What is Personal Monopoly?

David Perell, writer, founder & instructor, Write of Passage explains his idea of Personal Monopoly -

The Internet rewards unique people.

Find your unique combination of skills, interests, and personality traits. 

I call this a Personal Monopoly.

Become the only person in the world who does what you do. 

Then, tell the world by sharing your knowledge.

Visual summary by Carole Alalouf

Below are some of his thoughts on this topic, taken from his bite-sized tweets:

We are often blind to our own Personal Monopolies.

Like fish in water, we don't know how to explain what we do so we depend on others to define our work for us. Listen to others describe your work. Then, double down on the best summaries.

As you build your Personal Monopoly, listen for C.U.E.S:

1) Complementary: Greater than the sum of its parts.

2) Unusual: A combination of skills rarely seen.

3) Experiential: Inspired by unique events in your life.

4) Specific: Niche topic where you have lots of knowledge.

When you build a Personal Monopoly, you are creating demand for an idea people didn’t know they were interested in. The most successful creators tend to define their own subculture instead of molding themselves into existing ones.

A Personal Monopoly is something you often discover via action, not contemplation.

"Your personal monopoly is out there, waiting for you, and magic will happen once you discover it. The way to do that is not to worry too much about it and focus on being prolific.” —  Michael Ashcroft

When looking for your Personal Monopoly, follow Jack Butcher's DICE framework.

1) Divergence: Collect experiences and discover ideas.

2) Convergence: String together what you learn to make yourself unique.

3) Emergence: Boost reach by doubling down on your Personal Monopoly.

Developing your Personal Monopoly is easier when you avoid competition. Following Paul Graham's rule for career building is one way to do that. He says: "Work on things that aren't prestigious....Impure motives are a big danger for the ambitious. If anything is going to lead you astray, it will be the desire to impress people. So while working on things that aren't prestigious doesn't guarantee you're on the right track, it at least guarantees you're not on the most common type of wrong one."

Like real estate, invest in Personal Monopolies with increasing demand and restricted supply. On the increasing demand side, don’t chase hype. Find the intersection between your genuine curiosities and how you think the future will be different. On the supply restriction side, leverage your most unique experiences and build knowledge that’s simultaneously hard to replicate and easy to demonstrate. That way, you can be paid for your expertise. When it comes to your personality type, favor your most distinct traits. Do things that feel like play to you, but look like work to others. By doing so, you’ll invest in a valuable Personal Monopoly.