How To Build The Next Billion Dollar Startup | Forbes
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- Опубліковано 20 жов 2014
- A frank conversation with legendary tech investor Peter Thiel.
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Billion dollar start ups always make us think the same thing. "Why didn't I think of this because it makes so much sense" .
Survivorship bias
it's not about "thinking" about some ide but it's about executing and improving upon it for years and years without stopping until it becomes something or is at least profitable and self-sustained. Or even better, taking an existing successful idea and making it simpler, more useful and more intuitive which of course is going to take you months if not years of ruthless execution. It's never about the best idea, it's almost always about the best strategy and execution.
@@mehdigharib4710 exactly
Mehdi Gharib i don’t understand how that’s survivor bias can you explain
@@farhadkarimi not all companies with ideas "that make so much sense" make it. Most good ideas get killed by bad timing or bad execution or bad luck. You only see those who made it or survived, therefore survivership bias
"A bad plan is still always better than no plan at all... Have a plan, you can always change it" - Peter Thiel 8:08
If you fail to plan, you to plan to fail
the grass is green
@@satoshinakamoto7253 Sky is blue
George Patton had a plan.
The "puppet masters" didn't let him complete it. They made a big mistake. He was correct in his evaluation of the situation.
Even if the plan fails, you can always learn from it.
Personally, I think it all boils down to accessible opportunity.
Totally! Most of this startup tech ceo/innovative only had an accessible opportunity. Also, financial advice is crucial before getting into a sector with little or no knowledge. The opinion of an expert cannot be overestimated.
@@admillerrr Interesting stand and yes i do concur. Matter of fact, i think financial advice should be top priority especially with beginners. Also, consider myself, having faced my fair share of the bad side of the market, I was able to realize how important capital, time and vision mattered with every trade entry. Fortunately, I have been able to build up a $138k portfolio with an average of about a 9.3% roi following - Yvonne Annettes Lively guide. The market is an ocean and not a lake
@@Ryanjcanfield the finpreneur from the fin week podcast? where she talked about debt being the fuel to the economy? Interesting. Isn't she sorta priced for 11% monthly roi? I mean Yvonne Anette Lively
@@hueymorello5115 it's actually a 9.4% I ooked her up earlier. Pretty detailed records on there
easy excuse
I think his message is very accurate, truthful, and well spoken.
for introvet genius, who wants to change the world and always was better than everybody else around him, otherwise these advices are harmful
K
You can't just follow your "passion".. I did that, sacrificed everything for it and ended up with nothing. There MUST be a demand for what it is that you are producing! The human value system is based on scarcity.. if you are offering people sand, they will not care to purchase it from you! Even if your sand is the best.. even if your sand looks like diamonds. So I roll my eyes at people who talk about "passion", because there are plenty of extremely successful, extremely wealth people providing services to us that are not necessarily pleasant for them to provide. I'm sure no one is "passionate" about sewage systems.. but they are necessary.
Well in mho the idea of passion is being able to take the idea you love and pivot it.
Did you sell sand?
@@usedtissue1073 sand is actually valuable for concrete. He probably sold rock.
@@usedtissue1073 I tried to sell music. It's even worse..
@@terrythompson7535 You tried right, why did you stop? keep selling all day everyday, learn more repeat until it works out
Peter Thiel's view on launching a successful startup is always enlightening. I like how he emphasizes the need of establishing a monopoly in your business rather than simply competing in a crowded market. This interview contains a wealth of useful information.
I am agree with you, and I think you have to check his book 0 to 1
Listening to 'Zero to One' by Peter Thiel again has been really thought-provoking. Here are my key takeaways:
✅ The best businesses are doing something no one else is doing.
✅ Find a problem that wouldn't otherwise get solved.
✅ Find an area that you love and that others are overlooking.
✅ Make a great product that can get better over time, not a mediocre product that needs fixing..
✅ Think ahead and anticipate how your product, your competitors, your technology and your world will change.
✅ Start a company with people you trust and know well.
I'm curious whether these ideas can also apply to businesses that are not startups.
This guy is one of the best VCs out there. He definitely knows what he's talking about.
+Bryan Wheelock Hes the best team builder in the world. Everyone that was in the PayPal mafia went on to become billionaires. Elon musk became a billionaire, the linked in cofounder , the guys that made UA-cam etc. Everyone on Peter Thiel's paypal team went on to make millions and change the world. People dont even know that.
+Void Lotfi I feel that his advice not to create the next big "Facebook, or Google" etc is kind of bad. There won't be competition if people don't try that. Most hedge funds are also startups.
+Bryan Wheelock you will never beat google with a search engine. You will never beat facebook with a social network (unless you make it really different, like instagram or twitter did). So the thing is, you have to do something that hasn't been done.
Jhok Twenty investment partnerships have already been done and they are enormously profitable.
Bryan Wheelock what does that have to do with anything i said? we are talking about start ups, not investing in other people's companies or startups.
It's often amazing how hard it seems for many people to understand that there aren't any quick fixes or easy solutions for things that really matter
Peter Thiel's book Zero to One is great, I recommend it
*Recommend*
It *really* is.
Albastroiu Radu recommend**
Command it
@@Intraday_Trading_Call_Options 🤣🤣🤣
This is awesome!! Peter Thiels Zero to One has been a huge inspiration for our startup company.
What's your start-up about?
This man is packed with some serious knowledge.
I am brasilian, work really hard all my life outside the areas that i liked and aint in a great college. Today I work at one company I've always admire and am passioned about, in the area that i've always wanted to act. It wasnt easy, required A LOT of planning and some luck. Thanks for the great ideas that you guys are spreading. I hope one day I work with thoose people.
You have confirm what I have been saying to myself...doing something that you are passion about. I'm glad I watch this video.
Watching this video ... I remembered that I always wanted to work on company that solves climate change and produces outstanding quality food to repair our DNA. This is meaningful to me. I almost forgot it while seeking the next tech unicorn. I'm going to do it. Thank you Peter, and thank Forbes for this content.
how's the progress?
@@testing6753 bro forgor 💀
@@testing6753 Yeah, I came to ask the same thing.😎👍
did you even started yet
?
Volcanos spit out more C02 than the entirety of all human civilization. So try to figure out how to stop volcanos from erupting.
Timing is everything!
Want more info on how to build a startup? Check out BroadMic's Startup Shortcuts: itunes.apple.com/us/podcast/broadmic-startup-shortcuts/id1085769274?mt=2
Simple, straight forward pointers
I love the Theil's body language when Winklevoss are mentioned. "RUN, RUN from here!"
12:40 timestamp
@@cellocovers3982 thanks
Born out of necessity to change, I created The Roof Resource. We are changing the entire residential roofing industry.
The interviewer is really good. He's present, listening, asking good questions, letting the speaker speak and cracking good jokes to boot. I couldn't find his name, anybody know?
Bruce upbin
@@DheerajBhaskar peter thiel
Such a brilliant question!! @3.15
He took care of everyone in it.
I do believe that outstanding leaders are Visionaries who see things quite differently. And these people don’t do competition they do things with pure intentions which I certainly admire as they are genuine or authentic ,and the moment we talked to them, they just simply get it what the problem is.
This is a great interview.
damn he's so smart and well-spoken lol
After watching this.. You would feel like you're gonna be the founder of the next billion dollar company.
Most people are too scared to start a company lol
Yes ..We Are ...✌️
@@xhorizon1976 Most people don’t have the funds to start a company and support their family.
@@klppdc Most people have good excuses when it comes about starting a risky project
@@SantoshLLC You're right. And as a matter of fact if we deeply follow his advice our chances of starting a billion dollar business exponentially increases.
There is so much value in this interview
This video is so great!
very good questions and answers too thank you
thank u for the information
I do believe there is value in being the 10th company. The value in one's own financial freedom and value in motivating the 1st company to stay the 1st and for that 1st company to provide top-of-the-line products as a result of competition vs becoming lazy being a monopoly.
It's dangerous how smart Peter Thiel is!
What a nice personality!!!
good advices! thanks!
People pay for fantastic experience and quality of time. Make everything simple. You can not miss Special needs customers. They know quality.
Launching my company soon - wish me luck boys.
I like listening to Mr. Thiel. It occurs to me that his perspective is a little jaded by his enormous success. Even a mediocre business can be enough to get you up in the morning if its even somewhat profitable. But Thiel makes some important points about success.
3:45 Excellent question
I need start my company before someone else beats me because no one else has done it and will change a entire industry
@TheBlondie NightLife / night entertainment
Don't rush your idea because of this reason. Usually something your idea is about already exists but maybe in an other shape or form. Dive into your idea, make a business plan on how you want your business to really be. Quality over quantity. Patience is one of the most important characteristics that most young entrepeneurs like me, are struggling with.
Focus on the small first, and only then you'll be able to grow.
This is my favorite video that ever existed 🔥🔥🔥🔥
perfect...
The biggest problems are in "emerging countries"....
Solve them... become a billionaire all day, every day.
Thanks
+C. Lincoln Corruption.
You have to figure out how to solve that. The politicians of that country, would they allow you to succeed? India rejected facebook's free internet.
+Braintem I'm Indian , there are many reason why our government has rejected facebook's free internet. Number 1 is he had an alliance with reliance company where you can use facebook free internet only if you make use of reliance sim or any reliance services. This is basically against net neutrality .
Do not try to fool us dear americans.
+Braintem It wasn't the politicians that rejected free basics, the people did. The controlling agency opened up a poll for a month for people to put forward their thoughts and most of them said no.
Sounds so easy. Why didn’t you do that ?
Would have preferred better questions with skepticism however good information shared!
solve problems that affect lots of people, either in new ways or improving the existing ones
I think the “timing” factor would be better worded as “need”.
All of the examples of good timing display immense a need by the people
Some good advice in this talk... Thanks, Mr. Thiel. We'll be in touch soon.
A bad plan is better than no plan at all. Don't set you up for failure and start planing right now. 8:00
Well done interview
Peter Thiel always has an interesting take on entrepreneurship.
+ParaParagon Not sure about that -- Found him interesting the first time, but after listening to more than 1 talk there seemed to be an inordinate amount of repetition.
+blanket X
yeah.. maybe if I cross-out the word "always" then my sentence would have more validity.
amazing content for entrepreneurs
Facebook wasn't the first social network, Google wasn't the first Search Engine, Microsoft didn't build the first operating system, Apple didn't build the first Touch Screen Phone. All these companies build disruptive versions of these innovations that were simpler and less expensive than the competition.
They weren't simpler, they all had features or functions that other companies didn't have at the time. Zuckerburg thought of making the site a type of phone book for the internet with people's information displayed for others. The whole starting with colleges and making it exclusive was important in it's beginning, but that's not what the product was all about. It was just a catalyst. It was a way for people to look up others online and find out information about them. It wasn't just about connecting with friends like Myspace and Friendster. Zuck wanted to build a directory. The world's largest one. Myspace wanted to build a hangout.
Google created the concept of Pagerank, which separated it from other search engines and made searches more relevant. Before Google, no search engines thought "Hey, what if we ranked websites based on how other websites vouch for them. If a site has many links going to it, it ranks higher because other sites are vouching for it". This was MAJOR.
These types of functions are the product, not the "social network" or "search engine" wording that might tell you what the site is. Yes, lots of sites have that wording and are called these things, but these sites operate so extremely differently that they can be in a product class all their own.
@@crispinhandly6159 sorry but that's your opinion, not an objective fact.
@@brandonreed09 No you're just not familiar enough with these websites or their histories so when presented with objective facts you view them as opinions. You come to Facebook and you don't see as many bells and whistles as Myspace. You see Google is just a white page with a single box. You ASSUME this means they are simpler and cheaper. All you know about these sites, clearly, is what you see when you look at their homepage. THAT is not objective. Things I mentioned such as Pagerank and Exclusivity and Zuck wanting a directory are in the documentaries, the movies, the interviews from the founders, etc. It's all well-documented. You think I just came up with Pagerank as opinion? I just came up with that concept out of thin air? Obviously this has such an extremely long Wikipedia page and millions of results in Google discussing it because of it's significance to Google.
I think the conclusion is that the idea of connecting people online already existed but Facebook did something different. In that sense I think it’s not zero to one but more like 0.5 to 1
Great talk
When the interviewer knows what he is doing 👌🏽
I read that book, its very average book, ideas and his advices are already commonly known, I was expecting something different something for regular startups , for regular entrepreneurs. but I still recommend it to anyone who is in a mid of starting something some buznz i mean.
10:12 is hilarious 😂, from the outside everybody wanted to get in but from the inside everybody wanted to get out.
Peter Thiel Drinking game: Take a shot everytime he says Uh or Uhm .. XD
Beat me to it!
um
Fuck i'm gonna get distracted by that now that you mentioned it! Thanks
I think you'll get more drunk in the same game with Elon Musk speaking
HIMYM
Elon didn't start Tesla...but he gave life to it.
What is the book he refers to? Is it by Peter Thiel?
This guy is super smart oh.. and rich!
Bad plan is always better than no plann at all
To make your startup successful,the most important thing is that you should love your work,your unique concept and try to solve the biggest problems even if the odds aren't in your favor.!!!
@TheBlondie There isn't just one tech hub in the world.Cities like Bangalore in India,Berlin in Germany and Shanghai in China have created numerable breakthrough tech companies.The fact is that, not all cities or countries have the same level of demand of technological advancement.If you try to sell a Software at tribal area of Ghana,will they be interested in it? No!!!
So,the point is that,you should sell your products to those who want it,who need it and who can use your product in their day to day work.
The end was supper lit, no one valuates the future
Enjoyable to watch, now lets see if I can put it to work for Vets. ; )
CONGRATULATIONS 👏👏 AND LOVE ❤️ FROM RAVINDER TALWAR JALANDHAR CITY PUNJAB INDIA
I see who Zuckerberg emulated.
They r essentially the same person on the inside
Pablo Rages This is ten percent luck
Twenty percent skill
Fifteen percent concentrated power of will
Five percent pleasure
Fifty percent pain
And a hundred percent reason to remember the name
@@mikesorokin5550 my man! 😎
mashallah alhumidllah inshallah better
true
Lmao! You are the man!
Great video
I stoppped in the first 3 mins because want to add something. Electric cars and social media and networks existed already. But both Mark and Elon executed the idea better, were more innovative, and improved the product faster... It's all about execution.
*I think the next Elon Musk or Mark Zuckerberg will do the same, innovate already existing ideas and improve them 10x, 100x or 1000x...*
Apple did the same.
I've Injoyed this video. Good to hv this reassurance.
My Business has zero competision because I believe building it is so difficult and I'm not letting this stop us from doing it.
We're only 20 Million a month and mot a billion $ Business but still work it.
whats your business
@@kasdimfer5156 community service app.
@@zombiemillionaire6397 name?
@@kasdimfer5156 Not up yet. Hiring Filipinos to aquire and Input information at the moment.
@@kasdimfer5156 From my wording in the above comment, I hope you did not take that as "Were making 20 Million a Month" I was just saying that it's not a Billion Dollar a month business but could be a $20 Million a month business.
Amazing video! I recently started my own company. I started using the Firmao CRM system adapted to my small business. Thanks to this, I manage the company better. Maybe I can be successful.
14:20 This was always the most interesting part to me about Mark. I remember watching an interview with Steve Ballmer, and he said he offered 20B+ for FB in 2009 and Zuckerberg had no interest.
Right, because he saw the growth statistics and knew it would be worth more later.
#THIStm right here!
This guy helped Musk develop the great business mind he has today. Still one of the sharpest minds when it comes to business based on capitalism principles
He is so smart and ginus .
Hello I have a business proposal for you
Not by watching videos on becoming successful but taking actions
NO TEARS NO FEARS ONLY CHEERS AND CHEERS FOR ALL NEARS AND DEARS
Awesome
*95% of companies make less than a million/year and only 0.00002% of companies make a $1B or more.*
Why cant we be on the 0.00002% side? Think ppsitive bro
"I AM"...
Use them and speak it into existence.
Just finished Zero to One, great book, don't miss out just because Peter has weird political views sometimes. Definitely worth listening to, it's a 5 hour audiobook, there's someone here on UA-cam who has it. It's really really great and insightful, it will change your mind about a lot of things, it's eye opening and maybe life changing, in my opinion at least
didn't he back the winner?
If by “weird” you mean “not batshit crazy liberal” then you’d be right...
I love how the comments are just bashing on Thiel... Who of the two has cofounded facebook; you, sitting here watching "How To Build The Next Billion Dollar Startup" videos or Thiel. sad, really...
It's just driven by angry politics, pay no attention.
It's why there are few winners... and most people in even great societies are "non-winners."
Sour grapes syndrome
This man puts off all the 99 percent of small bussiness. Facebook was once a tiny company
What is the name of the company that found Bun laden? Sounds very interesting technology
Sultan Alrefaie Palantir. Big-Data.
Great explanation
Hello I have a business proposal for you
My 5 key lessons from this video :
1. Great businesses are once in a kind moments. Next steve jobs aint building computers.
2. Great businesses are anti-competitive. They aim to become monopoly in what they do.
3. There are iteratable things and there are ones that are purely on optimization. A great product can be iterated to optimize to adapt and improve.
4. Why will this be a big business 5-10 years down? Hows technology going to evolve? Hows the world and society going to evolve?
Taking a fundamental long term picture and having a perspective on it.
5. What are the problems that wouldn't be solved if you did not work on it?
What does he say at 5:22 ??
“So I always like to get at it from both a foundational level, which is, maybe some ___(here)____ that you're really passionate about...”
folks just listening to the uhm! , he gave a super smart talk...
What is Thiel's book the interviewer is talking about?
Guilherme Lourenço zero to one, it is amazing book it changed my life
Guys, I’m a little bit confused about something. After reading zero to one and watching this video I must say that I agree with Peter mostly, however the part where I get confused when he says you must start something completely new that nobody else is doing in order to create a successful company. You see Sam Walton built Walmart in a very competitive market and even copied successful retailers formula . Jack ma wasn’t the first to start an e commerce business but he a billionaire now and his model is similar to amazon and eBay and Toyota’s founder copied ford and other car companies after he visited America and eventually Honda also started in japan after Toyota. So I think there are instance where start up have copied successful companies and become successful in the process. Rockefeller built the biggest monopoly in a very competitive market too.
I think the principle still applies. The example he mostly uses (and that most people imagine) is essentially creating a new market. Since you created the market, there is no competition and you can truly dominate the market. But the principle can also apply to pre-existing markets. You can still compete in an existing market, whilst doing things nobody else is doing. Cheaper prices being an example (afaik Walmart and Amazon). Tesla could probably also be an example, since at the end of the day it's still a car company. But it did something nobody else was doing, electric cars. Also I think Standard Oil used some methods to create their monopoly that would today be illegal (like predatory pricing).
Copying business model is always safer however you also have to compete and succeed. But if the pie is big enough, multiple players can dominate the market and succeed at the same time. Boeing and airbus come to mind.
It was explained in Ch 5 of Zero to One. Last mover advantage. The examples that you write fall under that Ch 5 explanation.
@@venmis137 lol universities have predatory pricing
This video is so great
Brandon Stevens im
Thiel is the master of passive aggressive jabs while speaking about key topics. Brilliant as always 👌
agreed ...slips it in and could be missed by many
I always look forward to his next subtle joke
Peter perfectly captures the 'identity problem'
Usually people with really high IQ are usually socially awkward although some of them improve -Elon, mark , bill etc
That’s wrong, people with high iq’s are better at everything that is complicated, and social interaction/reading people definitely falls into that category. The people you are referring to are systematizers, and not empathizers, which tends to make them awkward. However, a systematizer with an iq of 145 would have better social skills than an individual who is as much of a
systematizer with an iq of 100. This means that what you said is the opposite of the truth
Insightful... the next billion dollar idea is not a copy of something that's already been done. The next Billionaire Founder will solve a new problem in a unique way.
agreed... and what is the plan for human kind?
“Um”
12:40 "Cause it was the Winklevoss' idea, you know that right?" LMAO, was listening to this in the background and actually cringed and laughed out loud when this legend said that 😂😂😂 Didn't even care who he was at the start but now I know I won't forget the name Bruce Upbin.
thought this was going to be a lot better...
I am an HR working in a fast-growing IT company. The daily difficulties I faced is that employees in the workspace react to human resource management way different than the old days. For example, people use slack to communicate with each other. As an HR myself, the biggest issue for me is to retain talented employees. Tracking their feedback through employee satisfaction surveys once a year does not work towards my benefit. The Moodbit slack add-on, an Emotion-Sensing Technology using sentiment analysis and machine learning. that analyses and provides data about employees emotion helps me to get my work down more effectively and more accurately.
I have a 10 billion dollar idea if you are crazy to do sth connect with me I'll guide you
Cool
Market share isn't a strategy.. is it?