ZERO TO ONE - PETER THIEL

 

Peter Thiel c’est l’homme derrière Paypal, il en est l’un des fondateurs avec Elon Musk. Il est également l’une des premières personnes à avoir investi dans Facebook. En tant qu’entrepreneur il est plus simple de copier un modèle que de créer quelque chose de nouveau. Ce livre nous apprend comment aller de 0 à 1, autrement dit, comment innover.

DEFINITIONS

Bulle spéculative : niveau de prix d’échange sur un marché financier excessif par rapport à la valeur financière intrinsèque des biens ou actifs échangés (dot-com bubble 2002, real estate bubble 2008).

 

NASDAQ (National Association of Securities Dealers Automated Quotations) : bourse de valeurs ouverte en 1971. C’est le plus grand marché électronique d’actions du monde. L’indice NASDAQ est l’indice boursier qui mesure la performance des entreprises qui y sont inscrites et cotées.

 

4 LESSONS LEARNED FROM THE DOT-COM CRASH 

>Make incremental advances // “Grand visions inflated the bubble, small steps are the only safe path forward.”

 

>Stay lean and flexible // “You should not know what your business will do ; planning is arrogant and inflexible. Instead you should try things out, ‘iterate’, and treat entrepreneurship as agnostic experimentation.”

 

>Improve the competition // “The only way to know you have a real business is to start with an already existing customer.”

 

>Focus on product, not sales // “If your product requires advertising or salespeople to sell it, it’s not good enough : technology is primarily about product development, not distribution.”

 

MONOPOLY VS PERFECT COMPETITION

“If you want to create and capture lasting value, don’t build an undifferentiated commodity business”

 

“So-called perfectly competitive markets achieve equilibrium when producer supply meets consumer demand. Every firm in a competitive market is undifferentiated and sells the same homogeneous products […] The opposite of perfect competition is monopoly. Whereas a competitive firm must sell at the market price, a monopoly owns its market, so it can set its own prices. Since it has no competition, it produces at the quantity and price combination that maximizes profits.”

 

VALUE

“The value of a business today is the sum of all the money it will make in the future.”

 

Prenons par exemple Twitter et le New York Times ; chacune de ces entreprises emploient quelques milliers de personnes et chacune permettent aux gens d’être au courant de l’actualité. Mais quand Twitter est devenu public en 2013, sa valeur annoncée était de $24 milliards. Ce qui est 12 fois plus que celle du New York Times qui a pourtant gagné $133 millions en 2012 alors que Twitter a perdu de l’argent. 

Cet écart s’explique par le cash-flow (ensemble des flux de trésorerie générées par les activités d’une entreprise). Plus une entreprise a de la valeur, plus elle aura la capacité de générer du cash-flow dans le futur. Les investisseurs s’attendent à ce que Twitter domine le marché dans quelques années alors que la période de domination des magazines papiers comme le Times est terminée.

 

DURABILITÉ 

Il faut se concentrer sur une croissance à long terme.

 

“For a company to be valuable, it must grow and endure, but many entrepreneurs focus only on short-term growth. They have an excuse : grow is easy to mesure, but durability isn’t.”

 

La question à se poser : “Will this business still be around a decade from now?”

 

“Long term planning is often underwhelmed by our indefinite short-term world.”

 

“When Yahoo! offered to buy Facebook for $1 billion in July 2006, I (Peter Thiel) thought we should at least consider it. But Mark Zuckerberg walked into the board meeting room and announced : ‘Okay, guys, this is just a formality, it shouldn’t take more than 10 minutes. We’re obviously not going to sell here.’ Mark saw where he could take the company, and Yahoo! didn’t. A business with good definite plan will always be underrated in a world where people see the future as random.”

 

7 QUESTIONS À SE POSER 

 

1. Can you create breakthrough technology instead of incremental improvements?

2. Is now the right time to start your particular business?

3. Are you starting with a big share of a small market?

4. Do you have the right team?

5. Do you have a way to not just create but deliver your product?

6. Will your market position be defensible 10 and 20 years into the future?

7. Have you identified a unique opportunity that others don’t see?

 

AUTRES 

“Beginning with brand rather than substance is dangerous.”

 

The Pareto principle (the 80-20 rule) states that, for many events, roughly 80% of the effects come from 20% of the causes //// The 80-20 Principle by Richard Koch