Earlier this week Paypal founder and Facebook investor Peter Thiel came to Berlin for a chat with Berlin-based entrepreneurs at the invitation of German Minister of Economics and Technology Philipp Rösler.
He shared a lot of important insights with the Berlin-community. We listened closely and here are the key learnings for aspiring entrepreneurs:
1. Do not sell your company too early.
2. Find your niche. Don't try to revolutionize an entire industry like "health" or "energy" straightaway. Start with a project that helps a small group of people.
3. Make sure that the money that your company earns is re-invested in the company.
4. Talent is everything. Work with the best. If you are the smartest person in the room, leave the room.
5. Entrepreneurship is about resilience and resourcefulness. Be an optimist!
6. It's not sufficient to be incrementally better than your competitors. Online, competition is global.
7. Work hard. But more importantly make sure you work on the right thing.
8. Combining two words works well for branding: face-book, pay-pal.
Are you inspired to start your own project or found your own company?
We have two courses that you should check out:
This MOOC will teach you how to kickstart your concrete start-up idea and will guide you through all steps of starting a business, from writing a business plan to reaching your target market. If you successfully pass the course, you can become a DO School Fellow and join a worldwide community of entrepeneurs.
The team from the University of Kiel will introduce to all aspects of founding and running a sustainable social business in this German-language course. Learn how to develop an idea, analyze the market and create a financial plan. Succesful graduates of this MOOC can apply for funding money in the "YooWeeDoo Ideenwettbewerb 2014" to start their social venture.