Dominate a small market than a large one. Peter prefers to start small – target a small group of particular people concentrated together and served by few or no competitors. A product is viral if its core functionality encourages users to invite their friends to become users too.Ĭ) Economies of scale – the model should have a great potential to scale in its designĭ) Branding – control the customer experience In order to get to the monopoly, Peter suggests to analyse the business within some parameters:Ī) Proprietary technology – should be 10 times better than closest substituteī) Network effects – an expanding network of users will bring in more users. All happy companies are those who have earned a monopoly by solving a unique problem, all failed companies are those who failed to escape competition Peter is unapologetic about monopoly – as he views that every business is successful exactly to the extent it does what others cannot, this making monopoly the condition for every successful business. ![]() Like the contra learnings from the dot com bust –Ī) It is better to risk boldness than triviality In the process, there are some gems I collected. And nothing about the destination – that is for each to define as their own. This is not a book which will detail out the steps in the journey, but it can tell you about what to expect in the journey. Personally, I would say this book gives a good window into the mind of a great entrepreneur like Peter, which may give solace to other entrepreneurs with out of box idea and who are not getting support from near quarters. ![]() ![]() In the words of Peter, this book (or better to say a compilation of notes) is about how to build companies that create new things.
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