The critical aspect of a monopoly is not just achieving it but maintaining it over time; being the last mover in a category is often more valuable than being the first.

If you're starting a company, always aim for monopoly and avoid competition; competition is for losers.

Having a monopoly means that as your company grows, it becomes increasingly difficult for competitors to defeat you, often due to network effects.

Characteristics of a monopoly include proprietary technology, network effects, and economies of scale, which can lead to sustained market dominance over time.

Market dominance can be achieved through three strategies: best price, best product, or best overall solution, with the latter being accessible to any company willing to prioritize customer intimacy.

The ultimate goal is to achieve extreme product-market fit, characterized by widespread demand for a product that satisfies a critical need and can be delivered efficiently.

A defensible business model is essential for long-term success, and real moats, such as network effects, are more valuable than perceived ones.

To be the best in the world at something, every aspect of your business, from logistics to marketing, must also be the best to prevent competitors from entering your market.

Elon Musk's success with Tesla and SpaceX is attributed to their complex, vertically integrated monopoly structures.