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MGT 699 Business Policy and Strategy Assignment

Introduction

This paper aims at evaluating the strategies that Peter Thiel describes to be effective ways to transform a start-up business to a million dollar global enterprise. The various controversial views about the existence of competition and the importance of innovation in the business field have been discussed in order to examine the investment strategies for entrepreneurs. The concentration of the qualified students into non-beneficial careers was identified to be the driving reason for slows economic development by Thiel. The paper also specifies certain questions and investment choices that investors should consider while investing in start-ups according to Peter Thiel.

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Question 1

a. Explain Thiel's critique of competition. Do you agree with his perspective? Why or why not?

solution: Thiel's critique of competition

The opinion of Thiel (2014) based on the opportunities of start-ups in the modern markets has shown that with increasing competition and willingness to make more profits, the opportunities have been steadily decreasing since the global economic bust. Conventional beliefs about the competitive market being healthy for thriving global businesses are questioned by the author as he claims that there are more risks involved in the market with increasing competition among enterprises. Chances of survival of small and medium-sized enterprises are even lower in a global perspective due to the existence of major brands capturing most of it (Thiel, 2014). Most of the economic and financial opinions present the existence of competition in the markets. This forces an organization to think and develop innovative ideas which lead to discovering new techniques as well as products. As mentioned by Llopis et al., (2015). The customer base creation process is also much harder with existing competition in the markets indicating that the start-up business faces challenges like lowered price offering, decreased return, greater production and advertising costs and increased expenses. Therefore, it is agreeable that Thiel's opinion is based on the realistic effects of competition on smaller businesses which have mostly negative impacts rather than positive ones.

b. Explain Theil's statement that companies should strive to become monopolies. Do you agree with his perspective? Why or why not? Please illustrate your points with examples.

solution: Companies should strive to become monopolies

The existence of monopolies in the global, as well as local markets, have always been criticised by most economists and such facts are also taught in most business schools. However, Peter Thiel challenges this traditional thinking as well since he claims that the existence of monopolies can also have a positive effect as well (Alon et al., 2017). It is true that creative thought and innovation can also exist in monopolistic markets and creative monopolists are actually good for customers as well. On the contrary, it is to be considered that the development and distribution of new products by the same company at dictated prices do not allow other potential businesses to thrive. It may be helpful in creating a better society, yet customers can still be at risk of paying more for products. It is agreeable that the nature of innovation determines if a business can grow into a monopoly or not. Hence the positive and negative effects vary with perspectives in this case and every business has to aim t gaining monopolistic prevalence after innovating new products.

Question 2. One of Thiel's recurring themes is that great companies have secrets. What does he mean by this? How do the secrets contribute to superlative performance? Please illustrate your points with examples.

solution: Importance of Company secrets

Trade secrets in companies are often protected through strict policies and laws within the states. Trade secrets can break a business though exposing all technical and legal mechanism used for achieving higher profits within. For example, confidential information in financial consulting companies, as well as banks, include personal information and account details of the customers as well as of the employees (Ghezzi & Cavallo, 2018). Such information can be beneficial for operating and providing case-specific services to customers. Exposure of such details can be harmful as the consumers can lose trust in the organization due to a breach of confidential information. Intellectual trade secrets within the enterprises are kept confidential bands these contain property tools which are used for strengthening other business tools. Competitive advantage is maintained effectively by leading organizations through keeping secrets regarding strategies followed in business. Hence it is feasible that the trade secrets can contribute to gaining supremacy over the others in the competitive market only is it is of certain commercial values. Losing trade secrets can also place an enterprise into higher risks of losing competitive advantage since, for instance, it can allow others know about insights of technologies used and competitors can copy such information ultimately reducing the market value of the asset.

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Question 3

a. Briefly describe the characteristics of each of these four outlooks. Please illustrate your points with examples.

solution: Different Perspectives
Peter Thiel observed that the perspectives of the individuals in the societies can be mainly divided into four segments such as definite or indefinite and optimist or pessimistic. The combination of perspectives that were identified by Peter Thiel (2014) includes:

Definite-optimists: The first combination was the definite optimists within the society encompassing people who are positive about future signs of progress and achievement. Peter Thiel mentioned an example of wealthy societies in the United States post-war being sure about technological achievements in future and owning colonies on the moon.

Definite-pessimists: The characteristic of the definite pessimistic outlook is that such people in the society are aware that the future conditions are going to worsen and starts preparing ahead. Such approaches however beneficial since these societies are more focused on having contingency plans. Chinese society was identified by Thiel (2014) as a definite pessimistic nation as they tend to copy the achievements of the western countries rather than innovating new ideas.

Indefinite-optimists: The indefinite pessimistic individuals in the society are focused on making money even if they are unsure about the use of it they might have in future. For example, when a single industry experiences boom all the individuals in the society tend to move into that business irrespective of the purposes or interests. This happened when Wall Street in America bombed and everybody moved towards the stock markets.

Indefinite-pessimists: Thiel (2014) identified the Europeans in the modern age as the indefinite pessimists which are characterised by acceptance of economic slowdown and undertaking no measures to combat the situation. European Union, as well as the UK in recent times, has no major innovations recorded with receding productivity projected in the future.

b. Which outlook is best-suited to establishing a start-up that can grow into a great enterprise? Explain. Please illustrate your points with examples.

solution: The best-suited outlook for establishing a start-up
A start-up business aiming at growing into large scale enterprise in the modern market needs to include individuals whose define optimistic as this will successfully maintain the confidence for success as well as encourage new and innovative business ideas with greater chances to succeed. Definite-Optimistic outlook encourages new inventions and acknowledges the potential of benefits from such; for example, the positive perspectives among Americans in the post-war era led to the invention and success of NASA which has driven major progressive events at present.

c. What is your opinion on Thiel's framework? Does it make sense to you? Why or why not? Please answer this question in a business context (no gut feeling, non-specific responses, please).

solution: Opinion on Thiel's framework
In order to induce sustainable development in the global economy, it is essential that all individuals involved in the business are driven towards being more creative and capable of implementing their ideas into reality. Therefore, all societies need to shift towards definite optimism in order to achieve greater success in future. Definite optimism will allow businesses to develop new products from the convenience of the customers which will, in turn, improve the overall standards of living.

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Question 4
a. Which of these questions apply to the full gamut of non-trivial new ventures needing investment dollars, from establishing a trendy restaurant to starting a computer security business to coming up with a truly innovative product that has the potential to move
markets? Explain your rationale.

solution: Application of questions to non-trivial new ventures
A new start-up business requires capital amounts to be invested in order to conduct different operation related to businesses. Questions related to time, monopoly, engineering innovation, people and distribution are essential for entrepreneurs to ask before starting businesses. However prior to the address of such questions, in new ventures, it is important to identify the customer needs in particular regions and the market opportunities (Huang et al., 2016). The durability question is also relevant in this case as it is essential for measuring the tolerance of failure of plans. Recruiting current personnel for required tasks is also essential in non-trivial new ventures as all of these cumulative factor analysis leads to the development of business plans. Therefore all the questions are more or less applicable to non-trivial new ventures

b. Think about this list of questions. There are some notable questions missing that are usually viewed as important questions investors should ask before investing in a new venture. Identify two. Why do you think Thiel doesn't include them in his list?

solution: Important questions investors should ask before investing in a new venture

Other than the specified questions mentioned by Peter Thiel, it is essential that the investors ask questions about the plausible risks in the venture as well as develop relevant backup plans for avoiding such situations. Some of the questions not mentioned by Thiel (2014) include:
• The market question: What problem in the market does your product solve?
• The exit question: How easy it is for the investor to achieve liquidity?
Thiel (2014) strategically missed out the exit question as he tried and avoided all sorts of pessimistic possibilities while setting up a business. Yet, considering negative outcomes and being prepared for the worst cases is also equally essential for start-ups in real life.

Conclusion
This study distinctively identifies the different contractionary opinions of Peter Thiel's regarding the process of developing a million dollar business from start-up. It was observed that the main technique that the author explains in his book is that new ventures should aim at discovering innovating products in the market and acquire a monopolistic business selling such products. Innovation is the only way for new ventures in the modern competitive market to achieve large scale success and stability in the long run.

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