best entrepreneurship ideas, according to Peter Thiel
Question 1
One of the best entrepreneurship ideas, according to Peter Thiel, is doing something completely new, something that has never been done before. After things have been developed for the first time, they become normal, standard, and no longer surprising. Being unique in developing ideas is important if one target to catch the market by surprise and excel. Peter reaches this conclusion after examining the trend in technology, where innovation has been the defining factor.
Peter Thiel insists on the need to think and plan ahead for every ambitious entrepreneur. A good product should be iterated in every possible way to create chances of optimization of the existing product. The entrepreneur also has to focus on the long term future of the business, and competitiveness through time, and endurance.
Many businesses always focus on competition, but Peter Thiel advises entrepreneurs not to compete, and he has his reasoning. The aim should be to create a monopoly in a new area that is underdeveloped. He claims that competition draws one from the main goals of the business, and they start focusing on how to beat the competitors, even if it means changing a few business guidelines. This is not healthy for the business.
Poor understanding of what customers want is one of Thiel’s worst entrepreneurial ideas. He advises that seeking the opinion of the customer is very important for the business. He adds, “Seek not to be understood as to understand.” Many businesses fail due to a lack of proper market knowledge.
Question 2
There are many principles that guide entrepreneurs and are in the public domain to be shared among those interested. However, various guidelines may work differently depending on the entrepreneurial niche. Nevertheless, general knowledge that venturing into an undeveloped field or innovating in a new field would highly appraise the chances of excelling in the field. Planning ahead is also important to every business if it hopes to pass the test of time, or breakeven. It is, however, contentious when it comes to avoiding competition and understanding what the customer wants. The existence of healthy competition disapproves of Peter’s claim of rejecting competition. It is also hard to know what the customer wants and quite challenging to do so before starting a business.