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.
He pitched his three steps to a successful startup as part of Business Insider's series, The Idea Factory:
- Don't do it alone. Successful startups are almost always founded by complementary teams of people.
- Have some technological advantage. What are you doing that can't be easily copied?
- Have a path to monopoly. It's ok, even beneficial, to start with a small market and grow from there.