Chapters (Powered by ChapterMe) - 00:00 - Introduction 00:50 - Outline 00:57 - Capturing value 01:57 - Big piece of a small pie 03:37 - Perfect competition 04:31 - Monopoly 05:33 - Lies people tell 05:36 - Differences underestimated 06:59 - Narratives 07:54 - British food in Palo Alto 08:40 - Do the intersections make money? 08:45 - Blockbuster movie 09:29 - Is the intersection valuable? 09:35 - Startup version 10:11 - The search market 11:00 - The advertising market 11:29 - The technology market 12:36 - Evidence of narrow markets 13:28 - How to build a monopoly 13:39 - The right size 14:36 - Start small and expand 17:05 - Start big and shrink 18:40 - Last mover advantage 18:45 - Characteristics of monopoly 27:10 - Value of the future 27:55 - History of innovation 28:28 - Technological innovation 30:16 - Capturing value 31:59 - Success cases 37:03 - Psychology of competition 38:14 - Mimetic preferences 38:33 - Competition as validation 42:22 - Q&A 42:26 - Q1 43:01 - Q2 43:38 - Q3 44:34 - Q4 46:40 - Q5 47:55 - Q6
@AdekunleSeg Жыл бұрын
Thanks for this
@Anshuman0446 ай бұрын
@@AdekunleSeg lol btw he is startup himself
@rubenbarrientos817111 ай бұрын
Can't believe that was Sam Altman introducing Peter Thiel to give a masterclass on business
@operandexpanse8 ай бұрын
Thiel still stands above Altman in my mind. He’s a powerhouse of deep knowledge.
@JaydenLawson8 ай бұрын
Made the same comment 3 months before you! I had watched this video years ago, before knowing who Altman was, and recently my mind said to me.... that was Sam Altman who introduced Thiel in that Stanford talk. Crazy how your mind works
@Anshuman0446 ай бұрын
@@JaydenLawsonthis is from 2014 when sam just solded his startup and joined y combinator in place of paul Graham and Peter thiel has done so much first he solded paypal than invested in alot of tech startups one of the first investor in facebook founded plantir and now successful venture capitalists
@RyanPerrella5 ай бұрын
@@operandexpanse 🤣🤣🤣 a mind which can only win a game if it’s playing MONOPOLY! The world is better in the hands of all Players, you would have the world run by just one, thats a dystopia which comes from that decision. Thiel is a literal vampire, you never heard anout him hiring young men to “donate” their blood plasma to him? Seriously, he’s a vampyre!
@TheRamstoss2 ай бұрын
Wow!! I just realized that after I read your comment!!
@jerryedens877 Жыл бұрын
This is a fresh look at it. Takes courage and persistence to wander out into the wilderness and build a new civilization but that is the summary of innovation. Opportunity meets preparation. In addition, this goes to show how it is prominent to seek the help of an expert. Going into a field with little or no basic knowledge could be risky.
@bradsandler3526 Жыл бұрын
I think it's wrong that only one company makes the game Monopoly. Steven Wright
@joecaruso06 Жыл бұрын
Yes I concur. The prominence of institutional or basic financial managers cannot be exaggerated. Markets are oceans not lakes. Diversification too as stated is key. Take myself, having encountered my fair share of bad trades, I was able to realize how timing, capital, entry and a lot more are essential. Now, I have a $122k portfolio averaging a 12% monthly roi in less than a year following -Yvonne Annette Lively- so I do know the importance of basic knowledge and delegation.
@Billionswitch Жыл бұрын
@@joecaruso06 recently a CBCC featured? in which she discussed how debt and credit serve as the driving force behind a booming economy? I'm referring to Yvonne Annette Lively. There was a 9% monthly return when I last checked. Describe the commission's culture.
@aliyunko9689 Жыл бұрын
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. Friedrich August von Hayek
@jane27456 жыл бұрын
The one sentence to summarize this video is at 41:49. "The tremendous price (of competition) is that you stop asking some bigger questions ... don't always go through the tiny little doors that everyone tries to rush through, maybe go around the corner, go through the vast gate no one is taking."
@karamlevi6 жыл бұрын
Jane You yeah, there’s a price to that too... it is not free. You will feel the pain of being highly different, then joking ridicule, then logical ridicule, then blatant attacks that seams like pure insanity, the aloof expectance with requests to join you... esetra esetra... Like he says... Aspergers helps one stay ignoring to the haters. Fascinating.
@jzk20205 жыл бұрын
WHAT GATE, SWAY?!?!
@Stavaln5 жыл бұрын
clearly communist propaganda. good work, comrades.
@JeffreyLin5 жыл бұрын
takes courage and persistence to wander out into the wilderness and build a new civilization. not many people do it because of this
@tictoc54435 жыл бұрын
@@jzk2020 the metaphorical gate
@deepg2477 Жыл бұрын
3 takeaways mainly 1. conquer a small market and expand in the adjacent markets 2. vertical integration is key 3. learn from early birds and develop superior product using someone else's invention
@maxx_thedragondominatorАй бұрын
Capitalism in a nutshell
@Jotto9995 жыл бұрын
Great life lesson: don't just try things that are new to you; try things that no-one else is doing. Avoid anything that seems caught up in competition, which turns into a race to the bottom.
@HKashaf5 жыл бұрын
Like Peter Thiel did all his life?
@HKashaf5 жыл бұрын
@Quack Watch your statement doesn't explain why Elon had the largest share when x.com and continuity merged. kzbin.info/www/bejne/pKe0ZaNuZ5J3a5Y
@movement2contact5 жыл бұрын
Name me a single business that *isn't* race to the bottom in capitalism..?
@HKashaf5 жыл бұрын
@Quack Watch c'mon man, why would x.com and confinity merge if confinity had a better platform? Confinity had the marketing and x.com was more technically sound, hence Elon had the biggest share. Let me make this more explicit, Elon had a larger contribution to what eventually was sold as PayPal than Peter Thiel.
@mikes90124 жыл бұрын
@@movement2contact beat it commie
@savinien444 жыл бұрын
People tend to view a competition as a validation and pursue it. But those two may not be related. He has a very refreshing insight!
@TheLastCodebender3 жыл бұрын
"The most contrarian thing of all is not to oppose the crowd but to think for yourself." - Peter Thiel
@DrHydro-mq7sw2 жыл бұрын
kzbin.info/www/bejne/iV6toGCan86frNE
@Teeawesome28 күн бұрын
This can only be right if thinking for yourself is thinking for others to put yourself in their shoes because most people fail to put themselves in other people’s shoes to be self seeking. Leadership is not about thinking for yourself for you’re not a soloist but you’re a team leader leading people to think together right perspective for collective good. Anytime we come to public arena or marketplace. we must think collective good. In the marketplace soloist will only take a share of his following and he who thinks in collective will seek for standard margins and get a better following because he operates on standard margins to creep from the high and the lows of the right and the left. That’s the sacrifice of leadership.
@AnthonyMiyazaki3 жыл бұрын
Peter's lecture here is much deeper than a simple comment line can describe. It's a great mixture of economic psychology, the influence and responses to legislative threat, blue ocean strategy, "learning is more than copying" ("all unhappy companies are alike"), the importance of massive advantages over competition (the "order of magnitude" argument), how real benefits trump mere branding, etc., all to avoid competition.
@thatisme3thatisme382 жыл бұрын
actually all happy companies are alike. unhappy are unhappy in their own way
@johnnyvishnevskiy80909 ай бұрын
@@thatisme3thatisme38 No, that's for families. The opposite applies to companies. All happy companies are not alike, because they are monopolistic in different markets (they each solved a unique problem). Unhappy companies exist because they all failed to escape competition.
@POSITIVEMILLIONAIRE3 жыл бұрын
I don't know who Needs to Hear This but " Greatness is often built when no one is watching ". So don't give up and keep going
@richspirits36303 жыл бұрын
Great , Hope you are building your greatness in the darkness 💗😍. Keep striving buddy. Great comment 👍👍. Loved it 💞💞
@dchambers9865 жыл бұрын
This guy have a really good, dry sense of humor and an ability to connect with the audience even as he makes some unorthodox - even slightly controversial arguments. I've been impressed with his striking candor and independence of thought in every speech or interview I have heard. And that is generally true of this entire How to Start a Startup series. I heartily recommend it.
@florindacar86594 жыл бұрын
I adore Him, sort of Idol for me!..
@DrHydro-mq7sw2 жыл бұрын
kzbin.info/www/bejne/iV6toGCan86frNE
@GirishVenkatachalam2 жыл бұрын
Yes amazing guy. Cool confidence and clarity of thought
@DrHydro-mq7sw2 жыл бұрын
@@GirishVenkatachalam Wenn man denn auf durchgeknallte Faschisten steht......Dann ist der Thiel natürlich die richtige Wahl.
@gusfring962 жыл бұрын
If you are a controversial figure, then you are on the right track as doing something new or different angers the masses.
@erikschaepers4 жыл бұрын
"All unhappy companies are alike - because they fail to escape the essential sameness that is competition" - well said, Mr Thiel
@DrHydro-mq7sw2 жыл бұрын
kzbin.info/www/bejne/iV6toGCan86frNE
@thatisme3thatisme382 жыл бұрын
thing is the Ann Karenina quote didn't work at all. Tolstoy said that all unhappy families are unhappy in their own unique way.
@ericwilliams6262 жыл бұрын
Wrong. The throughline has nothing to do with competition. He is playing semantics. They are unhappy because they are factually complacent in the unwillingness to create change in their environment, ie make EV or hybrid vehicles, food companies moving towards ready made foods, camera manufacturers getting into action cameras, dept stores being aggressive to online sales, and Paypal doing what credit card companies refused to do, Can they? Yes, so why don't they? Leadership are made up of fossils who don't want the risk under their tenue. That's the bottom line. Competition is not the issue.
@jossyjoseph31452 жыл бұрын
I will forever appreciate this channel, you've helped my family alot, your videos, advice, lessons and funny words are inspirational and helpful to us. My husband and have been able to be minimal, conscious in spending, saving and investing wisely, I now earn every week. You're such a blessing to this generation. we all love you
@devintrip19172 жыл бұрын
You're right, the importance of multiple stream of income, unfortunately having a job doesn't mean financial freedom or security
@tacmadric93512 жыл бұрын
Investment is that tiny line that separates the rich from the poor.
@saddamhossainanik22 жыл бұрын
@@tacmadric9351 I truly agree with you on that
@saddamhossainanik22 жыл бұрын
Investment in crypto also pays a lot
@adenabiyine82532 жыл бұрын
speaking of crypto investment!. I know I am blessed because I wouldn't have met someone who is as spectacular as Avgustin Yakov
@morthim5 жыл бұрын
this is the best business lecture i've ever seen
@evanmcarthur4785 жыл бұрын
Best and most depressing if you trying to build a startup.
@camillemadsen30785 жыл бұрын
Or great opportunities, when you believe in yourself.
@TheChangeYT4 жыл бұрын
I read his book. Listening to this talk is sufficient. Same Ideas
@actualideas80784 жыл бұрын
If his goal is a Monopoly... do you really think he would educate people how to compete in business? I think you guys are missing the big picture...
@gamer-ff6mh4 жыл бұрын
@@actualideas8078 Of course he is not going to share his entire thinking with us. Mainly we should appreciate that he was honest about the fact that businesses run to create monopolies. Business and enterprise are very different from each other. This is both good and bad. Business is like the Roman empire and surrounding tribes are like the enterprise. Both are killing each other. It's best to atleast be open about it. In one of Milton Friedman's 'Free to Choose', he commented on Donald Rumsfeld as a businessman, and made his distaste for businesses well known. So this is nothing new. But appreciate the great clarity with which he can shamelessly say that he is anti competition. Absolutely. We all know the natural state of nature is competition. Like the video game Sekiro, which is obsessed with the idea of immortality suggests, the longer you live the more you stagnate, till eventually you corrupt. It's necessary to die and be replaced by something better and more fresh.
@KadvaKorp4 жыл бұрын
Peter Thiel is and always has an interesting viewpoint. Thank you, YC.
@Jay-yy7uk4 жыл бұрын
@@nb6175 You should throw away your phone and stay off the internet. I for one would be happy if debbie downers like you didn't leave unrelated comments under a valuable and free business lecture.
@funny-video-YouTube-channel4 жыл бұрын
Basically: *test the product in the smaller market,* then go big, if the product is ready. The major principle should be to build the product for the large scale market from the start, but launch it in the small one, so that one can dominate it and expand from the place of strength, instead of the place of nothing.
@Bprovo4 жыл бұрын
@@craniumfirst What he said was you can create a larger market from a smaller one without competition. So I guess the distinction is, he is not saying a large market exists, but it is up to you to create that larger market. His comment could be interpreted both ways. What does build for a large market mean? It could mean, the market exists, it could mean it doesn't. So he could be right.
@mrbananaman80324 жыл бұрын
No, not at all. He very clearly said monopolize a small market, not test a bigger product in a small one.
@mindhalo4 жыл бұрын
You start with a small market (actually, you can almost create new market by inventing some new product/service) and then you improve the product and expand the market keeping big share of it.
@mrborat24934 жыл бұрын
@@mindhalo what's exactly a small market
@nicetrymate8134 жыл бұрын
@@craniumfirst Not what he said at all. The high like count indicates the number of people that didn't understand the principles taught in this. Maybe they do not understand the definition of monopoly.
@GrowWithWill4 жыл бұрын
Loved when Thiel came to my school and gave this same talk. Incredibly inspiring to hear his thoughts in person. Zero to One remains one of my favorite books.
@datacenteredleadership94004 жыл бұрын
Peter Thiel's understanding of business is so deep. I just need to find the technological moat for a monopoly!
@ropersix4 жыл бұрын
The thing about the examples of starting small is, small was the only thing available to many of the now-big tech companies. When Google started, for example, there wasn't all that much to search for on the Web (compared to today). If the Web hadn't really taken off, Google wouldn't have, either. So, it's really more like avoiding the tiny little doors everyone else is trying to go through, and go for a gate miles away you're not even sure exists (you've just heard rumors there is one). And that's a dynamic I wish he would have talked about more. Because plenty of people start companies in small markets that remain small, unable to grow. And you'd want to avoid that if possible, too.
@seerar13 жыл бұрын
one thing he should have mentioned is the possiblity to influence the market and having market future forecast. If you can see its potential and figure out what is needed to grow the market you have taken over in its infancy youll be able to make it grow if it has the potential ofcourse and nothing crazy happens like a goverment crackdown or new inovation that makes it cease to exists aka what cars did to horses.
@abikelife14813 жыл бұрын
Your comment highlights one of the most important factor that all successful start-ups have in common, and that is timing!
@saraeissa49542 жыл бұрын
This is the exact dilemma I’m facing with my start up that serves independent animators.
@Skyfloatx7 жыл бұрын
Incredibly focused speaker. Love his "Zero to one" book
@hasen_judi5 жыл бұрын
The content for the book emerged from this lecture and the other lectures in the course.
@jackr3325 жыл бұрын
100% probably one of the most focussed speaker I know
@mikes90124 жыл бұрын
More like 1 to 1.1. PayPal and fb both examples of iterating from 1, not 0.
@abuwilliams72284 жыл бұрын
great read ineed
@fusion96194 жыл бұрын
That was an incredibly boring book
@vincentlextrait30923 жыл бұрын
Competition is one of the biases in the "Lollapalooza effect" that Charlie Munger identified. Among lack of creativity, appetite to conform and shine, etc. But Thiel's contribution to the confluence of bias with competition is quite original. Well spotted!
@esmeralddedushaj35983 жыл бұрын
His book: Zero to One, is a must read for everyone tying to get into the Startup World.
@DrHydro-mq7sw2 жыл бұрын
kzbin.info/www/bejne/iV6toGCan86frNE
@dadarkar3 жыл бұрын
Great lecture. If anyone reading this comment has liked this video and has not read his book "ZERO TO ONE", you will definitely enjoy it. It is a short business book summarizing his lectures while his time teaching at Stanford.
@omodiagbedominicedeoghon46073 жыл бұрын
Beautiful! Priceless education in one hour.
@homeontherange7333 жыл бұрын
In a similar vein, i never knew what all the sports thing was about. I really tried to get into the competition thing and all, but to no avail. I always felt in my heart, "i'm not into competition, i'm into cooperation". I bought my first computer in 1995. In a couple of years, i heard about this "open source thing" called GNU / Linux. I was hooked. Business model or not, open source will advance society more than competition.
@user-vn9mp2zi3s2 жыл бұрын
Competition of Open Source Apps 😎
@georgeb86372 жыл бұрын
14:50 - start with small market - but takeover that market (do things that have not been done before) 24:10 - value of the business came from cash flows 2011 and beyond - what does Peter mean by that? 24:39 - value comes from future cash flows 25:53 - order of magnitude better then state of the art today 28:30 - tech innovation slides
@WILHVLM4 жыл бұрын
What an amazing insightful presentation on the economics of entrepreneurship.
@DrHydro-mq7sw2 жыл бұрын
kzbin.info/www/bejne/iV6toGCan86frNE
@jakelacour4 жыл бұрын
Watching this right after the Judiciary committee talked to Google, FB, Amazon and Apple on 7/29/20. A lot of similarities to what Thiel said and their arguments...
@Woomlyofficial3 жыл бұрын
"don't always go through the tiny little doors that everyone tries to rush through, maybe go around the corner, go through the vast gate no one is taking."
@jesseaizenstat35213 жыл бұрын
Favorite part is when he talks about longevity of a company as being the most valuable metric. Hard to measure in the "now" he says. So undervalued.
@alwayscreatingio3 жыл бұрын
Can’t believe this is available to me for free
@RyanWhite7173 жыл бұрын
Exactly , he is brilliant
@jackhallander67064 ай бұрын
Keep it secret. Keep it safe.
@tkjohnson9200 Жыл бұрын
Lovely. It's always a breath of fresh air to hear someone who can see past the fog and hear past the noise.
@dksangyoon6 жыл бұрын
This is the greatest lecture I have ever heard.
@mementomori89914 жыл бұрын
Hear some more.
@BM-qb3oo4 жыл бұрын
That's really sad.
@jewymchoser2 жыл бұрын
Unbelievable speech. The "be the last, not the first, in your space" part, reflecting on how innovators often don't financially benefit from their contributions was especially provocative.
@tmalsburg2 жыл бұрын
"Be the last" is strange advice though because it's only relevant when you're in a competitive market which is exactly what he earlier said one should avoid.
@wilaustu4 жыл бұрын
19:12 "If you're copying these people, you're not learning from them."
@MilciadesAndrion7 жыл бұрын
This is a great video. Very instructional. His business strategy is unique. His points of view are relevant. Everything changes and this include the basical concepts that we have about business.
@MinhMinh-ms5rt3 жыл бұрын
One of the greatest lesson i have learnt in my life! Thank you KZbin.
@rodrigo4456784 жыл бұрын
He is a great human being. He is also very very humble. He came to my university in Guatemala of all places to receive an honorific degree and talked with whoever wanted to talk with him. He is a class act.
@chanpreetsingh0073 жыл бұрын
30:45 I get his point about scientists not making any significant money but please remember there is more to life than money…Albert Einstein will be remembered forever, lets not miss the big picture. Great talk. Thanx a lot.
@guharup3 жыл бұрын
among top 10 lectures of this century
@mistletoe914 жыл бұрын
Lessons : always be the last one ( funny stripe beat them on this one ), scientist/inventors never make money they deserved, never underestimate the problem you are trying to solve.
@eliezrolerdo16324 жыл бұрын
Dude How Intelligent can you be What makes me even be more astounded He portrays his own idea of delivering value in his own lecture I have never or barely received so much value in 1 single fucking lecture
@zangwangdang6 жыл бұрын
One of the greatest intellectual of our generation. Wish he would write more books
@JohnBastardSnow6 жыл бұрын
I don't think it's accurate o call him an intellectual. He's smart, but not an intellectual, i.e., somebody who primarily focuses on intellectual pursuits. He's an entrepreneur and an investor primarily.
@thatkeendude83846 жыл бұрын
Purely semantic (and false) distinction. As if to say that somehow an entrepreneur and an investor can't be primarily focused on an intellectual pursuit, as if those activities aren't somehow "intellectual enough." I tend to value the thoughts of thinkers who are fully engaged in real world pursuits more than those who sit in ivory towers, if for no other reason than bare-knuckled experience often leads to insights that just simple thinking won't.
@ask2305 жыл бұрын
He's obviously an amazing business person, but everything he discusses here is just competitive strategy 101. These aren't his insights. He is just summarizing the well-known and established work of others.
@MrCampbellambulus4 жыл бұрын
Peter Thiel has razor sharp insights. When he speaks the world should listen. He and the original PayPal crew are all amazingly prescient and have an uncanny ability to change the world.
@szymborska5 жыл бұрын
Is the next lecture on how to buy politicians and regulators so your monopoly isn't broken up?
@ibelieveitsabouttime38405 жыл бұрын
The government is a monopoly. They don't break up corporate monopolies... they just integrate them into the state in very creative ways. This started with standard oil and has never changed.
@sonnyh97745 жыл бұрын
The next lecture is how to make a deal with the devil and lose your soul. The elites will sacrifice their families for a dollar.
@Aengrod5 жыл бұрын
Its simple. Make government majority shareholder, here fixed it gor you.
@abikelife14813 жыл бұрын
Haha I don't think that portion will be airing free of charge, but it should! Exactly how it goes, and precisely why Bezos bought the Washington Post, and then purchased a large DC home, with ballroom for hob knobbing, with government officials and elected representatives.
@abikelife14813 жыл бұрын
@@ibelieveitsabouttime3840 yeah and they definitely have the monopoly on the use of force. In the end it all comes down to being upheld at a barrel of a gun, and they have the authority of using their guns.
@RickChen-n4x Жыл бұрын
"Big piece of a small pie" is such a great concept to begin with. Amazing
@AlexVoxel4 жыл бұрын
This is a very good talk. It is amazing. I'm glad the youtube algorithm brought me here!
@ChooseFreely4 жыл бұрын
I always learn a lot from him. "Very unique" is a common mistake of redundancy. Unique = one of a kind. Guess that sophisticated language is not a requirement to do well in life.
@TheRamstoss4 жыл бұрын
Sometimes it's about the flow of the sound than the literal meaning of the words. He can obviously communicate very clearly and lead a team.
@elky3604 жыл бұрын
One of the best talks on YT
@automateconstruction3 жыл бұрын
Wow the palantir jacket in 2017 this guy doesn't miss
@randyschwaggins3 жыл бұрын
I agree 100% with the message that a start up should try and dominate a small/niche mkt first...build a brand and client base and then look to expand...but if you are a pre-rev start up pitching for seed financing I wonder how many VCs would be impressed with this model of trying to go after a small TAM?? I wonder if Y-combinator actually invests in cos like this?
@abikelife14813 жыл бұрын
Exactly what I am learning as well! I like your comment and personally I agree and that is exactly the route I have chosen for my business. A nice niche, with very little competition, and something that most people haven't heard of and never would imagine to be profitable. Been in business coming up on 8 years, growing steadily each year, and currently busier than ever before. However, now I am researching ways to gain investment and capital to grow business to the next stage, and hire some help, and it seems like most videos are suggesting that investors are looking for startups that have products or services that can potentially grow to into a massive market, things that will change the world, products within the tech sphere.
@danielkim6723 жыл бұрын
Really great lecture by Thiel. Tesla IMO is an interesting case study. Thiel describes Tesla to a T in that they do many things better, but not breakthrough better, marginally in many areas like batter, software, tech etc. Tesla started out in a small total market, Fully Electric Cars. They started at the smallest section of EVs with a high cost roadster that would only attract a small section of the customer population. They got great traction and took over majority if not all of the EV sportscar market. Then their more mass release were luxury, higher end sedans and crossovers that priced from $80-180K that would be attractive to a minority of the customer base. Now they have mass market model 3 and Ys. At one point, Tesla was indeed the monopoly player in the plub in 100% EV space. But due to not having a technology that is 10 times better than competition and not being the last mover, they have emerging competition from all over the world.
@Derpaherpa1234 жыл бұрын
His arguments are more for people who don't want a million but a billion dollars
@tumbas2994 жыл бұрын
kinda agree with you here. you can make alot of money in the so called competitive industries. But this is a talk meant for stanford students so there's that
@ag9920093 жыл бұрын
Very well put, not everyone wants to be a billionaire, some people just want a comfortable life
@cryptotrader43073 жыл бұрын
@@ag992009 I want to be a billionaire. A multi-billionaire, to be exact.
@ag9920093 жыл бұрын
@@cryptotrader4307 I guess we will hang out on the multi billionaire club
@cryptotrader43073 жыл бұрын
@@ag992009 I'll see you in there. Cheers!
@TahaSalman3 жыл бұрын
“people who seek competition are seeking validation” definitely need to ponder over that one…
@JaydenLawson Жыл бұрын
0:10 Back years later to re-watch this because now that I know who Sam Altman is, I had a memory that hmmm - I think he was the guy that introduced Peter. Crazy that sometimes my memory is unreal. Most of the time it's not :P
@MicahBuzanANIMATION4 жыл бұрын
Very intelligent guy. I read Zero to One and disagree with a lot of his opinions, but it's important to expose yourself to as many different viewpoints as possible and recalibrate as necessary.
@think20864 жыл бұрын
Ah, so THAT's who Peter Gregory from Silicon Valley is based on... Thanks youtube!
@actualideas80784 жыл бұрын
Was Gregory Jewish too?
@pseudonymous87024 жыл бұрын
Correct. Right down to the reverse-scholarship for aspiring college dropouts (Thiel Fellowship)
@janshkreli21724 жыл бұрын
@Fizzbuzz He could be a Jewish Christian.
@noelavison60643 жыл бұрын
@@pseudonymous8702 I would say he is closer to Gavin Belson. Thiel is where the blood boy thing comes from.
@c.s.hayden30222 жыл бұрын
If you keep personal besting yourself and you have a realistic perspective on your own work, you will become better than others. Competition puts the frame in the hands of your competitors, but they can never be you.
@thetomschaeffer5 жыл бұрын
This is all good but honestly, if entrepreneurs sat around ensuring that all these boxes are checked before starting a new venture, no one would start anything. It’s good fodder and it’s great dialogue for case studies in business schools, but if you have an idea and are passionate - start and build it.
@victorxu96345 жыл бұрын
I agree, but peter is presenting how at least luminary VCs views different ideas/startups
@christophert84195 жыл бұрын
missing the entire point
@Martinit02 жыл бұрын
Hmm, but have you heard that 90% of startups fail? Maybe better to sit down and think before you drop $100k to open a new restaurant.
@ratikantajena08 Жыл бұрын
Sam Altman is introducing peter theil What a sight
7 жыл бұрын
His answer to the last question was so good that I had to watch it twice. I wonder what's the guy who asked it up to now.
@theelusiveMrD6 жыл бұрын
What was the question?
@irfanulkarim49926 жыл бұрын
Probably was interested in burying bitcoins last year
@manns1011015 жыл бұрын
he is Zuck's number 2 at Facebook
@hamzahsajidkhan36024 жыл бұрын
@@manns101101 Moskovitz ?
@plamenyossifov61354 жыл бұрын
what was the actual question? i rewatched, but can't hear it clearly.
@gullybull55683 жыл бұрын
i agree with almost everything he said and now to watch again to see if i can disagree ! the proof is in the ability to hold under light of skepticism - and survive scrutiny at the highest levels of quality controls.
@manuelcuevas15 жыл бұрын
This is a 50min summary of the book zero to one, very powerful👏🙌
@williamwilliams27294 жыл бұрын
Buy the book
@ask2305 жыл бұрын
This is Greenwald's competitive advantage 101. Thiel summarizes many of Greenwald's important points very well.
@makeplay80044 жыл бұрын
"Happy companies [are] unique whereas unhappy companies failed to espace the essential sameness of competition."
@impactfulcapitalistsclips2 жыл бұрын
My rule in life is that if I ever catch myself in a position where everyone around me has the same plan, I’m in the wrong place.
@Beyondflix4 жыл бұрын
Man...him bashing the film industry is really making me reconsider my life choices
@ESPINDESIGNS3 жыл бұрын
I've hard this said in business school in another way: Don't compete with Walmart. Essentially be a niche that answer a problem in a small market then grow your niche.
@rahult59983 жыл бұрын
Fun fact: this is the exact summary of zero to one
@MrBOTCHOGTV4 жыл бұрын
You know that's the key. You delight a narrow group of customers. That is doable. That gives you experience as a business person and that success in that segment will make people (consumers and investors) have confidence in your business and then you start to think of ways to grow it.. keep punching and boom you're an overnight success 20 years in the making. Most can't do that.
@MT-lq9fq4 жыл бұрын
Gained so much value in this conversation thanks Peter
@YashSharma-xd5rg3 жыл бұрын
Everyday I hv followed this. Innovation is also result of external environmental acting on our minds. My competitors environment and instincts may b different. I never cared as I sold my products and competed head to head with MS/Cisco even zoom.
@narutocoolh4 жыл бұрын
Did anyone catch at 4:50 he lists 'incentive to innovate' as a pro of monopolies and at the same time states 'stifles innovation' as a cons. Which is it? For many like me, monopolies are harmful to a capitalist society and will most likely stifle innovation.
@AnthonyBecker94 жыл бұрын
But it's the job of the capitalist to create a monopoly, by getting government contracts, outcompeting others, and buying up competitors.
@narutocoolh4 жыл бұрын
@@AnthonyBecker9 I'd have to disagree, to operate as a capitalist is by definition becoming a member of a capitalistic economic system of which competitive free markets is one of its traits. A monopoly, is then in direct conflict of that characteristic. Instead, we can say that the job of a capitalist is to create profit through perceived value for the consumer and product differentiation to stand out from its competitors.
@gamer-ff6mh4 жыл бұрын
@@AnthonyBecker9 There are types of capitalism. Laissez faire certainly discourages monopolies. Of course it's foolish to believe any businessman believes in laissez faire. Laissez faire is just feel good version which only exists in the utopian dreams of economist professors
@jstov4 жыл бұрын
This talk changed my life
@jimmyfallon24844 жыл бұрын
How?
@kenkrak46494 жыл бұрын
Yea, it didnt so shut up
@noudialp4 жыл бұрын
@@jimmyfallon2484 He's got a lot of attractive women around him now
@jstov4 жыл бұрын
noudi alp it’s true
@memorabiliaexpert4 жыл бұрын
Great advice from Peter Thiel. That's pretty much how I approached my niche business 10 years ago and I can vouch for what Peter is saying.
@randyschwaggins3 жыл бұрын
Good for you - I did the same - I went for a niche sector within a very large total mkt with major players but concentrated on 1 thing they didn't do - there was 1 or 2 global players (both small) and we were able to grow a great business. From there we pivoted to some quite different areas but they were all linked because they were relevant to our original client base. It def works.
@memorabiliaexpert3 жыл бұрын
@@randyschwaggins Yeah, similar approach to how I did it Randy. The other day a friend of mind mentioned how he would like to try start his own business and I literally thought of what Peter had said about "competition is for losers" and I gave him that advice, pick a niche area within a market and it will increase your chance of success. I'm currently working on a new project, same approach. Hope business is going well for you.
@abikelife14813 жыл бұрын
I like your comment and personally I agree and that is exactly the route I have chosen for my business. A nice niche, with very little competition, and something that most people haven't heard of and never would imagine to be profitable. Been in business coming up on 8 years, growing steadily each year, and currently busier than ever before. However, now I am researching ways to gain investment and capital to grow business to the next stage, and hire some help, and it seems like most videos are suggesting that investors are looking for startups that have products or services that can potentially grow to into a massive market, things that will change the world, products within the tech sphere.
@memorabiliaexpert3 жыл бұрын
@@abikelife1481 Yeah, I suppose most investors are looking for a big return on their investment. For me, I really value my independence and the thought of giving over shares in my company and then having to consider the investor when making business decisions makes me feel uncomfortable. Though each to their own. If at all possible I think growing organically with the resources you already have it the best way, sometimes bigger isn't always better. Though, don't get me wrong, I appreciate these things are not black & white and investment might be crucial at a particular point in time for a business for it to grow in a meaningful way.
@gobrandsprint Жыл бұрын
What it takes to build a successful start-up: 1/ capture a large part of a small market (Aim for a high penetration in some specific market) 2/ find the smallest possible cohesive subset of your market 3/ with users desperately need what you are doing 4/ go after that first (Credit: Sam Altman/Peter Thiel)
@lidarman24 жыл бұрын
Wow. This is an awesome talk. I am glad I found it even now.
@mPajuhaan2 жыл бұрын
After near 8 years, it might be good to watch this clip again, although we have to watch it several times to understand all aspects of Peter Thiel's words.
@SpencerChen-t3g8 ай бұрын
It’s now 2024, I came here for Peter Thiel, imagine the shock when I saw Sam Altman as his introducer
@lukehaswell30754 жыл бұрын
Taking the right steps as a beginner in trading requires lots of preparation, developing the skills and using proper risk management which is a psychological torture between fear and greed. My advise is don't lose your hard earned money when there're other ways to simply the process with the help of an experienced financial consultant.
@brianrosetti46844 жыл бұрын
This is just the simple truth not everyone understands the commitment involved while trading and not everyone is ready to lose their money.
@bertramknoesen91704 жыл бұрын
It is better to entrust the creation of your trading portfolio to professionals thats to follow a large whale like a small fish.
@royalwaves65734 жыл бұрын
Well said, trading successfully is my goal and I believe anyone trading want to achieve consistent profits.
@dylancredence38704 жыл бұрын
Its achievable with the right guide, it can either take up one's lifetime to master or one big push of luck at an extremely opportune occasion.
@shilohnovick61154 жыл бұрын
How is it going for you? I'll admit that I need help, I can't be on the screen all day.
@bestlifeever12112 жыл бұрын
Who’s here in 2022? Peter T us the GOAT of the startup world!
@thesuccesscommunity69163 жыл бұрын
Very interested to see the concept of building value to your business by thinking first principles and being authentic. The real game changers are monopolies and constantly compete against themselves rather than other competitors.
@dhruvvarshney400 Жыл бұрын
The fact that sam altman was hosting this , shows how much your surrounding shapes you.
@noninvasive_rectal_probe89904 жыл бұрын
lol, remember the recent testimonial of apple/google/amazon? They were claiming exactly that they are not a monopoly. (obviously they are)
@ShawnJonesHellion3 жыл бұрын
So much for that Google is like what one of the only corporations that has gone offshore
@tracysample69423 жыл бұрын
That was always Thiel's end game and he's pulled it off with Plantir, so far at least.
@fatonaoladimeji96972 жыл бұрын
This is Peter Thiel's definitive video
@minhphan69046 жыл бұрын
He, Elon, and Reid are all amazing thinker, what a Paypal team it was
@einarhk5 жыл бұрын
Minh Phan Riley Reid is a great thinker
@user-qs3th6nw8i5 жыл бұрын
@@einarhk no elon is, he created something unusual like space x
@chitraray63375 жыл бұрын
Almost everyone in the paypal mafia is , the founders created other companies like KZbin,LinkedIn, sequuia capitals,500 startups,Tesla-SpaceX ,palantir and others
@ebrelus76874 жыл бұрын
PayPal was originally established by Max Levchin, Peter Thiel, and Luke Nosek Why people remember only Musk? What he personally added to it except a great narcism?
@rodrigo4456784 жыл бұрын
Ebrelus He was the CEO..
@SanjayKapoorDelhi3 жыл бұрын
Brilliant!! Peter talks a lot about this in his book "Zero to One"
@yvanrichard266611 ай бұрын
SAM ALTMAN IS HERE !!!! 0:14
@yvanrichard266611 ай бұрын
Such a funny thing
@threecolorsblue4 жыл бұрын
It's a pleasure for ears to listen to Peter. The good conclusion at 49:38
@Xenublax24 жыл бұрын
I wonder what his thoughts are on the societal effects of monopoly.
@anishadamane41793 жыл бұрын
From an investor point of view monopolies are great
@Xenublax23 жыл бұрын
I know. I watched the lecture.
@sherrysyed2 жыл бұрын
30:20 it may be because sometimes they don’t WANT to be millionaires or billionaires 🙈 sometimes people find and enjoy contentment elsewhere and have different life goals and pleasures, and money beyond reasonable comfort at the expense of certain kinds of mental and personal freedom is kind of offset by the freedom to be you with flexibility, you know? Idk, I like balancing both perspectives
@bladeswelove4 жыл бұрын
There is more pertinent information in this 50 minute video to understanding business then what a 160K business degree will teach you.
@petekdemircioglu3 жыл бұрын
I love Peter Thiel! Hes a very strong Critical Thinker.
@wheresthebeach01384 жыл бұрын
Does his point made around 23:00 about being the last mover contradict his earlier statement about being the only competitor in a very niche market? It seems like naming Microsoft and Google as the last movers into their respective markets is not at all an example of being the only competitor in a niche market... or perhaps I'm misunderstanding him? Thoughts? :)
@sangeetalahariya43342 жыл бұрын
They were last movers!! Google grew coz they integrated rating and ranking system for search engine results! Search engines came before Google
@Martinit02 жыл бұрын
Well the key ingredient is the 10x improvement of a key metric that is relevant to the customer. Only then you get to take over the market from the movers before you. Framing it as "last mover" is probably a bit misleading here. The point is to be the player that comes with the 10x improvement and then dominates the market once and for all.
@bertjanssen1083 жыл бұрын
Thiel: being successful is simple, just have a monopoly in a large market, like Google for example. Me: ah ok....
@michaeltomasson3 жыл бұрын
Nope you missed the point. Watch again
@Tmanfluff13 жыл бұрын
Bert - Not what he said. Mis-heard, or a meaningful typo
@tracysample69423 жыл бұрын
You are correct!
@theondono3 жыл бұрын
How could you get the exact opposite of his point? He spends half the talk explaining a simple concept: small market monopoly >>> big market competitor
@msventurelli3 жыл бұрын
He said the literal opposite of that.
@claraclara91353 жыл бұрын
Best lecture I've ever seen
@bluehunter41243 жыл бұрын
definitely one of the best lectures I've seen
@nickdesantis23694 жыл бұрын
This has always been the case, but he's the only one that's ever said it in public. BUT, you'll still see people going after American Airlines stock rather than Apple when the numbers clearly show who has better prospects. There's a great book called Competition Demystified by Bruce Greenwald about competitive advantages in Supply, Demand, and economies of scale. VERY GOOD BOOK. But you won't see universities using it, they're too obsessed with Porter's 5 forces.
@tangobayus4 жыл бұрын
Finding an area to monopolize means you have to have deep domain knowledge that you won't get in college. A lot of the startups in the Bay Area are "me too" ideas such as scooters, self-driving cars, payroll, HR, payments. Deep domain knowledge can only be acquired over a period of years of working in some industry other than getting an MBA or IT degree. At the moment the world is littered with the rotting corpses of unicorns.
@hellolin3244 жыл бұрын
Most people won't have the guts to endure something this long. If you look deep into every so called "fresh ideas", there are at least 10 years of prep and stories behind them
@tangobayus4 жыл бұрын
@@hellolin324 After years of study I think I've identified some food plants that can be a sort of monopoly because other people aren't growing them, some people won't change their ways, and many others won't do the work.
@tsancio3 жыл бұрын
Paraphrasing: "Dominate first and then work through concentric circles". Good