Quotes on FirePeter Thiel ‘Quoteathon’

by John Lee Dumas

Peter Thiel

Of the six people who started PayPal, four had built bombs in high school.

Peter Thiel

A startup is a team of people on a mission, and a good culture is just what that looks like on the insight.

Peter Thiel

If your product requires advertising or salespeople to sell it, it’s not good enough.

Peter Thiel

It’s always a red flag when entrepreneurs talk about getting 1% of a $100 billion dollar market. In practice, a large market will either lack a good starting point, or it will be open competition so it’s hard to ever reach that 1% and even if you do succeed in getting a small foothold you’ll have to be satisfied to keeping the lights on. Cut throat competition means your profits will be zero.

Peter Thiel

The most contentious question in business is weather success comes from luck or skill. Steve Jobs, Jack Dorsey and Elon Musk have created several multibillion dollar companies. If success was mostly a matter of luck, these type of serial entrepreneurs probably wouldn’t exist.

Peter Thiel

Forget ‘minimum viable products’. Ever since he started Apple in 1976, Jobs saw that you can change the world through careful planning, not by listening to focus group feedback or copying other’s success.

Peter Thiel

Long-term planning is often undervalued by our indefinite short term world.

Peter Thiel

Founders only sell their company when they have no more concrete visions for their company, in which case the acquirer probably overpaid. Definite founders with robust plans don’t sell. Which means the offer wasn’t high enough. When Yahoo offered to buy Facebook for $1 billion in July 2006 I thought we should at least consider it, but Mark Zuckerberg walk into the board meeting and announced: “OK guys this is just a formality, we shouldn’t take more than 10 minutes. We’re obviously not going to sell here.”

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Peter Thiel

A startup is the largest endeavour over which you can have definite mastery. You can have agency over not just your own life, but over a small and important part of the world.

Peter Thiel

Once you think that you’re playing the lottery, you’ve already psychologically prepared yourself to lose.

Peter Thiel

Every monopoly dominates a large share of its market. Therefore every startup should start with a very small market. Always err on the side of starting too small. The reason is simple: it’s easier to dominate a small market than a large one.

Peter Thiel

Everybody has a product to sell. No matter whether you are an employee, a founder or an investor. It’s true even if your company consists of you and your computer. Look around, if you don’t see any sales people you’re the salesperson.

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