Different or better ?
"Working hard is overrated. Choosing what to work on and who to work on it with is underrated."
One of his core points is that we tend to confuse capitalism with competition. We tend to think that whoever competes best comes out ahead. In the race to be more competitive, we sometimes confuse what is hard with what is valuable. The intensity of competition becomes a proxy for value.
In fact, Thiel argues, we often shouldn’t seek to be really good competitors. We should seek to be really good monopolists. Instead of being slightly better than everybody else in a crowded and established field, it’s often more valuable to create a new market and totally dominate it. The profit margins are much bigger, and the value to society is often bigger, too.
Pieter Thiel
Another common mistake companies make is getting into competition with your competitor on the same thing. If your competitor is trying to be the lowest cost, it's hard to win if you try to chase them at being low cost. Strategy is all about finding a unique position.
Michael Porter
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