Peter Thiel: “It’s always a big mistake going after a giant market on day 1... Almost all of the successful companies in Silicon Valley had some model of starting with small markets and expanding. What’s very counterintuitive about many of these companies is that they often start with markets so small that most people don’t think they’re valuable at all. You want to be a one-of-a-kind company where it’s the only one in a small ecosystem… large existing markets typically mean you have tons of competition and it’s very hard to differentiate.” Start with focusing on a small market and dominate that market first. Then expand concentrically from there.