5 Lessons Entrepreneurs Can Learn From Peter Thiel
Who is Peter Thiel? What success lessons can every entrepreneur can learn from him?
Starting any business is time consuming and lengthy, but doing it right from the beginning is a lesson no one ever really learns. There is no formula for “doing it right” and there is no “right answer” to every question. The really successful business owners everyone wants to be like are the ones who work maybe one day a year and the rest of the time is theirs to do with as they wish. The best way to get to that place is to listen to these successful business owners and learn from what they have done.
One such business man is Peter Thiel, co-founder of PayPal and investor in Facebook. His book Zero to One has been a smash hit and has a great amount of knowledge to share with readers. After learning more about Peter Thiel from Blake Masters, there are five really great and simple ideas found in their book. As a matter of fact these ideas are so simple one generally over looks them expecting some profound and life altering concept to pop out at them in the next chapter.
Five success lessons every entrepreneur can learn from Peter Thiel for beginning to lay the ground work for a new business followed with a basic definition of each:
1. Don’t try to recreate Google, it is already there.
Basically think outside the box. There are plenty of search engines and email accounts go for something different. Be unique in the search for your industry brain storm. Replicating other people’s ideas just causes market saturation, which drives down demand and then ultimately causes business to begin the downward spiral of the toilet. This is why, in Peter Thiel’s opinion, businesses fail. Make the business of your dreams truly unique and you can never fail.
2. Be original.
Sounds the same as above but is completely different. One can be original and still be in the same market as the coffee shop next door. Bring something truly different to the table though. A personality is a nice place to start. Ever notice that the large chain coffee shops have barristers with personality and great attitudes? Yeah they do! Well that was a niche filled right there. Find the niche that needs filling and make a good fit. Make the originality seep from every pore of the business, play to your strengths and make sure that no one else has ever done it before.
3. Do everything you can to become a Monopoly.
That dreaded “M” word should not be dreaded. Monopoly +unique ideas=Money. That is truly what everyone is after in the business world money. It is what makes the world go round, and what pays the bills by the way. Answer some difficult question in the world, cater to some need which has been over looked too long and then run with it. Don’t open a restaurant in a city with six already you are not going to succeed. Don’t open a restaurant at all. Find a unique problem to solve in that town, find the answer to a question no one can answer open that instead. Work the business to grow quickly and be sustainable. This should be easy because you will be the only on in the market, right. So make it everything it should be from the beginning and success is just around the corner for you. OK so the plan you have isn’t very good and well you have no idea how it will work out and there are a ton of other excuses you can come up with. OK, quite but before you do tell someone else about the plan. They can do it then. Mr. Thiel believes that a bad plan is better than no plan, because a bad plan can be changed and evolve with the idea, no plan is instant death. Run with the bad plan until a better one shows itself. Then run with it. You are making a Monopoly; no one said it was going to be easy.
4. Work on something no one else understands or is working on.
So no one understands what you are doing and no one else has ever worked on it before, awesome! That is the plan you want then. Back to number three for a moment, if no one else gets it then you are truly creating a Monopoly everyone will want in on in the future. Work it and take it to the next level. Create a plan good, bad, or otherwise and roll with it. Make it your baby and make it something that you can hang on to forever. Pass it down to children, grandchildren whichever but make it sustainable.
5. Remember the future.
Always remember the future. Well isn’t that supposed to be” remember the past”? Sure if you want to fail. If you want to succeed remember the future. The future is what you are planning for; the future is what you should be looking too. Don’t spend too much time of the short term plan. Look at your long term goals 1 year, 5 years, 10 years and so forth.
Following these five rules can save a lot of time and headaches. Remember your goal is to work one day a year, this is only possible by listening to those who already do that.
Learn more about Peter Thiel
Check out Blake Master’s interview about Peter Thiel and their book, Zero To One here