In this 1 minute PAREable, discover more thoughts on great ideas and great companies during a discussion session with Peter Thiel in General Assembly.
- Don’t use buzzwords or trends. Because all trends are over-rated. If you use trends as factors for your company, it tells people that there are no differentiating factors. Your company is just one of many of its kind.
- Don’t glorify failure. Because when you fail, you never really learn much from it. There might be six independent reasons that caused the failure and if you can identify one, you still missed the other five causes.
- How to get to the differentiating unique element?
- Business point of view, how to get to the unique element is to ask, what great company is no one starting?
- Intellectual point of view, how to get to the unique element is to ask, tell me someting that is true that very few people agree with you on.
- All happy companies are different, and all unhappy companies are alike in that they failed to escape the essential same-ness that is competition.
- It’s not enough to be the first mover, the aim is also to be the last mover in terms of you have to maintain a sustainable advantage for quite some time.
- Two team dynamics that are important. How they came together and the pre-history between the individual. What was their previous working environment that shaped their entrepreneurship believes and the lessons they learned.
- For vice related industry businesses, you have to explore how they’re able to make money within the current grey area in order to evaluate its validity.
- Goal for a startup is to create a successful company, not to “disrupt” an existing industry leader.
- Negotiation for startup to raise funds, the valuation discussion has been focused on premium of the past, when it should be discount of the future.
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Until the next PAREable..