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Best Notes For Enterpreneurship
Nov 02, 2017 02:20 PM 1792 Views

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Henry Ford once said that if you had asked people what they wanted, they would have said faster horses. if he had given them faster horses, he would have been taking a step from 1 to N, but instead of doing that Henry Ford decided to think for himself and introduce the world to automobile and in doing so he took a step from zero to one. Taking a step from zero to one is important for two sets of people. first of it's important for society, it's what's brought us from the stone age all the way to smartphones, space travel and all the medicine that we have today. Going from zero to one is also important for the founders of these companies it's what separates them from everyone else. It's what makes the Steve Jobs, the Zuckerberg, and the Bill Gates by taking a step from zero to one. You can vastly improve your fortune and change the world to make these leaps from zero to one. Theil gives us four pieces of advice that all entrepreneurs should follow. Theil's first piece of advice is to be bold stop coming out with incremental improvements on your competitors like a new financing option or new cupholder. Create a totally new product for your customers Thiel second piece of advice is that a bad plan is better than no plan and what he means by this is that it's better to have the vision to be constantly working towards your goal instead of just working a little bit and then waiting for your customers to give you some feedback and then working again. By having a vision you will totally bypass this and take that step from zero to one. Theils third piece of advice is that competition destroys profits and what he means by this is that you should avoid competition at all costs if you look at any marketplace the more people that entered the smaller the profit sharing goes it's just like a piece of pot if there are only two people eating it then you're each going to enjoy a larger piece but as more people see how much pie you're enjoying the more people are going to come in and want a piece and the more people that come in is smaller the piece of the pie you get. Theil's fourth piece of advice is that sales matter as much as a product. Every engineer gloats that they can build a product that is so good that it can sell itself but at the end of the day that's just bogus there's no product that is good enough to sell itself. People need to be aware of these products and they need to know the benefits of them. You need to promote your own value what value are you adding to people's lives. Only then can you make sales. Theil's principles are good in theory but how do you apply them in the real world well. Theil reveals that all startups are small at the beginning. We also know that a monopoly owns the majority of a market share, so if we can do some basic math it's easy to see that a start-up should start off aiming to win a monopoly share of a small niche market but your problems aren't only about when you start up, it's also about when you become a monopoly and how you protect yourself. Here Theil reveals that there are four characteristics that all monopolies share. First is proprietary technology this is something like Google search algorithms and a good rule of thumb is that your technology should be at least ten times as good as your competitors, then there are network effects this is something like LinkedIn or Facebook. Theil explains that network effects are important but they must start out with exceptionally small markets in order to work. He explains how Zuckerberg first product was not aimed to attract all the people on earth but to just get his classmates to sign up at first then there's economies of scale do explains that all great startup should have some ability to scale built into the very first design by definition a company like Microsoft or any other software firm has great economies of scale. This is because once the software is made each additional sale comes at no additional cost and then there's brand. It's important to present a powerful image to the public of what you represent but Theil also reveals that no great technology company has been built on brand alone, so your brand should be there to complement your product but if you really want to go from zero to one the best piece of advice that you should take from Peter Theil's book is to think for yourself.


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