing your own thing in your own way. In other words, you should know your wants and should be clear on it. Then after, you will have to figure out things that have not been done would be an asset.
2. Vertical Progress above Horizontal Progress makes a start-up
It is easy to do the same things that others are doing or has done earlier. This is called Horizontal Progress. It is achieved by just copying others or doing the same things. Vertical progress is achieved by doing something fresh that no one has done earlier. It is difficult to achieve than horizontal progress as compared to the vertical because of the innovation factor.
3. Think about your idea. Think hard!
Always focus on the qualitative characteristics of your business, never think about short-term growth or benefits. Just question yourself “where do you see your business in the next 10 years?”
4. Know your goals
The difference between what we know and what we don’t should be known to us. Things which others have already done can be helpful for us, but it will be a short-term benefit, but things which are fresh, which has never been explored by anyone, i.e. Starting a new trend or growing from the bottom, would be an asset and the result will be fairly yours and fresh.
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5. Success and Monopoly
The monopoly of any business is simple. You will be acknowledged only if you want to pursue you do different or unique things.
The characteristics of Monopoly that are defined by Thiel –
1 Proprietary Technology – Technology or innovation that is difficult to replicate
2. Network Effects – You can create a huge network but for that, you ultimately need a great product. A unique idea is king.
3. Economics of Scale – Startups must always have a potential for scale. It should never be like you are adding features in it to get more users.
4. The Branding: Monopoly can be created by branding and we can’t cite any better example than Steve Jobs for it.
So, these were the 5 key takeaways of the book. But to be honest, the book is worth a read. Do read the book ‘Zero to One’ for direction in your entrepreneurial career or for future growth.
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