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If you can’t beat a rival, it may be better to merge.
If you can recognize competition as a destructive force instead of a sign of value, you’re already more sane than most.
the value of a business today is the sum of all the money it will make in the future.
Every monopoly is unique, but they usually share some combination of the following characteristics: proprietary technology, network effects, economies of scale, and branding.
As a good rule of thumb, proprietary technology must be at least 10 times better than its closest substitute in some important dimension to lead to a real monopolistic advantage.
Brand, scale, network effects, and technology in some combination define a monopoly;
It was much easier to reach a few thousand people who really needed our product than to try to compete for the attention of millions of scattered individuals.
The perfect target market for a startup is a small group of particular people concentrated together and served by few or no competitors.
Any big market is a bad choice, and a big market already served by competing ...
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first dominate a specific niche and then scale to adjacent markets
As you craft a plan to expand to adjacent markets, don’t disrupt: avoid competition as much as possible.
“you must study the endgame before everything else.”
A business with a good definite plan will always be underrated in a world where people see the future as random.
“For whoever has will be given more, and they will have an abundance. Whoever does not have, even what they have will be taken from them”
The biggest secret in venture capital is that the best investment in a successful fund equals or outperforms the entire rest of the fund combined.
they’ll ask: how can computers help humans solve hard problems?
1. The Engineering Question Can you create breakthrough technology instead of incremental improvements? 2. The Timing Question Is now the right time to start your particular business? 3. The Monopoly Question Are you starting with a big share of a small market? 4. The People Question Do you have the right team? 5. The Distribution Question Do you have a way to not just create but deliver your product? 6. The Durability Question Will your market position be defensible 10 and 20 years into the future? 7. The Secret Question Have you identified a unique opportunity that others don’t see?
Most Important 7 Questuons
