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I’m currently rereading Zero to One for my book club. Thiel argues that all significant fortunes are built by building something new that totally avoids competition (or at least addresses a problem in a completely new way from preexisting competition).
It passes a logical smell test. If something were not new, then it would already exist. If something exists it is already for sale. Therefore you are competing. If you are competing in an undifferentiated way, the lowest price wins and the producer loses.
Okay that’s great, but does it prove out in life? It does in my own. All the money I’ve ever made can be traced back to three different ideas I had. One in 2011, one in 2014, and one in 2016. Once I had the idea, it didn’t actually take much work for it to start raining money.
Execution on new ideas that avoid competition is way easier than execution in a competitive old space. So maybe that saying is wrong. Success is more inspiration than perspiration.
How are those chines sellers taking over amazon then and you know they make significant revenue
Well, a lot of them are losing money and the ones that aren't are 1. Amazing operators 2. Got started early and thus have competitive advantage 3. Have some other competitive advantage i.e. their cousin owns a factory
I don’t get it can you explain?
Related: he also makes the case that going after just 1% of a Billion dollar market is futile. Once the market reaches that size, it's so efficient that the value gap has been captured. However, you can go after an existing market if you solve an entrenched problem there.
Great point. I think going after 1% in an established market is possible, but fuck is it hard.
Do you listen to Masters of Scale podcast? Im not sure I subscribe to the blitz-scale at all costs. A full scale company where “fortunes” are made isn’t for everyone. Medium sized works too.
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