Elon Musk recently became the worlds richest man surpassing billionaire Jeff Bezos to take the all-time high of $200 billion. This amazing tech billionaire is the founder of many companies including ZIP2, Paypal, Tesla, SpaceX, Solar City, Neuralink, and his most recent one is The Boring Company. He has 7 amazing children. The tech-prenuer shares some of his secrets to creating a great company. If you are interested in business and entrepreneurship don’t forget to subscribe to my channel.
1. WORK SUPER HARD: Well what does super hard mean? When Elon and his brother started their first company, instead of renting an apartment, they rented an office and used to sleep on the couch. They took their bath in the public bathroom. They just had one computer to work with and thus they worked all day and all night, Elon Musk would be coding 7 days a week every day.
After 4 years of hard work, Elon and his brother Kimbal Musk sold their first company ZIP2 for $305 million.
2. CREATE THE RIGHT PRODUCT: You have to make sure you create a great product or service. IF you're a new company in a new industry or market, then the standard is low for your product or service. But if you are entering a large marketplace wherE there are already lots of leading companies, then your product needs to be much more superior. Because the consumer is always going to buy the trusted brand unless there is a big difference. So a lot of times, an entrepreneur will only come up with something slightly better but it has to be a lot better.
3. HIRE GREAT PEOPLE: If you're creating or joining a company, the most important thing is to attract great people. So either join a team you really admire and respect or build one yourself. All that a great company is, is a group of great people, delivering a great product or service to humankind. Do everything you can to gather great people on your team.
4. SIGNAL OVER NOISE: Focus on things that make the product/ service better. For example: at Tesla, Elon Musk’s company, they don’t spend money on advertising; all the money goes into manufacturing and design to turn the car into a better product and then they let the product speak for itself. So you have to ask yourself are these activities resulting in a better product or service? If they are not, you stop them.
5. TAKE RISKS NOW: Now is the time to take risks, especially when you are young. When you grow older, your responsibility increases; you now have a wife and kids and family stuff to take care of and thus you have no ability to take risks because they are tied to you. Before you get these obligations around your neck, do something bold and you would not regret it. Don't wait when you are too old before you start taking risks.
“A failure is an option here” – Elon Musk
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