The Startup Star
June 25, 2016 § Leave a comment
What can I say about Peter Thiel that the internet doesn’t know already? He founded PayPal, sold it to eBay, founded Palantir, invested in Facebook, funded SpaceX and LinkedIn, helped Hulk Hogan sue Gawker; he is the lawyer who emerged victorious from the ashes of the Dot Com Bust and showed us all – techies, investment bankers, media pundits, management gurus and lay public – how to run a successful tech start up, or to spot an idea that can eventually become successful. Here he is, giving us the benefit of his wisdom in this book: How to Make Millions from your Start Up in Seven Easy Steps, or words to that effect.
Thiel generally makes sense, and writes well. He even has some really epigrammatic lines in there: ‘All Rhodes scholars had a great future in their past,’ being the most memorable. He has many good suggestions, heuristics and useful thumb rules: start with a good team that gels together, plan well, have something unique that can be defended, focus on a small market to dominate before moving on to bigger things, and a few others. He also quotes from or refers to Anna Karenina, Francis Bacon, Jose Casablanca, Ralph Waldo Emerson, Friedrich Engels, Fermat’s Last Theorem, Lady Gaga, Georg Hegel, Oedipus, Vilfredo Pareto, John Rawls, and the Unabomber: erudite man. So, a very readable book, all told.
Trouble is, Thiel’s conception of success, as is evident from his title, is binary. Facebook, Paypal, Apple, Google, Tesla: these are his success stories. And of course they are. But if success in business – particularly that kind of success, in conceiving an innovative, differentiated, paradigm-changing, industry-creating idea and executing it to commercial success – were as easy as following a few steps from a book, we would all be billionaires. As Thiel’s Preface begins, ‘Every moment in business happens only once…if you are copying these guys, you aren’t learning from them.’ Should we learn from Thiel, then?