Two of the best minds in startups and the co-founders of Paypal sit together and talk about their journey. Peter Theil, founder of billion dollar companies, and the author of Zero To One and Reid Hoffman , founder of Linkedin, share their best inputs in today’s successful startup companies and tell us what to do to really make it happen.
They point out that anyone can actually revolutionize any industry with people who are very smart in your team. Though they don’t have to know everything from a start, but they must have that learning mentality as they go along the way. When they both started Paypal, they have to learn the some basic things especially in financial services.
Also, assembling crew people who are very smart and fast learner are the keys to have a successful startup company as supposed to getting someone who has already a decade of experience. Experience is great, but the fundamental characteristic is will they learn fast with new problems and challenges. People need to be flexible with the rules and the rules always change as the company gets built.
To Peter, “20 to 30 percent is to follow certain rules, but the certain process for doing things is 70 to 80 percent of something that’s never been done”. Technology is by definition non-repetitive and in order to be successful, it requires mental agility and flexibility to say what are the rules now and quickly adapt to it.
To find out more about their conversation, click the video above.
“No matter how brilliant your mind strategy, if you’re playing a solo game, you’ll always lose out to a team.” Reid Hoffman
“In a world of scarce resources, a globalization without new technology is unsustainable.” Peter Theil
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