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Peter Thiel

03/23/17

@ Y Combinator

Successful companies often start with small markets and expand over time; going after a large market from the beginning usually indicates a lack of proper market definition.

Video

Competition is for Losers with Peter Thiel (How to Start a Startup 2014: 5)

@ Y Combinator

Competition is for Losers with Peter Thiel (How to Start a Startup 2014: 5)

03/23/17

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Startups should initially focus on narrow markets to gain momentum, but eventually need to identify and build towards infinite markets to achieve significant growth.

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You need a big market for your startup, which typically means a billion-dollar market, or a small but rapidly growing market.

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Startups should focus on a narrow market segment initially to avoid overwhelming themselves and to build a solid foundation for growth.

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Investors often prefer small markets initially because they allow for easier identification of potential customers and quicker feedback on product viability.

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If you're solving a real problem in a large market, there's likely a lot of latent demand, which can lead to fast initial growth for your startup.

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It's easier for startups to begin with a product that a small number of users love and then expand from there, rather than trying to please a large audience from the start.

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Young entrepreneurs often evolve their projects organically without realizing they are running a company; it's crucial to assess if the market can support a large company.

Peter Thiel

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Many successful tech companies, like Amazon and eBay, began by dominating a small niche before expanding into larger markets.

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When starting a new brand, being a big fish in a small pond is better than being a small fish in the sea; focus on a niche market.