How To Reliably Create Wealth
11 pieces of advice from five world-class entrepreneurs
Peter Thiel
An eccentric character, formerly a part of the PayPal Mafia, and has a lot of contrarian ideas.
One thing’s for sure, with his work on Facebook, Paypal, and Y Combinator, to name a few, you can’t question his success. The two key lessons from his 2014 Stanford keynote have a lot of value in them.
1. Focus on the Market
Find a very small market, dominate it, and then find ways to expand the market itself.
Thiel advocates for Monopoly, and having a monopoly in a small market gives you a position of strength when that market expands.
“If you think your initial market might be too big, it almost certainly is”
He uses Amazon’s initial book business and eBay’s platform that started with Pez dispensers as an example.
Nobody thought these were valuable because of how small the niche was, but low and beheld, they expanded the market itself and here we are.
2. Be Leagues Ahead
You want something that’s a high order of magnitude bigger or better than the next thing.
