Insanity is rare in individuals, but common in groups, parties, countries, and eras.

1993 Mosaic browser released (later Netscape browser,)

In the Southeast Asian financial crisis in July 1997, the economies of Thailand, Indonesia, and South Korea plummeted.

Adding .com to a company's name can double its market value

At the end of 1999, Paypal was established. Everyone in Silicon Valley was always ready to believe anything, and people started and reformed companies as they pleased.

Nasdaq reached 5,000 in March 2000, fell to 3,321 in April, and fell to 1,114 in October 2002. The Nasdaq collapse spelled the end of an era

After the dot-com bubble burst, investors turned their attention again to [Bricks] and [BRICS]

Dot-com bubble experience

The opposite of the above idea may be more correct

Many airlines compete, but no one competes with Google

There is a huge difference between perfect competition and monopoly, and most companies fall into one of these two extremes more than we imagine.

The competitive ecosystem makes people ruthless and even takes away their lives

Companies like Google don't worry about competing with other companies. They have greater autonomy to care about their employees, products, and influence in the wider world.

Don’t do evil: Even if you strictly abide by ethics, it will not affect the company’s development

Innovative monopoly companies bring value to society and promote progress in deep gray

Business does not comply with the "Anna Kalinina Law". The reasons why companies succeed are different: each monopoly obtains its monopoly status by solving a unique problem, but the reasons why companies fail are the same: they cannot get rid of it. compete.

clerk of the supreme court

One of the partners of Paypal

Admitted to Stanford Law School, interviewed for the clerkship of the top law school, failed and suffered a great blow.

Creative monopoly benefits both the public and the creators in the long run

We sell young people the concept of competition, regardless of personal talents and hobbies; students who cannot sit quietly at their desks and study are made to feel as if they are inferior due to the influence of the environment.

Students who had grand plans for their future in high school ended up competing in traditional jobs with classmates of similar intelligence.

In all dramas of human conflict, people tend to lose sight of what is really important and focus only on their competitors.

Family competition at the expense of children: In the battle between Google and Microsoft, Apple ultimately won

Competition is when we overemphasize past opportunities and blindly repeat past patterns.

The Dangers of Imitation Competition

The New York Times vs Twitter, both employ thousands of employees and serve millions of people. Twitter went public in 2013, with a market value 12 times that of the New York Times, with a market value of US$4 billion, but it is in a state of loss. But the New York Times profit at that time was 133 million.

[The value of a company today is the sum of the profits it creates in the future] The success of a company depends on its ability to generate cash flow in the future: Investors believe that Twitter can achieve monopoly profits in 10 years, while the monopoly era of newspapers has will end

Any company will lose profits when it competes with equally powerful competitors. Nightclubs and restaurants are classic examples: The successful ones may make a lot of money today, but their cash flow may dwindle in a few years as customers will always choose newer and trendier establishments. place to consume.

[Technology companies] lose money for the first few years because it takes time to create something valuable, so earnings are delayed.

patented technology

network effect

Masters of Business Administration must carry the works of [Clausewitz] and [Sun Tzu] with them.

economies of scale

branded advantages

How to create a monopoly

Expand scale

disruptive innovation

Coming from behind

Does success depend on luck or skill?

Malcolm Gladwell in Outliers: Luck and the Advantages of Chance

Warren Buffett: Member of the Lucky Mirror Club, Ovarian Lottery Winner

Amazon’s Bezos: Half luck, half timing, the rest wisdom

Jobs, Jack Dorsey, and Musk all founded several multi-billion dollar companies. If success came from luck, those entrepreneurs might not exist.

Shallow people will believe in luck and circumstances, while strong people will believe in cause and effect.

Jack Dorsey "Success is No Chance"

If you think the future is clear, then it makes sense to know it ahead of time and work hard to shape it.

Instead of trying to become a mediocre person who knows only a little about every convenience, people with clear goals often choose the one thing they should do most and concentrate on making a difference.

Instead of working tirelessly and eventually becoming featureless, it is better to work hard to cultivate strength in order to dominate one side.

No one gets into Stanford because they are exceptional in just one aspect

The rich in China are trying to transfer their wealth out of the country, while the poor are saving more and more in order to have sufficient reserves.

Each creative and original generation is better than the one before it

The Yarlung Zangbo River irrigates Turpan

China’s five-year plan?

In a world where everyone is confused about the future, companies with clear goals are always underestimated.

Only invest in companies with potential that can generate profits up to the total value of the entire investment fund

Because the first rule is too strict, no other rules are needed

Once you think you're in the lottery, you're mentally prepared for a loss

The most destructive earthquakes are more damaging than all the smaller ones combined

The largest city is larger than all the microcities combined

Monopolies capture more value than millions of similar competitors

Pawer law has always been the law of the universe. It is the most powerful force in the universe. It completely defines the surrounding environment, and we are almost unaware of it.

Venture capitalists identify start-up companies, raise money from institutions and wealthy individuals, and invest in technology companies that they believe will increase in value. If their judgment is proven correct, they will receive 20% of the proceeds. Venture capital funds generally exit after 10 years because successful companies take time to grow

If you just cast your net rather than focusing on just a few companies that will become unstoppably valuable in the future, you will miss out on those rare companies right from the start.

The biggest secret in venture capital is this: The best investments in successful funds earn returns that equal or exceed those of all other investments combined

After 10 years of investing, a venture capital fund's portfolio is no longer divided into successful and failed investments, but into one major investment and other investments.

Contrary to everyday experience, long-termism

It’s not just important for investors, it’s important for everyone: because everyone is an investor

There are some things that are important but no one knows

Some things are difficult but can be done

If there are still many secrets in the world, then you can appear and seize the companies that are expected to change the world.

Most of the people around us are [Kaczynski]

Four trends conspire to undermine people’s ability to believe secrets exist

In the early 19th century, the evil of slavery was still a secret

HP's innovative and old-school board factions

Mathematician [Andrew Hales] Pegasus’ Last Theorem

There is so much more to do in medicine, medicine, engineering, technology

Successful businesses are built on open but unknown secrets

about nature

about people

The best place to discover secrets is where no one is looking

Choosing a partner is like getting married

[Marry the first person you meet at a slot machine in a Las Vegas casino] You may have a chance to hit it off, but it’s more likely that you’ll break up on bad terms.

The degree of understanding between the founders and the tacit understanding of their cooperation are equally important. They should have a deep friendship.

Everyone in the company needs to work together in harmony

You need people who can get along with you, but you also need rules and regulations to help everyone stay united in the long term.

Three concepts of disunity within a company

No matter what action elected officials take, the bureaucracy will stagger due to inertia.

Unlike giants, startups are small and founders have both ownership and management rights

The fewer people on the board of directors, the better. The smaller the board, the easier it is for directors to communicate, reach consensus, and conduct effective supervision.

A three-person board is ideal. Unless the company is already listed, the board should not have more than five people. If you want to get rid of the control of the board, make it as big as possible. If you want it to operate efficiently, make it smaller.

Hiring outside lawyers and accountants is not advisable

Even remote working should be avoided: not working at the same time and in the same place every day can lead to disagreements between colleagues. When you decide whether to put someone on your board, you only have two choices: get on or get off

The better the company does, the less the CEO is paid. Under no circumstances should the annual salary of a CEO of a venture capital-infused startup exceed $150,000.

A high salary will tempt him to maintain the status quo and maintain his current income instead of working with others to identify problems and actively solve them. A CEO with a low salary is committed to creating more value for the company.

High cash compensation will allow employees to take away the existing value of the company instead of investing time to create new value for the future.

Any cash-rich salary is about the present, not the future.

Giving everyone equal amounts is wrong

No ownership distribution method can completely avoid resentment

A secretary who joined eBay in 1999 might receive 200 times more stock than an industry veteran who joined in 1999

The stock that the artist who painted graffiti on Facebook’s office walls in 2005 later received was worth $200 million, while the Tianchai engineer who joined in 2010 may have received only $2 million.

Purchased an eBay store for $1.5 billion in 2002

Musk

Reid Hoffman

Chen Shijun

Hurley

Karim at home

youtube

Jeremy Stoppelman

Russell Simmons

yelp review website

substitute saxophone

You need employees who not only look great on their resumes, but also who can work together with others once they are hired.

Why give up the opportunity to go to Google to get a high salary and become the king, and marry your company to be the 20th engineer?

The difference of each employee

Each employee only focuses on one thing

About cults and counselors

complex sales

personal selling

Sales blind spots

Marketing and Advertising

Viral marketing

Is your technology a breakthrough rather than just a slight improvement?

Is now the right time to start a business?

When it was founded, was it to capture a large share of a small market?

Do you have the right team?

Besides creating the product, is there any way you can sell the product?

Can you maintain your market position in the next 10 or 20 years?

Have you found a unique secret that no one else has discovered?

technology

Team: Entering Tesla is like joining the special forces