Peter Thiel is Worth $4.2 Billion

Here are the 7 main things he says will make an entrepreneur successful.

Here are the 7 main things he says will make an entrepreneur successful.

Peter Thiel is worth $4.2 billion.

He’s made 99 investments.

He wrote the manual for building startups — Zero to One.

Here are the 7 main things he says will make an entrepreneur successful:

(1) Monopoly:

Startups with a monopoly in their market are more likely to succeed than those that compete in crowded markets.

Lay claim to an uninhabited stretch of market space in order to create a monopoly.

(2) Differentiation:

Find ways to differentiate yourself from competitors.

Rather than trying to be the best at something that has already been done.

(3) Secrets:

Seek out and protect “secrets,” or unique insights.

This gives you a competitive advantage.

(4) Defensibility:

Startups need to build defensible competitive advantages.

Strong intellectual property ensures long-term success.

(5) Network effects:

Use the power of network effects.

This happens when a product or service becomes more valuable as more people use it.

(6) Customer Segmentation:

Focus on a specific customer segment and become the best at serving that segment.

Rather than trying to be everything to everyone.

(7) Long-term thinking:

Think long-term and focus on creating value over the long haul.

Rather than prioritizing short-term gains.