Peter Thiel is the entrepreneur, venture capitalist and hedge-fund manager best known for co-founding Paypal. Still not sure if he has the "startup chops" to make his advice worth watching? Well, then, he also invested $500,000 in a little startup called Facebook in 2004.

We should also mention that Thiel's Founders Fund made an investment earlier this year in Privateer Holdings, the company that owns the cannabis business, Leafly.

He pitched his three steps to a successful startup as part of Business Insider's series, The Idea Factory:

  1. Don't do it alone. Successful startups are almost always founded by complementary teams of people.
  2. Have some technological advantage. What are you doing that can't be easily copied?
  3. Have a path to monopoly. It's ok, even beneficial, to start with a small market and grow from there.

h/t Business Insider
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