Two types of Progress:

1. Horizontal Progress → copying things that work → Globalization
2. Vertical Progress → doing new things → Technology

While both can exist at the same time, we as a human race simply can’t advance forward without “vertical” progress.

Dot-Com Crash 4 Big Lessons and their opposites (which are probably more true), Pick & Choose at your risk:

1. Make Incremental Changes → It is better to risk boldness that triviality.
2. Stay Lean and Flexible → A bad plan is better that no plan
3. Improve on the Competition → Competitive markets destroy profits.
4. Focus on Product, not Sales → Sales matters just as much as product

2 Different Segments that Businesses more or less operate in:

• Perfectly Competitive Market
  • No economic profit in the long run, since everyone makes the same good.
• Monopoly
  • since you “own” the market, you can capture more value, thus become more profitable

Ideally, you want to think about your business can become a “monopoly”!

How to become a monopoly

1. Proprietary Technology
2. Economics of Scale
3. Network Effects