How To Create a Successful Company│Elon Musk’s 5 Rules

“Great companies are built on great products”

By Arsalan HaroonPublished 3 years ago • 5 min read

How To Create a Successful Company│Elon Musk’s 5 Rules

Elon musk one of his interviews he describes how he creates successful companies, what are the rules he follows to become successful. If you are a startup that is don't find any way to create a successful Company, then Elon musk’s five rules will help you achieved what you want and grow your business.

Most People are becoming entrepreneurs because they think they are like Elon Musk, Jeff Bezos. But they ended up become a failure and start their 9 to 5 job.

If you ask yourself this question that why you fail? What is the thing you do wrongs which makes you a failure why people like Elon musk become successful? Not everyone was born smart they learn how to become smart and, Elon musk learn this in his childhood.

He creates a game and sell it for $500 when he was only 12 years old. But it doesn’t mean you do not become successful because you don't have this smartness when you are a child.

You can become, if you learn from Elon Musk how he become such a success so you can apply his rules and do what you want to do and create a successful company. So let’s learn how to create a successful company just like Elon Musk what some rules he follows.

4 Essential Skills For Building a Successful Online Business

1. Work super hard

You need to work super hard, so what it means, if you see Elon Musk, he work super hard when he first started his company with his brother and rented an office.

They live in the office they eat and sleep there, they code all the time 24 hours Elon musk sleeps his brother will code, and if his brother sleeps Elon musk will code it means they work 24 hours. that’s why Elon musk said that starting a company is not an easy task. after 4 years of super hard work, Elon and Kimbal musk sold their first company zip2 for $305 million.

Work super hard means you work every waking hour and, that’s the secret of Elon musk’s success. If you are starting a company and you want your company to become successful. Then means you work every single hour, ask yourself if you can do that sacrifice? Becoming an entrepreneur is not easy if you are starting and it never going to be easy there is a high risk and that they are is a high reward as well.

2. Sell a great product or service

Whatever you are doing, Your product and service has to be helpful and useful for the audience. If you are going to an untapped marketplace So the chances that your product will succeed is high. Because no one has this product as you have. But if you are going in an existing marketplace, where you have big corporations who already have their powerful position in the market.

If you are competing with them, Then you need to create a more reliable product than theirs it’s can’t have to be little bit better features. but it has to be a more great product than your competitors. No matter how much effort it will take. Your product has to be a far better product than your competitors, not a little bit but has a big difference so your audience can understand it.

Because you are a startup, No one trusts you If you create the same product as your competitors have, people trust your competitors because they already existed in the market. Why they buy from you if you are doing the same? So your product must be better than their product if you want to create a successful company.

3. Hire great people

If you’re creating a company, it’s essential to gather great people into your company and surround yourself with great people who are better than you are it will help you push yourself more to achieve more. It will help your company to become successful if a group of great people will create a product. You need to hire them because they are not thinking like an ordinary person.

They know they need to do which will change the life of their customers. Hire great people and listen to their advice it will help your company to become successful. Hiring great people will not only benefit your company to create great products. It also help you to improve yourself by surrounding with great peoples.

4. Focus on delivering value

Spend money on things that will make your product better if they do not make your product valuable, stop them. Your priority is to spend money on things that will make your product useful as much as possible. Then you spend money on advertising and remember not just spend all your money on advertising.

If you do that people will buy it once, but they don't buy again if you’re product is not great, So focus on delivering value if you provide value to your customer. they always come back to your you don't need to find them through advertising if your product is unique.

5. Take risks now rather than later

That final thing you need to take risk now as get older your obligation increase. So take the risk and make a bold decision, many people fail because they didnt take a risk and, their obligation will increase because time doesn’t stop for anybody.

So don't let go this time it never come back, You have a chance to take a risk now. In the future, it will be difficult for you to take risks so start now and do things that you always want to do and put all your hard work into that work.

Conclusion

If you follow these five Rules that Elon musk tells in his interview. You can not only create a successful company. But you can also improve yourself if you do these things. Remember, entrepreneurship is not easy that requires hard work and patience. So keep going even if you fail, never give up you only fail when you quit.