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.
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