“Non-monopolists tell the lie ‘we’re in a league of our own.’ Entrepreneurs are always biased to understate the scale of competition, but that is the biggest mistake a startup can make. The fatal temptation is to describe your market extremely narrowly so that you dominate it by definition, or so broad you have no focus at all.”

“When you hear that most new restaurants fail within one to two years, your instinct will be to come up with a story about how yours is different. You’ll spend time trying to convince people that you are exceptional instead of seriously considering whether that’s true.”

“If you lose sight of competitive reality and focus on trivial differentiating factors-maybe you think your food is superior because of your great-grandmother’s recipe-your business is unlikely to survive.”

-Peter Thiel

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