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  • [1: Work Super Hard.]

  • I think the first is, depending on how well you wanna do, and particularly if you're starting a company, you need to work super-hard.

  • So w-what does super-hard mean?

  • Well, when my brother and I was starting our first company, uh, instead of getting an apartment, we just rented a-a small office and we slept on the couch.

  • And we showered at the YMCA, and we had just one computer.

  • So, the website was up during the day, and I was coding at night, seven days a week, all the time.

  • Work hard, like every waking hour.

  • That's, that's the thing I would say, particularly if you're starting a company.

  • And I mean, if you do the simple math, say like, okay if somebody else is working 50 hours, and you're working a hundred, uh, you'll get twice as much done in the course of a year as the other company.

  • [2: The Right Product.]

  • I think two, is you gotta make sure that, that you, whatever you're doing is a great product or service.

  • It has to be really great.

  • And I go back to what I was saying earlier where if you're a new company, I mean unless it's like some new industry or new market that, if it's an untapped market then you have more ability to...

  • ...the standard is lower for your product or service.

  • But if you're entering anything where there's an existing marketplace against large entrenched competitors, then your product or service needs to be much better than theirs.

  • It can't be a little bit better because then you put yourself in the shoes of the consumer and they say, "Why would you buy it as a consumer?"

  • You're always gonna buy the trusted brand unless there's a big difference.

  • So, a lot of times, entrepreneur will come up with something which is only slightly better.

  • Um, and it can't just be slightly better.

  • It's gotta be a lot better.

  • [3: Hire Great People.]

  • The other thing I'd say is that, um, if you're creating company, or if you're joining a company, uh, the most important thing is to attract great people.

  • So either join a group that's amazing that you really respect, or if you're building a company you've got to gather great people.

  • I mean, all a company is is a group of people that have gathered together to create a product or service.

  • And so depending upon how talented and hardworking that group is, and the degree to which they are focused cohesively in a good direction, that will determine the success of the company.

  • So, do everything you can to gather great people if you're creating a company.

  • [4: Signal Over Noise.]

  • Then, I'd say focus on, on signal over noise.

  • A lot of companies get, get confused.

  • They spend money on things that don't actually make the product better.

  • So for example, at Tesla, we've never spent any money on advertising.

  • We put all of the money into R&D and manufacturing and design, to try to make the car as good as possible.

  • And, uh, I think that's, that's the way to go.

  • So, for any given company, just keep thinking about are these efforts that people are expending, are they resulting in a better product or service?

  • And if they're not, stop those efforts.

  • [5: Take Risks Now.]

  • And then I think the final thing I would encourage you to do is, now is the time to take risk.

  • You don't have, yeah, you don't have kids, but as you get older your obligations increase.

  • And once you have a family you start taking risks not just for yourself but for your family as well.

  • It gets much harder to do things that might not work out.

  • So now is the time to do that before you, before you have those obligations.

  • So, I would encourage you to take risks now.

  • Do something bold.

  • You won't regret it.

[1: Work Super Hard.]

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A2 US company product great people service consumer great

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

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    nanako.kamiya posted on 2021/06/10
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