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> Both your analysis and Peter Thiel's are coming from that weird place where becoming filthy rich is the only marker of success Actually, it looked like his a
by RHSeeger 9y ago
> Both your analysis and Peter Thiel's are coming from that weird place where becoming filthy rich is the only marker of success
Actually, it looked like his analysis was for what was required to break even, on the average. Invest 10 million (across 10 companies), get back 10 million in profit from the 1 (of 10) that succeeds.
- wavefunction 9y agoI am trying to point out the ludicrous attempt to apply tech venture capital strategy to starting restaurants. There is no way anyone is going to open ten restaurants simultaneously, fail at 9 of them and earn 9 million in first-year net profit from the 10th. That's not how opening or operating restaurants works.
- Dylan16807 9y agoInstead one person opens one restaurant and they have a 90% chance of failing. That's so much worse!
- mrunkel 9y agoI think you have that wrong, 90% of people fail at opening and operating restaurants. Some folks have a very high success rate. I think the failure rate I’d restaurants is more tied to the types of folks who open restaurants than the business model.