Dot-com bubble happened during a period where everything was pessimistic and in decline except computers and the internet. A lot of people were quitting well-paying jobs to found or join startups.
Effect of dot-com bubble burst on people’s outlook:
- treat the future as indefinite. dismiss long-term plans as extreme. Promote globalization stay away from technology.
- Silicon valley thinking after dot-com crash:
- incremental advances over grand visions
- be lean (unplanned) and flexible. planning is arrogant and rigid. iterate agnostically until it works.
- improve on competition. new markets are dangerous.
- focus on product development. sales and distribution will follow. advertising is wasteful.
This lead people away from Definite-and-optimistic-outlooks-of-life.
It is easy to see why the thinking is wrong, and the opposite principles make more sense. Some examples:
- Zero to One, Peter Thiel
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Aim for 0 to 1 improvements - The dot-com bubble made people cautious of innovation and big thinking - Competition is usually bad for a business - Monopolies exaggerate their...