Peter Thiel

the initial markets are so small that they often don’t even appear to be business opportunities at all.

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. Anything less than an order of magnitude better will probably be perceived as a marginal improvement and will be hard to sell, especially in an already crowded market.

cutthroat competition means your profits will be zero.

So-called perfectly competitive markets achieve equilibrium when producer supply meets consumer demand.

So-called perfectly competitive markets achieve equilibrium when producer supply meets consumer demand.

The paradox of teaching entrepreneurship is that such a formula necessarily cannot exist; because every innovation is new and unique, no authority can prescribe in concrete terms how to be innovative.

Spreading old ways to create wealth around the world will result in devastation, not riches. In a world of scarce resources, globalization without new technology is unsustainable.

Startups operate on the principle that you need to work with other people to get stuff done, but you also need to stay small enough so that you actually can.

question received ideas and rethink business from scratch.

Make incremental advances