This will create opportunity and excellence and will use your limited time and energy most efficiently. Instead, you should focus on a single thing – ideally, the best thing you can do or create – and give that all of your effort. Well-roundedness is a college-level myth that stalls too many people from achieving their maximum potential. To be successful, to truly create a 1 from 0, you’ll need to think for yourself and come up with a new product or solution that people don’t already know that they need. Maximizing those savings through your Roth IRA or 401(k) – by investing as soon as you can – will lead to greater dividends as you age and will generate wealth much more quickly than you might think.Įntrepreneurs that are successful never get there by listening to others and iterating on ideas that have already been proven. Maximizing retirement savings should be a key interest to any successful entrepreneur. This is the ideal position for any business to be in and it’s what you should focus on when developing your new idea or determining which path to take your business in. To be a monopoly is to enjoy no competition and to have market dominance over your niche or product type. To the entrepreneur, a monopoly is the finish line. Thus, maximizing efficiency involves focusing most of your efforts on improving the producing 20% of your product or business model and ignoring the other 80% as much as possible.

Many self-help and financial books also use this rule to demonstrate the universal truth: 80% of your profits or yield will be produced by 20% of your customers or products. This way is the only consistent method behind monopoly creation. Instead, the truly successful will put all of their effort behind one unique idea or business plan and throw all of their weight behind that effort.

Peter Thiel claims that successful entrepreneurs will not spread their efforts too thinly across a diverse portfolio of different business ideas or backup careers. A 3 Minute Summary of the 15 Core Lessons In it, he describes the major ways in which you can be a successful entrepreneur and how to craft the best company you possibly can.

Zero to One: Notes on Startups is a book by Peter Thiel, a famous American investor, and entrepreneur.

Free for apple download Zero to One