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Peter Thiel, a prominent venture capitalist, has highlighted the tendency for people to underestimate the potential of ideas that may not be viable currently but could be in the future. Thiel's own experience of missing out on investing in Facebook's Series B funding round led him to realize that once something works, people often underestimate its value. Similarly, when things are not working, people tend to underestimate the severity of the situation. Thiel also criticizes the popular notion of 'lean startups' that emphasizes making minimum viable products and iterating towards success, stating that leanness should be seen as a methodology rather than a goal.
Thiel: “Would-be entrepreneurs are told that nothing can be known in advance: we’re supposed to listen to what customers say they want, make nothing more than a ‘minimum viable product,’ and iterate our way to success. But leanness is a methodology, not a goal. Making small… https://t.co/2cL9QDGE9M https://t.co/ctfw0hHJmU
Thiel on ‘Lean Startups’: “Would-be entrepreneurs are told that nothing can be known in advance: we’re supposed to listen to what customers say they want, make nothing more than a ‘minimum viable product,’ and iterate our way to success. But leanness is a methodology, not a… https://t.co/l2ikQNAd3R https://t.co/IlIEiroavG
Once something works, people often underestimate it. And when things aren’t working, they underestimate how much trouble they’re in. - Thiel
Peter Thiel on the biggest lesson he learned in 10+ years of venture capital In the clip below, Thiel explains how his biggest miss as a VC (not doing Facebook’s full Series B) led to a key insight: “Once something works, people often underestimate it. And when things aren’t… https://t.co/A06LvvPOr0 https://t.co/JF9UdAOBIM
Something I taught 14 yo: People tend to underestimate how much things can change, and this causes them to undervalue ideas that aren't viable now but could be in the future.