|Autor||Peter Thiel y Blake Masters|
Chapter 1: The challenge of the future
- Monopolios y competencia: Thiel sostiene que los monopolios son buenos para la innovación y que la competencia puede ser perjudicial, ya que las empresas pueden quedar atrapadas en una lucha constante por el mercado, sin enfocarse en ideas nuevas y transformadoras.
- La ley de las startups: Thiel propone que una startup debe centrarse en un mercado pequeño y nicho antes de expandirse a mercados más grandes. Esto permite a la startup establecerse como líder en su campo y minimizar la competencia.
- La importancia de la tecnología: Thiel enfatiza que las empresas tecnológicas tienen un potencial único para generar cambios significativos y crear valor a largo plazo.
- El poder de las personas: Thiel sostiene que la calidad de las personas que conforman una startup es esencial para su éxito. Es fundamental seleccionar a los empleados adecuados y mantener una cultura empresarial sólida.
- Planificación y visión del futuro: Thiel aconseja a los emprendedores que piensen a largo plazo y tengan en cuenta cómo sus acciones de hoy afectarán el futuro.
Chapter 2: Party like its 1999
- lessons from the past. Excessive optimism
- Cash flow and profitability
Chapter 3: All happy companies are different
- Each company is unique
Chapter 4: Ideology of competition
- Better to be a monopoly rather than compete
Chapter 5: Last Mover Advantage
- Company can generate a monopoly by analyzing a specific market
Chapter 6: You are not a lottery ticket
- Doesn’t exist
Chapter 7: follow the money
- Power of law exists
- The most single thing is the most powerful
- One distribution strategy domintes others
- Pareto principle
Chapter 8: secrets
- easy -> hard -> impossible
- if ther are many secrets left in the world, there are pro many big companies yet to be started
- Kaczynski argued all world’s problems are solved, what is lef is easy or impossible. So Destroy existing institutions, tech, and let people start over
- Four social trends have conispired to root out belief in secrets: incrementalism, risk aversion, compacency, flatness
- Forty years ago not all knowledge was widely known, people thought they could join a group vanguard that would show them the Way
- To say that there are no secrets left today would mean that we live in a society with no hidden injustices
- HP having behind the search for tech secrets, got obsessed over gossip and valued 23$ billion on 2012 (135$ billion on mid 2000)
- The actual trut is that there are many more secrets left to find, they will ield only to relentless searchers
- The same reason internet compaines are underestimadted, bcoz their very simplicity, is itself an argument for secrets
- What secrets is nature not telling you? what secrets are people not telling you?
- Competition and capatialism are opposites
- The best place to look or secrets is where no one else is looking
- Every great business is built around a secret that’s hidden from outside
Chapter 9: foundations
- Bad desicions made early on are hard to fix later, a great company cannot be built on flawed foundations
- Everyone in the company have to engage and self-identify with the project, not just the founders
- It is ver hard to go from 0 to 1 without a team
- Role concepts:
- Ownership: who owns the company
- Possession: who runts the company in a daily basis
- Control: who governs the company’s affairs
- Rewarding of work should be power of possession rather than a value of ownership
- Most conflicts are Ownership vs Control (founders vs investros). Board members want a company public, founders prefer to stay private
- A board of 3 people is ideal, it should never exceed five people
- As general rule, everyone in the company should be a full-time worker. Consultants and part-time employees doesn’t work. You’re either on the bus or off the bus
- Low CEO’s salary sets the standard for everyone else
- Startups don’t pay high salaries instead part ownership or Equity for a future value
- Anoyone preference of ownership is a sign of long-term and commitment with the company
- Setting rules just right the company if founded is key to creation of value in the future
- As long the company keeys creating new things it lives otherwise it just stops
Chapter 10: The mechanics of mafia
- A startup is people on a mission and good culture
- Time is most valuable asset, don’t spend it with people that don’t envision long-term future together
- In order to hire people, they have to enjoy working together and be talented
- You will attract your employees if your mission is compelling
- The startup uniform, everyone shuold be different in the same way
- Everyone in the company is responsible for doing just one thing
- Most conflicts in a company occurs when colleages compete for the same role
- Eliminate competition, build kinds of lon-term relationship
- Better to be called a cult or even a mafia
Chapter 11: If you build it, will they come?
- 3 giant ships:
- ship1: thinkers, leaders and archievers
- ship2: salespeople and consultants
- ship3: workers and artisans
- Customers won’t come just bcoz you built it
- Advertising matters because it works. Sales is important
- It takes hard work to make sales look easy
- All salesman are actors, they persuate, they are not 100% sincere
- Like acting, sales works best when hidden
- If you’ve invented something new but you don’t know how to sell it. Bad business
- Superior sales and distribution create a good monopoly
- The higher the price the difficult to sale
- Compex sells are when you don’t have a “salesmen”
- Once you have a pool of reference custtomers who uses your product then you can go next toward bigger deals
- Sometimes the product itself is a kind of distribution
- Distribution is the hidden bottleneck
- Marketing and ads are for low-priced products and lack on methods of viral distributions
- TV is a great big megaphone
- No early-stage startup can pay what big companies pay for Advertising
- If a product is viral users invite their friends
- Banners ads is more expensive than paying users to signup
- Get the most valuable users first, most obvious market segment
- Distribution follows a power law of its own
- Poor sales is the cause of failures
- Selling your company to the media is selling it to everyone else.
- What google stores about your company is critical
- Everyone has a product to sell. If you don’t see any sales people, you’re the salesperson
Chapter 12: Man and machine
- Will there be anything left to do? Sotware is eating the world
- The best way to create productivity is to get rid of people
- Computers are complements for humans, it empower people
- man-machine symbiosis
- USA workers worried about competition (cheaper mexican substitutes). People compete for jobs and resources, computers neither
- Globalization means substitution
- Workers willing to do repetitive tasks for small wage is large
- Better tech in law, medicine, education won’t replace professionals, it will allow them to do more
- If linkedin had tried replace recruiters with tech they would failed today
- Question: how can computers help humans solve hard problems?
Chapter 13: Seeing green
- eng question: can you create breakthrough tech instead of incremental improvements?
- timing question: is wnot the right time to start your particular business?
- monopoly question: are you starting with a big share of small market?
- people question: do you have the right team?
- distribution question: do you have a way to not just create but delivery your product?
- Only when product is 10x better you offer transparent supriority
- Customers won’t care about tech details unless it solves a particular problem in a superior way
- The best sales is hidden
- CEO who looks like a salesman, is probably bad at sales and worse at tech
- Selling and deliverying is important as the product itself
- What will the world look like in 10-20 years and how will my business fit in?
- What will sto pChine from wiping out my business?
- Great companies have secrets, specific reasons for success that other people dont’ see
- Doing something different is what’s truly good for society. Allows business to profit by monopolizing a new market
- Globalization will cause increasingly severe energy challenges unles we build new tech
- An enrepreneu can’t benefit from macroscale insight without starting at microscale
- A valuable business must start by finding a niche and dominate small market
Chapter 14: The founders paradox
- Important for a company to be led by a distinctive individual instead of an interchangeable manager
- Some people are strong, some weak, some geniuses, some dullards, but most people are in the middle
- Famouse people are founders too. Personal brand.
- Apple’s value depends on the vision of a particular person (… used to depend)
- The single greatest danger for a founder is to become so certain of his own myth that he loses his mind
Stagnation or Singularity
- Without new tech to relieve competitive pressures, stagnation erupts into conflict. In a global conflict, stagnation collapses into extinction. We create technology to make a a better future
- Future won’t happen on its own.
- We cannot assume future will be better, we need to work for it today
- We have todo new things in our own working lives
- Everything important to us is singular (universe, planet, country, your company, your life)
- Find singular ways to create the new things that will make the future better
Los puntos importantes del libro:
- Monopolio es bueno: para controlar y dominar mercado
- De 0 a 1: es mejor crear que copiar
- Dinámica de la ley de potencia: pequeñas apuestas generan mas ganancias
- Suerte: no existe, es simplemente esfuerzo (planeamiento y estrategias)
- Iniciar de a poco y escalar: enfocarse en mercados pequeños, dominar y escalar
- Secretos: oportunidades ocultas
- Ventaja del último jugador: llegar al mercado al final con un producto perfeccionado
- Ventas: el producto puede ser genial pero sin forma de llegar al mercado, no sirve
- Equipo unido: fuerte y alineado equipo con los objetivos claros
- El futuro: pensar a largo plazo y orientar las estrategias
- How company stocks work