How to Create a Company | Elon Musk’s 5 Rules

Work Super-Hard:

If you’re kickstarting a company, get ready to roll up your sleeves and put in the hours. Back in the day, when Elon and his brother were launching their first venture, they skipped the apartment and crashed in a small office, working around the clock. The YMCA became their shower spot, and they had just one computer. The hustle was real — day and night. So, if you’re diving into the business world, work hard, every waking hour. Simple math: double the effort means double the results. Especially when you’re starting out, this is the key.

Create a Great Product or Service:

Whatever you’re bringing to the table, make sure it’s not just good; it’s gotta be great. Elon emphasizes that if you’re in a competitive market, your product or service needs to stand tall. If it’s just a smidge better, it won’t cut it. Think big. Think a lot better. Whether you’re entering a fresh market or challenging the big guns, your offering should shine. Consumers stick to what they trust unless you give them a darn good reason not to. So, focus on being outstanding.

Attract Great People:

Building or joining a company? Your squad matters. Elon believes that a company is essentially a bunch of folks working together to create something awesome. So, surround yourself with talented, hardworking, and motivated individuals. Whether you’re assembling a team or joining an incredible one, the success of your venture hinges on the people involved. Great minds think alike, and they achieve even greater things together.

Focus on Signal Over Noise:

Don’t get lost in the chaos. Elon advises to cut through the clutter and concentrate on what truly matters. Many companies lose their way, spending resources on things that don’t enhance the product or service. Take Tesla, for instance — no advertising, just pouring resources into research, development, and design to make the product top-notch. Evaluate every effort — if it’s not making your product or service better, scrap it.

Take Risks Now:

Elon’s parting wisdom — seize the moment. This is your time to take risks. Before family and added responsibilities come knocking, be bold. Step into uncharted territory, try something daring. As life progresses, the room for risk narrows, but now, in this moment, it’s wide open. Regrets are few when you’re chasing audacious dreams. So, go ahead, make that move. You’ll thank yourself later.