Peter Thiel

the initial markets are so small that they often don’t even appear to be business opportunities at all.

a good rule of thumb, proprietary technology must be at least 10 times better than its closest substitute in some important dimension to lead to a real monopolistic advantage. Anything less than an order of magnitude better will probably be perceived as a marginal improvement and will be hard to sell, especially in an already crowded market.

cutthroat competition means your profits will be zero.

So-called perfectly competitive markets achieve equilibrium when producer supply meets consumer demand.

So-called perfectly competitive markets achieve equilibrium when producer supply meets consumer demand.

Doing what we already know how to do takes the world from 1 to n, adding more of something familiar. But every time we create something new, we go from 0 to 1.

Brilliant thinking is rare, but courage is in even shorter supply than genius

knowledge that everyone is taught in school is by definition agreed upon.

horizontal progress is globalization—taking things that work somewhere and making them work everywhere.

The paradox of teaching entrepreneurship is that such a formula necessarily cannot exist; because every innovation is new and unique, no authority can prescribe in concrete terms how to be innovative.