Peter Thiel: Seven Questions that Every Business Must Answer
An excerpt from Peter Thiel’s Zero To One: Notes on Startups, or How to Build the Future:
1. The Engineering Question — Can you create breakthrough technology instead of incremental improvements?
2. The Timing Question — Is now the right time to start your particular business?
3. The Monopoly Question — Are you starting with a big share of a small market?
4. The People Question — Do you have the right team?
5. The Distribution Question — Do you have a way to not just create but deliver your product?
6. The Durability Question — Will your market position be defensible 10 and 20 years into the future?
7. The Secret Question — Have you identified a unique opportunity that others don’t see?
Whatever your industry, any great business plan must address every one of them. If you don’t have good answers to these questions, you’ll run into lots of “bad luck” and your business will fail. If you nail all seven, you’ll master fortune and succeed. Even getting five or six correct might work.
Thiel, Peter; Masters, Blake (2014-09-16). Zero to One: Notes on Startups, or How to Build the Future (pp. 153-154). Crown Publishing Group. Kindle Edition.