Seven Questions to Avoid Competition

We recently lost a very large project in a competitive selection process. It hurt so much that it had me reaching to my bookshelf for inspiration on what to do. I reached for Peter Thiel’s Zero to One, and I decided it’s time to build something that has no competition. Easier said than done.

Here are Thiel’s questions to ask yourself on whether you can actually make that happen:

  1. Can you create breakthrough technology?
  2. Is now the right time to start this particular business?
  3. Are you starting with a big share of a small market?
  4. Do you have the right team?
  5. Do you have a way to deliver/sell your product? 
  6. Will your market position be defensible for 10-20 years?
  7. Have you identified a unique opportunity that others don’t see?

Otherwise, you’re sort of hoping for a miracle.