Like Heraclitus, who said that you can only step into the same river once, Thiel believes that each moment in business happens only once.; The paradox of teaching entrepreneurship is that a formula for innovation cannot exist; because every innovation is new and unique.; All happy companies are different: each one earns a monopoly by solving a unique problem. All failed companies are the same: they failed to escape competition.;
Like Heraclitus, who said that you can only step into the same river once, Thiel believes that each moment in business happens only once.
The paradox of teaching entrepreneurship is that a formula for innovation cannot exist; because every innovation is new and unique.
All happy companies are different: each one earns a monopoly by solving a unique problem. All failed companies are the same: they failed to escape competition.
Capitalism means capital. Competition means there would be no capital for you. The pie will be eaten by the other players.
Monopolies have a powerful incentive to innovate and the profits that they have built up over time that acts as a powerful driver.
Creative monopolists give customers more choices by adding entirely new categories of products. E.g. Microsoft, Google,Apple, Reliance