I recently read the book Zero to one by Peter Thiel and I want to add here an idea so I won’t forget about it.
He talks about seven questions every business should answer. They are what could make a business succeed or fail.
- The engineering question: Can you create breakthrough technology instead of incremental improvements?
- The timing question: Is now the right time to start your particular business?
- The monopoly question: Are you starting with a big share of a small market?
- The people question: Do you have the right team?
- The distribution question: Do you have a way to not just create but deliver your product?
- The durability question: Will your market position be defensible 10 and 20 years into the future?
- The secret question: Have you identified a unique opportunity that others don’t see?
Get them right and you will have a better chance at building a successful company.